June 27, 2006, Introduced by Rep. Emmons and referred to the Committee on Insurance.
A bill to amend 1956 PA 218, entitled
"The insurance code of 1956,"
by amending section 451 (MCL 500.451), as amended by 1994 PA 228.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 451. (1) Any unauthorized insurer transacting insurance
in
this state shall be is subject to a tax of 2% of premiums
written in this state and to an additional regulatory fee of 0.5%
on premiums written in this state.
(2) The tax and
fee required by this section shall
be
considered
subsection (1) are delinquent if not paid within 30
days after a copy of the computation of the tax and fee by the
commissioner is delivered to the insurer in the manner prescribed
by
law for the service of process.
(3) The tax and fee required by subsection (1) do not apply to
premiums written for insurance that is not offered by authorized
insurers.