Annual Financial Statement and FeeThe Michigan Department of Insurance and Financial Services (DIFS) waives the filing of printed annual statements and supplements for foreign risk retention groups in Michigan. DIFS will rely on filings made with the NAIC as meeting the statutory requirement to file financial statements in Michigan. Michigan domestic risk retention groups must ensure that all filings with the NAIC are proper and timely. Failure to properly submit filings with the NAIC may subject companies to penalties.
An invoice in the amount of $25.00 will be mailed to all foreign risk retention groups. The fee must be paid by check or money order, payable to the State of Michigan, and should be submitted to the address indicated on the invoice.