Michigan Requires Insurers to File All Personal Lines Insurance Forms
Michigan’s insurance regulator is requiring insurance companies to get state approval for any changes to personal lines insurance forms before they use them
Office of Financial and Insurance Regulation Commissioner Ken Ross earlier this month ordered insurance companies to submit to OFIR all new or revised documents and forms for personal, family or household insurance.
“Our goal is to scrub ‘gotcha’ clauses out of insurance contracts before they’re sold to Michigan consumers,” Ross said.
Ross’s order rescinds a 1997 order by former Insurance Commissioner Joe Olson that exempted many contracts and other documents from filing requirements.
Ross said recent court cases support the need for the state to review these documents. In 2005, the Michigan Supreme said that it was the responsibility of the commissioner—not courts—to review clauses for legality, according to Ross.
- World’s Largest Retirement Community Set to Borrow $180 Million for More Homes
- Florida AG Says His Office Investigating ‘Anti-Public Adjuster’ Endorsements in Policies
- Court Rejects Exxon Appeal of $815M Award to Mechanic Over Benzene Exposure
- Hacking Attempts Surge as Companies, Governments Rush to Patch PHP Flaws