Mich. Admin. Code R. 550.210 - Rates generally
Current through Vol. 22-05, April 1, 2022
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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.
History: 1987 AACS.