HOUSE BILL NO. 4968

A bill to amend 2018 PA 175, entitled

"Insurance provider assessment act,"

by amending sections 11 and 17 (MCL 550.1761 and 550.1767).

the people of the state of michigan enact:

Sec. 11. (1) The department shall administer the assessment imposed under this act under 1941 PA 122, MCL 205.1 to 205.31, and this act. If 1941 PA 122, MCL 205.1 to 205.31, and this act conflict, the provisions of this act apply. The assessment imposed under this act is a tax for the purpose of 1941 PA 122, MCL 205.1 to 205.31.

(2) The department is authorized to may promulgate rules to implement this act under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.

(3) The assessment imposed under this act shall is not be considered an assessment or burden for purposes of the tax, or as a credit toward or payment in lieu instead of the tax under section 476a of the insurance code of 1956, 1956 PA 218, MCL 500.476a.

(4) The department shall submit an annual report to the state budget director, the senate and house of representatives standing committees on appropriations and insurance, and the senate and house fiscal agencies not later than 120 days after May 15 that states the amount of revenue collected from insurance providers under this act for the immediately preceding state fiscal year and the costs incurred for administration and compliance requirements under this act for the immediately preceding state fiscal year.

Sec. 17. The department shall provide the director of the department of insurance and financial services with written notice of any final determination that an insurance provider has failed to pay an assessment, interest, or penalty when due. The director of the department of insurance and financial services may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state, or the license to operate in this state, of any insurance provider that fails to pay an assessment, interest, or penalty due under this act. A The director of the department of insurance and financial services shall not withdraw a suspension of a certificate of authority to transact insurance in this state or a license to operate in this state under this section shall not be withdrawn unless any delinquent assessment, interest, or penalty has been paid. If the director of the department of insurance and financial services issues a suspension under this section, the director of the department of insurance and financial services shall provide written notice to the standing committees on insurance not later than 10 days after the suspension is issued.