Full text of legislative history behind the Insurers Rehabilitation and Liquidation Model Act.
Michigan Insurers Rehabilitation and Liquidation Model Act Legislative History
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US-AF02
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Assuming that the captive meets the requirements, its taxable income is typically based on underwriting income with some required adjustments for tax purposes. However, certain qualifying insurance companies may elect to be taxed only on taxable investment income. Captive Insurance Taxation | Carr, Riggs & Ingram CPAs and Advisors cricpa.com ? insight ? captive-insurance-taxation cricpa.com ? insight ? captive-insurance-taxation
Act 218 of 1956 - THE INSURANCE CODE OF 1956 (500.100 - 500.8302) :: 2010 Michigan Compiled Laws :: US Codes and Statutes :: US Law :: Justia.
While Michigan does not impose premium taxes on captives, they do have to pay a renewal fee, which is based on captives' premium volume. The minimum renewal fee is $5,000, and the maximum is $100,000.
For a captive insurer that qualifies, the federal tax benefit is related to the timing of deductions. A captive is allowed to take a federal tax deduction for unpaid amounts on retained risks (also called reserves), whereas a self-insurer can only take deductions for paid amounts on retained risks. Is it all about taxes? A cash flow approach to captive insurance milliman.com ? insight ? cash-flow-approac... milliman.com ? insight ? cash-flow-approac...
Internal Revenue Code Section 831(b) provides that captive insurance companies are taxed only on their investment income, and do not pay income taxes on the premiums they collect, providing premiums to the captive do not exceed $2.2 million per year. The Tax and Other Benefits of Forming a Captive Insurance Company gallerosrobinson.com ? insight-inside ? tax-benefi... gallerosrobinson.com ? insight-inside ? tax-benefi...
Self-procurement taxes are state-imposed premium taxes of up to 4 percent on premiums paid to most captives. self-procurement taxes - IRMI irmi.com ? term ? insurance-definitions ? sel... irmi.com ? term ? insurance-definitions ? sel...