Michigan Laws 500.2706 – Procedures and standards for approval of casualty rates and forms to apply to legal expense insurance
Current as of: 2023 | Check for updates
|
Other versions
(1) Except as provided in subsection (2), the procedures and standards contained in chapter 22, section 2406 to 2430, section 2478, and chapter 30 for the approval of casualty rates and forms shall apply to legal expense insurance.
(2) Employee group policies shall be exempt from the rate filing requirements provided in subsection (1). An insurer which does not file rates for employee group policies shall retain such rates on file for a period of 5 years.
Terms Used In Michigan Laws 500.2706
- 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
- 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