Michigan Laws 500.1904 – Rates and forms used by unauthorized insurers
Current as of: 2023 | Check for updates
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(1) Rates used by unauthorized insurers shall not be subject to this code, except that a rate shall not be unfairly discriminatory.
(2) Forms used by unauthorized insurers pursuant to this chapter shall not be subject to this code, except that a policy shall not contain language which misrepresents the true nature of the policy or class of policies.
Terms Used In Michigan Laws 500.1904
- 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