January 31, 2008, Introduced by Rep. Virgil Smith and referred to the Committee on Insurance.
A bill to amend 1956 PA 218, entitled
"The insurance code of 1956,"
(MCL 500.100 to 500.8302) by adding section 404a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 404a. (1) If a domestic, foreign, or alien insurer is
required by the commissioner during the course of application for
admission to furnish additional financial statements of the
applicant insurer's parent company or personal financial statements
of controlling individuals of the applicant insurer's parent
company, all of the following apply:
(a) The commissioner shall withhold the additional financial
statements from public inspection.
(b) The additional financial statements are confidential.
(c) The additional financial statements shall not be subject
to subpoena.
(d) The additional financial statements shall not be divulged
to any person, except as provided in this section.
(2) If assurances are provided that the additional financial
statements under subsection (1) will be kept confidential, the
commissioner may disclose the additional financial statements for
good cause as follows:
(a) To the governor or the attorney general.
(b) To any relevant regulatory agency as it relates to the
insurer, including regulatory agencies of other states or the
federal government.
(c) In connection with an enforcement action brought pursuant
to this or another applicable act.
(d) To law enforcement officials.
(e) To persons authorized by the Ingham county circuit court
to receive the information.
(f) To persons entitled to receive such information in order
to discharge duties specifically provided for in this act.
(3) The confidentiality requirements of subsection (1) do not
apply in any proceeding or action brought against or by the insurer
under this act or any other applicable act of this state, any other
state, or the United States.