{"data":{"id":"us-mi/mich.-comp.-laws-500.1023","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 500.1023","heading":"Compliance with chapter; exemption; filing reports on other than calendar year basis; compliance by domestic insurers; schedule; compliance by foreign insurers.","body":"Sec. 1023.\n\nUpon an insurer's written application, the commissioner may grant an exemption from compliance with this chapter if the commissioner finds, upon review of the application, that compliance with this chapter would constitute a financial or organizational hardship upon the insurer. An exemption may be granted at any time and from time to time for a specified period or periods. Within 10 days from a denial of an insurer's written request for an exemption from this chapter, the insurer may request in writing a hearing on its application for an exemption. The hearing shall be held in accordance with the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws.\n\nUpon an insurer's written application, the commissioner, for a specified period or periods, may permit an insurer to file annual audited financial reports on some basis other than a calendar year basis. Within 10 days from a denial of such a written request, the insurer may request in writing a hearing on its application. The hearing shall be held in accordance with Act No. 306 of the Public Acts of 1969.\n\nDomestic insurers retaining a certified public accountant on the effective date of this chapter who qualifies as independent shall comply with this chapter for the year ending December 31, 1992 and each year thereafter unless the commissioner permits otherwise.\n\nDomestic insurers not retaining a certified public accountant on the effective date of this chapter who qualifies as independent shall meet the following schedule for compliance unless the commissioner permits otherwise:\n\nAs of December 31, 1992, file with the commissioner all of the following:\n\nReport of independent public accountant.\n\nAudited balance sheet.\n\nNotes to audited balance sheet.\n\nFor the year ending December 31, 1993 and each year thereafter, file with the commissioner all reports required by this chapter.\n\nForeign insurers shall comply with this chapter for the year ending December 31, 1993 and each year thereafter, unless the commissioner permits otherwise.","path":["MI Code","Chapter 500","Act Act-218-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-500-1023","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"2d86be7246872decd5ac75fdbe353cf2301af0876450dcbcd247472890220a8b","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-500.1021","next":"us-mi/mich.-comp.-laws-500.1025"},"notice":"GroundRules: Original legal text. Not legal advice."}