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Michiganian Insurance Industry - Governance, Risk and Compliance

  • ID: 5176949
  • Report
  • October 2020
  • Region: Global
  • 78 pages
  • GlobalData

FEATURED COMPANIES

  • Allianz SE
  • Bradesco Seguros SA
  • Harel Group
  • Menora Mivtachim Group
  • Sanlam Group
  • Tokio Marine Holdings Inc
  • MORE
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Michiganian Insurance Industry - Governance, Risk and Compliance

Summary

The publisher’s 'Michiganian Insurance Industry - Governance, Risk and Compliance' 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 the publisher’s 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 country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights
  • The Michiganian 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.
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 country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • 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 country.
Scope
  • 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 country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • 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 country.
  • Understand key regulations and market practices pertaining to various types of insurance product.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Allianz SE
  • Bradesco Seguros SA
  • Harel Group
  • Menora Mivtachim Group
  • Sanlam Group
  • Tokio Marine Holdings Inc
  • MORE
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE
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 (ADR)

3 APPENDIX
3.1 Methodology
3.2 Contact
3.3 About the Publisher
3.4 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 - Collateral Requirement for Certified Reinsurers
Table 8: The US - Michigan - Minimum Capital Requirements
Table 9: The US - Michigan - Tax Rates for the Financial Year 2020

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
Note: Product cover images may vary from those shown
  • State Farm
  • Liberty Mutual Holding Company Inc
  • Chubb Limited
  • Allstate Corporation
  • The Travelers Companies Inc
  • Farmers Insurance Group
  • Allianz SE
  • Nationwide Mutual Insurance Company
  • The United Services Automobile Association
  • Zurich Insurance Group AG
  • Tokio Marine Holdings Inc
  • The People's Insurance Company (Group) Of China Limited
  • MS&AD Insurance Group Holdings Inc
  • Sompo Holdings Inc
  • China Pacific Insurance (Group) Company Limited
  • Japan Earthquake Reinsurance Company Limited
  • Agriculture Insurance Company Of India Limited
  • Ping An Insurance Company Of China Limited
  • General Insurance Corporation Of India
  • Yingda Taihe Property Insurance Company Limited
  • Assicurazioni Generali SpA
  • Axa SA
  • Mapfre SA
  • R+V Versicherung AG
  • Lansforsakringar AB
  • Hdi (Talanx AG)
  • Unipol Gruppo SpA
  • Versicherungskammer Bayern
  • Vereniging Achmea
  • The Company For Cooperative Insurance
  • Harel Group
  • Phoenix Holdings Limited
  • Clal Insurance Enterprises Holdings Limited
  • Shlomo Eliahu Holdings Limited
  • American International Group Inc
  • Menora Mivtachim Group
  • Misr Insurance Holding Company
  • Sanlam Group
  • American International Group Inc
  • Cnp Assurances SA
  • Bnp Paribas Cardif
  • Suramericana SA
  • Porto Seguro SA
  • Bradesco Seguros SA
Note: Product cover images may vary from those shown
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