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Governance, Risk and Compliance - The Michiganian Insurance Industry

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Published Date : Oct 2017

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No. of Pages : 78 Pages

Timetrics 'Governance, Risk and Compliance - The Michiganian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Michigan.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the state. The report also includes the scope of non-admitted insurance in the US state.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Michigan, including:

An overview of the insurance regulatory framework in Michigan.

The latest key changes, and changes expected in the US state's insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the US state.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Michigan .

Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the US state.

The report covers details of the insurance regulatory framework in Michigan.

The report contains details of the rules and regulations governing insurance products and insurance entities.

The report lists and analyzes key trends and developments pertaining to the US state's insurance regulatory framework.

The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the state.

The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy
Gain insights into the insurance regulatory framework in Michigan.

Track the latest regulatory changes, and expected changes impacting the Michiganian insurance industry.

Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the US state.

Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights
The Michigan insurance industry is regulated by the DIFS.

Composite insurance is not permitted in Michigan.

100% FDI is permitted in the Michiganian insurance industry.

Non-admitted insurance is not permitted in the Michiganian insurance industry. However, there are exceptions to this rule as specified in the non-admitted section of this report.

Key classes of compulsory insurance include motor third-party liability insurance and health insurance.
Table of Contents
1.1 What is this Report About?
1.2 Definitions
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Workers compensation insurance
2.4.3 Health insurance
2.4.4 Aviation third-party liability insurance
2.4.5 Motor liability insurance for transportation network companies
2.4.6 Compulsory insurance for manufacturer of autonomous motor vehicle
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 National Association of Insurance Commissioners
2.5.3 Federal Insurance Office
2.5.4 American Insurance Association
2.5.5 National Association of Mutual Insurance Companies
2.5.6 Property Casualty Insurers of America
2.5.7 Reinsurance Association of America
2.5.8 Department of Insurance and Financial Services
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetrics Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: The US-Michigan-Insurance Regulatory Framework Key Features
Table 3: The US-Michigan-Life Insurance Regulatory Framework
Table 4: The US-Michigan-Property Insurance Regulatory Framework
Table 5: The US-Michigan-Motor Insurance Regulatory Framework
Table 6: The US-Michigan-Liability Insurance Regulatory Framework
Table 7: The US-Michigan-Minimum Capital Requirements
Table 8: The US-Corporate Income Tax Rates at the Federal Level in 2017
Table 9: The US-Michigan-Tax Rates for the Financial Year 2017

List of Figures
Figure 1: The US-Michigan-Insurance Supervision and Control at Various Levels
Figure 2: The US-Michigan-Insurance Regulatory Frameworks for Company Registration and Operation

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