Michigan Administrative Code
Department - Insurance and Financial Services
Insurance
Property And Casualty Insurance Company Reserves
Section R. 500.1231 - Property and casualty insurers; case basis and bulk loss reserves
Universal Citation: MI Admin Code R. 500.1231
Current through Vol. 24-04, March 15, 2024
Rule 1. All property and casualty insurers, including mortgage and land contract guaranty insurers, shall compute and maintain adequate case basis and bulk loss reserves. The method used to determine the loss reserve shall accurately reflect loss frequency and loss severity and shall include components for claims reported and unpaid and for claims incurred but not reported.
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