Mich. Admin. Code R. 500.1515 - Collection and reporting of data by insurers
Current through Vol. 22-05, April 1, 2022
Rule 15. For purposes of section 2127 of the code, MCL 500.2127, all of the following apply:
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Rule 15. For purposes of section 2127 of the code, all of the following shall apply:
(a) Every insurer subject to chapter 21 of the code writing automobile insurance or home insurance, or both, in Michigan shall report data concerning such insurance in accordance with statistical plans and reporting forms approved by the commissioner. The reporting plans and forms shall provide for the collection of only such information as the commissioner finds necessary to monitor and evaluate the automobile and home insurance markets in this state, as provided in section 2127 of the code.
(b) Statistical plans approved by order of the commissioner for licensed statistical gathering agencies will be accepted as providing adequate historical premium, exposure, loss, and expense information for automobile and home insurance.
(c) Supporting data for automobile and home insurance rate filings submitted in accordance with the forms with instructions as issued by the commissioner will be assumed to comply substantially with information needs for evaluating overall rate level needs, 1 of the elements in monitoring and evaluating markets per section 2127 of the code.
(d) The commissioner shall accept annual statement data on 1 element in the process of monitoring competition.
History: 1981 AACS.