Michigan Administrative Code
Department - Insurance and Financial Services
Insurance
Essential Insurance
Section R. 500.1515 - Collection and reporting of data by insurers
Current through Vol. 24-04, March 15, 2024
Rule 15. For purposes of section 2127 of the code, MCL 500.2127, all of the following apply:
(a) Every insurer subject to chapter 21 of the code, MCL 500.2101 to 500.2131, underwriting automobile insurance or home insurance, or both, in this state shall report data concerning the insurance in accordance with statistical plans and reporting forms approved by the director. The reporting plans and forms must provide for the collection of only the information the director finds necessary to monitor and evaluate the automobile and home insurance markets in this state, as provided in section 2127 of the code, MCL 500.2127.
(b) Statistical plans approved by order of the director for licensed statistical gathering agencies are accepted to provide adequate historical premium, exposure, loss, and expense information for automobile and home insurance.
(c) Supporting data for automobile and home insurance rate filings submitted in accordance with the forms with instructions issued by the director are assumed to comply substantially with information needs for evaluating overall rate level needs, 1 of the elements in monitoring and evaluating markets per section 2127 of the code, MCL 500.2127.
(d) The director shall accept annual statement data on 1 element in the process of monitoring competition.
