Mich. Admin. Code R. 500.104 - Record retention

Rule 4.

(1) Each captive insurance company shall maintain, in a place secure from theft, loss, or destruction, the financial, investment, and business records of the captive insurance company. The records shall include accurate, complete, legible, and permanent records, in electronic or hard copy format, of any books, records, data, or documents pertaining to, prepared, or generated by the captive insurance company, including, but not limited to, all of the following:

(a) Accounting records.

(b) Actuarial reports and studies.

(c) Audits and auditor management letters.

(d) Board, shareholder, member, audit, and claim committee meeting minutes.

(e) Captive insurance company formation documents.

(f) Claims records.

(g) Correspondence.

(h) Computer generated data.

(i) Contracts.

(j) Coverage applications, forms, and policies.

(k) Internal audit records.

(l) Investment records.

(m) Loss prevention plans.

(n) Segregated cell formation, financial, investment, and claims documents.

(2) Captive insurance companies shall do both of the following:

(a) Retain captive insurance company records for a minimum of 7 years.

(b) Make captive insurance company records available to the director or the directors designee for review or examination at the principal Michigan office of the captive insurance company or, if requested by the director, provide copies of such records to the director in a format prescribed by the director.

Notes

Mich. Admin. Code R. 500.104

2015 MR 12, Eff. June 25, 2015