Standard Accident Insurance v. City of Detroit

Plaintiff insurance company, a Michigan corporation, with main office in Detroit, on or before March 1,1941, filed its annual report with the commissioner of insurance of the State of Michigan, showing its condition on December 31, 1940, as required by law (3 Comp. Laws 1929, § 12252 [Stat. Ann. §24.10]).

During the first three months of 1941, plaintiff made a very substantial change in the form of its assets by acquiring a large amount of tax-exempt assets, thus increasing its investments of that character from $6,665,993 to $8,564,720.95. On April 1, 1941, plaintiff was assessed by the city…