Mich. Admin. Code R. 550.210 - Rates generally
Rule 10.
(1) Under
section 13 of the act, benefits provided by credit insurance policies shall be
reasonable in relation to the premium charged. This requirement is deemed to be
satisfied if a premium rate not exceeding the prima facie rate is
charged.
(2) If any insurer files
for approval of any form providing coverage other than that described in
R
550.111 and
R
550.112, the insurer shall demonstrate that the rates
to be charged for such coverage are actuarially consistent with the applicable
prima facie rates.
(3) If no
specific charge is made to the debtor for credit insurance, the deviation
standards of R 550.114 are not required to be used, but any premium rates
resulting from such standards as are used which exceed the premium rate
standards set out in
R
550.111 and
R
550.112 shall be filed with the commissioner. For
purposes of this subrule, it will be considered that the debtor is charged a
specific amount for insurance if an identifiable charge for insurance is
disclosed in the credit or other instrument furnished the debtor which sets out
the financial elements of the credit transactions or if there is a differential
in finance, interest, service, or other similar charge made to debtors who are
in like circumstances, except for their insured or noninsured status.
Notes
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