How our department monitors insurance market practices
Insurance Company Contract and Rate Filings
DIFS Prohibition Orders for Consumer Finance and Credit Union.
Licensing - Consumer Finance and Mortgage
Consumer Finance and Mortgage Forms
BIDCO and Anti-Redlining Forms.
Statutes, Rules and Regulations
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The NRRA does not apply to Foreign Risk Retention and Purchasing Groups. These entities fall under the Federal Liability Risk Retention Act of 1986 and Chapter 18 of the Michigan Insurance Code. If a purchasing group buys a multi-state policy from a non-admitted insurance company, directly or through a surplus lines broker, the purchasing group is required to pay surplus lines taxes electronically via the NAIC OPTins system to the State of Michigan for the Michigan risks within 30 days of the policy effective date.
Foreign risk retention groups quarterly pay surplus lines tax electronically via the NAIC OPTins to the State of Michigan for business placed in Michigan, directly or through a surplus lines broker, within 30 days of the end of each quarter.
