State of Michigan tweaks its reporting requirements for captives

The US state of Michigan has changed some of the reporting requirements that relate to captives in the state. One of the changes means that captives can now report using international financial reporting standards.

Some of the other changes, made in SB 898, a partisan bill passed on 20 December and amends section 4621 of the Insurance Code of 1956, mean that captives must now report on their financial condition no later than 60 days after the end of their fiscal year – as opposed to the March 1 deadline used previously.

Finally, the bill has changed the use of the word commissioner in section 4621 to director.