When should Charles submit his filing if he has only bound 10 policies in the first quarter?

Charles should submit his filing on August 15, as this date aligns with the typical reporting deadlines for surplus lines insurance in Michigan. Surplus lines policies often require an annual filing that provides information about the policies bound within a specific timeframe, typically linked to quarterly reporting. If Charles has bound 10 policies within the first quarter, it would suggest a requirement for him to report these to maintain compliance with the licensing and regulatory standards for surplus lines insurers.

While some might consider quarterly filing, the August deadline typically serves as a critical time for summarizing such activities over the previous months, thereby including any policies bound during the first quarter. Since he meets the minimum threshold set by the state in terms of the number of policies bound, he must adhere to the required filing schedule to ensure compliance and transparency in his operations.