Michigan Updates P/C Guaranty Association Maximum Refund Amount

The Michigan Department of Insurance and Financial Services announced that the insured’s maximum refund of unearned premiums available from the state’s Property and Casualty Guaranty Association has been changed.

The adjustment is made annually to reflect changes in the cost of living.

The previous maximum unearned premium refund amount applicable July 1, 2015, through June 30, 2016, was $1,475.00.

The adjusted maximum unearned premium refund for the period from July 1, 2016 through June 30, 2017, is $1,488.00.

Source: Michigan Department of Insurance and Financial Services Office