Michigan Laws 500.1831 – Premium taxes and other taxes
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 500.1831
- Purchasing group: means a group which meets all of the following:
(i) Has as 1 of its purposes the purchase of liability insurance on a group basis. See Michigan Laws 500.1801Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 State: means any state of the United States or the District of Columbia. See Michigan Laws 500.1801
Premium taxes and other taxes paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing group shall be imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to premium taxes and other taxes paid for similar coverage from a similar insurance source by other insureds.