Group Capital Calculation Filing Exemption Criteria _____________________________

STATE OF MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES Bulletin 2024-07-INS In the matter of: Group Capital Calculation Filing Exemption Criteria _____________________________/ Issued and entered this 19th day of January 2024 by Anita G. Fox Director This bulletin sets forth criteria the Director of the Department of Insurance and Financial Services (Director) may consider in determining a) whether to exempt an ultimate controlling person in an insurance holding company system where Michigan is the lead state from filing an annual group capital calculation; or b) whether to accept a limited group capital filing. Where Michigan is the lead state for a company required to make a group capital calculation filing, MCL 500.1325b(5) allows the Director to exempt an ultimate controlling person from filing the annual group capital calculation; or to accept a limited group capital filing based on criteria specified by the Director. MCL 500.1325b(3) sets forth criteria that automatically exempts insurance holding company systems from filing the annual group capital calculations. The criteria described in this bulletin are additional criteria that the Director may, in her discretion, consider in determining whether to exempt an ultimate controlling person from filing the annual group capital calculation or to accept a limited group capital filing. The Director will consider an exemption request or a request to accept a limited group capital filing when a written request (i.e., a letter) is submitted under MCL 500.1325b(5) no later than February 28 of the year in which the exemption is requested. The Director may approve an exemption from filing the annual group capital calculation or accept a limited filings based on the following: • The insurance holding company system’s non-United States group-wide supervisor has filed an application with the NAIC Mutual Recognition Jurisdiction Working Group (NAIC) to be approved as a Recognize and Accept jurisdiction. In addition, the following apply: o The director has an established, productive working relationship with any jurisdiction that has filed a Recognize and Accept application with the NAIC including a Memorandum of Understanding. o The director has some understanding of the jurisdiction’s regulatory framework and is not aware of any statutory provisions that would prevent the jurisdiction from being approved by the NAIC as a jurisdiction under the Recognize and Accept program. • Any other documentation requested by the Director. Any questions regarding this bulletin should be directed to: Department of Insurance and Financial Services Office of Insurance Evaluation DIFS-FinFilings@michigan.gov 530 W. Allegan Street – 7th Floor P.O. Box 30220 Lansing, Michigan 48909-7720 Toll Free: (877) 999-6442 /s/ ____________________________ Anita G. Fox Director