Introduced
by
To authorize different Michigan Catastrophic Claims Association (MCCA) premiums for private passenger and commercial vehicles. MCCA is the entity established to provide reinsurance to cover the liability of individual auto insurance companies to pay unlimited medical claims above $250,000 per incident, as required by the state no-fault auto insurance law. Currently all vehicles pay the same premium, the so-called “socialized rate,” which varies from year to year based on aggregate claims history, future health expense projections, investment returns, etc.
Referred to the Committee on Insurance and Financial Services
