Introduced
by
To require an independent audit of the Michigan Catastrophic Claims Association every five years, and return to auto insurance policy holders any “surplus” an audit may show, defined as “any excesses from previous periods not required to cover the expected losses, expenses, or other liabilities.” MCCA is the private entity established to provide reinsurance to cover the liability of individual auto insurance companies to pay unlimited medical claims above $555,000 per incident, as required by the state no-fault auto insurance law.
Referred to the Committee on Insurance
