SB-0365, As Passed Senate, June 27, 2007
March 21, 2007, Introduced by Senator GILBERT and referred to the Committee on Transportation.
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
Senate Bill No. 365 as amended June 26, 2007
premiums written for air carrier insurance that is generally
unavailable through authorized insurers offering air carrier
insurance to air carriers operating interstate or intrastate. As
used in this subsection, "air carrier" means <<a Michigan based airline
that is a scheduled or nonscheduled operator and that operates only
aircraft with a passenger seat configuration of more than 30 seats or
with a payload capacity of more than 7,500 pounds.>>