If the purchasing group is registered to purchase insurance in the Surplus Lines market, any Surplus Lines taxes due the State of Michigan must be paid on the form FIS 0255 Report of Insurance Purchased from an Unauthorized Insurer. Payment is due within 30 days of the effective date of the policy.
A purchasing group may only purchase insurance from a Michigan authorized insurer, a registered risk retention group, or an eligible unauthorized insurer.
The purchasing group shall inform in writing each of the Michigan members of the group that the risk retention group or an eligible unauthorized insurer may not be subject to all insurance laws and regulations of this state.
The purchasing group will not purchase insurance providing for a deductible or self-insured retention unless the deductible or self-insured retention is the sole responsibility of each individual member.
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