Michigan Laws 500.2421 – Insurer authorized to write worker’s compensation insurance; prohibited acts
Current as of: 2023 | Check for updates
|
Other versions
As a condition of maintaining its certificate of authority, an insurer authorized to write worker’s compensation insurance shall not do any of the following:
(a) Be a member of a rating organization in this state for worker’s compensation insurance or have any rates, rules, or forms filed on its behalf with regard to worker’s compensation insurance in this state by a rating organization.
Terms Used In Michigan Laws 500.2421
- Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) Except as necessary to operate the residual market under chapter 23, agree with any other insurer or with an advisory organization to adhere to or use any rate, rating plan, rating schedule, rating rule, or underwriting rule with regard to worker’s compensation insurance in this state.
(c) Make any agreement with any other insurer, advisory organization, or any other person which has the purpose or effect of restraining trade or of substantially lessening competition with regard to worker’s compensation insurance in this state.