Mich. Admin. Code R. 500.1504 - Inadequate rates

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

Rule 4. For purposes of section 2109(1)(b) of the code, MCL 500.2109, all of the following apply in determining whether a rate for automobile insurance or home insurance is inadequate:

(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) Applicants who are in good faith entitled to procure the insurance through ordinary methods are the persons who are eligible persons, as defined in section 2103(1) or (2) of the code, MCL 500.2103, with respect to that insurance.

Notes

Mich. Admin. Code R. 500.1504
1981 AACS; 2021 MR 6, Eff. 3/24/2021

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