Michigan Laws 500.3385 – Recoupment of assessments; surcharge; rate including factor for recoupment
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.3385
- Automobile insurance: means insurance for automobiles which provides any of the following:
(i) Security required pursuant to section 3101. See Michigan Laws 500.3303Facility: means the automobile insurance placement facility created pursuant to this chapter. See Michigan Laws 500.3303 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
Any assessments paid by participating members pursuant to section 3330(1)(c) may be recouped through a surcharge in the insurers rates for automobile insurance policies issued by the member, including policies issued on behalf of the facility. A rate shall not be considered excessive because the rate includes a factor for recoupment pursuant to this section.