Michigan Compiled Laws
218-1956-29 - Chapter 29 Basic Property Insurance (500.2901...500.2954)
Section 500.2930 - Basic Property Insurance; Amount of Premium; Surcharge; Establishment of Rates; Filing Rates and Policy Forms.

Sec. 2930.
(1) The premium for basic property insurance of any risk by the pool shall be equal to the rate for identical insurance established by a licensed rating organization for identical insurance within this state plus a uniform surcharge approved by the commissioner.
(2) The pool shall establish rates for any basic property insurance that is without rates established by a licensed rating organization or that the pool, with the approval of the commissioner, determines should be otherwise rated in order to better effectuate the purposes of this chapter. The pool shall file with the commissioner for his or her approval each rate and each policy form to be issued by it. The pool, acting as agent for participating members, shall file policy forms for basic property insurance to be issued by participating members under the provisions of this chapter. Rates and policy forms shall be filed in accordance with this chapter as the commissioner designates.
History: Add. 1968, Act 262, Eff. Aug. 1, 1968 ;-- Am. 1971, Act 74, Eff. Aug. 1, 1971 ;-- Am. 1979, Act 145, Eff. Mar. 1, 1980 ;-- Am. 2002, Act 492, Eff. Mar. 31, 2003 Popular Name: Act 218Popular Name: Essential Insurance

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 500 - Insurance Code of 1956

Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)

218-1956-29 - Chapter 29 Basic Property Insurance (500.2901...500.2954)

Section 500.2901 - Definitions.

Section 500.2910 - Inspection of Property; Requests; Operation of Inspection Bureau.

Section 500.2912 - Issuing Insurance at Rate Requiring Consent Under MCL 500.2414 or 500.2614; Inspection; Sworn Statements; False Affidavits; Employing Services of Surplus Lines Agent; Forms of Sworn Statements; Descriptions of Rights.

Section 500.2920 - Michigan Basic Property Insurance Association or “Pool”; Membership; Plan of Operation and Amendments to Plan; Approval; Compliance; Designation of Members as Servicing Facilities; Reimbursement and Authority of Facility; Rules; Ri...

Section 500.2921 - Board of Governors as Manager of Pool; Appointment, Election, Qualifications, and Term of Members; Time of Election; Allotment of Votes; Increasing Number of Governors; Vacancy.