2008 House Bill 5675

Revise insurance company application procedures

Introduced in the House

Jan. 31, 2008

Introduced by Rep. Virgil Smith (D-7)

To establish that when an insurance company applies for a license to do business in Michigan, any additional financial statements that are required of the applicant insurer's parent company, or personal financial statements of controlling individuals, would be kept confidential.

Referred to the Committee on Insurance

Feb. 21, 2008

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

March 18, 2008

Substitute offered

To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.

The substitute passed by voice vote

Passed in the House 88 to 20 (details)

Received in the Senate

March 20, 2008

Referred to the Committee on Banking and Financial Institutions