Michigan Administrative Code
Department - Insurance and Financial Services
Insurance
Fire And Inland Marine Insurance Rates
Section R. 500.1306 - Inadequate rates
Universal Citation: MI Admin Code R. 500.1306
Current through Vol. 24-04, March 15, 2024
Rule 6. For purposes of section 2603(1)(d) of the code, both of the following provisions apply:
(a) A rate is unreasonably low for the insurance coverage provided if it is unreasonably low in relation to anticipated losses or expenses, or both, or to the uncertainty of loss for the insurance coverage provided.
(b) An applicant who is in good faith entitled to procure insurance through ordinary methods is an individual or risk in the population, defined by the classification to which the rate applies, that exhibits a willingness and a financial ability to purchase such insurance at the rate in question.
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