True or False: A tax report should be filed within 30 days after the date the insurance was procured, continued, or renewed.

The statement is true because, in Michigan, the law requires that a tax report be filed within 30 days after an insurance policy is procured, continued, or renewed. This requirement ensures timely reporting and payment of premium taxes, which are essential for regulatory compliance and the proper functioning of the insurance market. The 30-day timeframe is critical, as it allows the state to monitor and collect taxes on the premiums written by surplus lines insurers. Failure to adhere to this timeline could lead to penalties or other regulatory actions against the insurance producer or the insurer. This requirement applies uniformly to all transactions, whether they involve new policies or renewals, emphasizing the importance of timely and accurate reporting in the insurance industry.