Mich. Admin. Code R. 500.1206 - Inadequate rates

Current through Vol. 22-05, April 1, 2022

Rule 6. For purposes of section 2403(1)(d) of the code, both of the following provisions shall apply:

(a) A rate is unreasonably low for the insurance coverage provided if it is unreasonably low in relation to anticipated losses or expenses, or both, or to the uncertainty of loss for the insurance coverage provided.
(b) An applicant who is in good faith entitled to procure insurance through ordinary methods is an individual or risk in the population, defined by the classification to which the rate applies, that exhibits a willingness and a financial ability to purchase such insurance at the rate in question.

Notes

Mich. Admin. Code R. 500.1206
1980 AACS

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