Introduced
by
To require the Michigan Catastrophic Claims Association to return $1.2 billion from its insurance claims reserve fund to the auto insurance companies that comprise this entity, and require those companies to give that money to customers on a pro-rated basis. Also, to prohibit the MCCA from assessing auto insurers more than $6 per insured vehicle per year for two years starting July 1, 2019. The bill makes an assumption that the amount of money held to pay future claims is $1.2 billion more than the amount MCCA actuaries estimate is needed to pay future claims to individuals injured in crashes. See also Senate Bill 4, which requires the MCCA to disclose the actuarial computations used in determining the amount of reserves that are needed.
Referred to the Committee on Insurance and Banking
