Michigan Laws 500.3474a – Premium rate after January 1, 2014; basis; factors
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.3474a
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106
- 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
- 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
The premium rate charged by an insurer, health maintenance organization, or nonprofit health care corporation for health insurance coverage offered through a policy or certificate delivered, issued for delivery, or renewed in this state on or after January 1, 2014 in the individual or small group market shall vary based on the following factors only:
(a) Whether the policy or certificate covers an individual or family.
(b) The rating area.
(c) Age, except that the premium rate shall not vary by more than 3 to 1 for adults for all plans other than child-only plans.
(d) Tobacco use, except that the premium rate shall not vary by more than 1.5 to 1.