In a move that will put money back into the pockets of
"These refunds and the recently announced statewide average rate reductions are lowering costs for every
"The Governor and I called for these refunds because we recognize that this surplus money belongs to
"DIFS stood with
The MCCA's analysis determined that approximately
Additional information about the auto insurance reform law, including the uninsured driver amnesty period, which expires before
The mission of the
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Dear Director Fox:
At a Special Meeting of the
The MCCA will return approximately
Under section 3104(24) of the Michigan Insurance Code, a member of the MCCA must distribute any refund it receives to the persons that it insures under policies that provide the security required under section 3101(1) or 3103(1), or both, and that are subject to an MCCA premium on a uniform basis per car and historic vehicle.
Section 3101(1) states that "except as provided in sections 3107d and 3109a, the owner or registrant of a motor vehicle required to be registered in this state shall maintain security for payment of benefits under personal protection insurance and property protection insurance as required under this chapter .... " Section 3103(1) provides that "[a]n owner or registrant of a motorcycle shall provide security against loss resulting from liability imposed by law for property damage, bodily Injury, or death suffered by a person arising out of the ownership, maintenance, or use of that motorcycle." Accordingly, all owners or registrants of motor vehicles required by section 3101(1) to maintain personal and property protection insurance, and owners or registrants of motorcycles required by section 3103(1) to maintain insurance for property damage, bodily injury, or death, qualify for refunds.
The MCCA's Board of Directors has determined that the Refund Per Car will be
The MCCA is currently evaluating the time needed to complete the return of surplus to its members. logistics of returning surplus include the following: selling investment securities to access the necessary cash, subject to contractual obligations with investment managers, and doing so over a period which includes the
MCCA Executive Director