Michigan’s insurance regulator is requiring insurance companies to get state approval for any changes to personal lines insurance forms before they use them
Office of Financial and Insurance Regulation Commissioner Ken Ross earlier this month ordered insurance companies to submit to OFIR all new or revised documents and forms for personal, family or household insurance.
“Our goal is to scrub ‘gotcha’ clauses out of insurance contracts before they’re sold to Michigan consumers,” Ross said.
Ross’s order rescinds a 1997 order by former Insurance Commissioner Joe Olson that exempted many contracts and other documents from filing requirements.
Ross said recent court cases support the need for the state to review these documents. In 2005, the Michigan Supreme said that it was the responsibility of the commissioner—not courts—to review clauses for legality, according to Ross.
Topics Carriers Michigan Personal Lines
Was this article valuable?
Here are more articles you may enjoy.
The Top 15 U.S. Metros with High Exposure to Wildfire Risk 
‘Buffett Got it Wrong’ on California Fire Risk: PG&E CEO 
Fannie and Freddie Hit Pause on Replacement-Value Requirements for Home Insurance 
Class Action Settlements Flooded With Fraudulent Claims by Scammers 
