MichiganProposal would exempt title insurers from this section’s risk cap
The proposal would exempt title insurance companies from a section that limits how much of one risk other insurers may keep.
What it does
The proposal would exempt title insurance companies from this section, which limits other insurers to keeping no more than 10% of their capital and surplus at risk on one risk.
Argument forTitle insurers could cover some larger transactions that might otherwise exceed the single-risk cap this section sets for other insurers.
Argument againstTitle insurers might keep more of a single risk, which could leave less of their capital available to cover claims if that risk causes a loss.
More detail
The proposal says this section does not apply to companies that insure titles. The exclusion applies to insurers that transact title insurance, as defined in section 7301. For other insurers, this section sets a 10% cap on one risk, excluding portions reinsured by a Michigan-licensed insurer.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 23referred to second readingLatest
- Sep 23reported with recommendation without amendmentMinor
- Jun 17bill electronically reproduced 06/16/2026
- Jun 16referred to Committee on InsuranceMinor
- Jun 16read a first timeMinor
- Jun 16introduced by Representative Rep. Mike HarrisIntroduced