Michigan Gov. Jennifer M. Granholm signed captive legislation into law yesterday, adding the state to the list of about 30 U.S. captive domiciles.
Senate Bill 1061 was introduced by Sen. Alan Sanborn, R-Richmond, to amend the insurance code and allow captive insurers. Also enacted was Senate Bill 1062, which exempts captives from a 1.25 percent business tax on gross direct premiums written on property or risk located within the state.
Diane Bissell, administrative law assistant with the State Department of Labor and Economic Growth, Office of Financial and Insurance Regulation., said the bill was put on a fast track because, "we're a state in a serious economic situation."
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