Economic Impact: State and Local Revenue
Insurance companies pay more than $400 million annually to state and local government. This includes special licenses, sales, real estate and employment taxes, motor vehicle registration and retrieval fees.
Property/casualty insurance companies also pay a special assessment to the State of Michigan to fund regulation of its industry.
The industry also pays more than $180 million to fund special programs mandated by state law. An example of one of those programs is the Michigan Property Casualty Guaranty Association. MPCGA pays claims on behalf of insolvent insurance companies.
For more information about these special programs funded by the insurance industry, click here.