DEPARTMENT OF CONSUMER AND INDUSTRY SERVICES
INSURANCE BUREAU
REFUND OF UNEARNED PREMIUM ADJUSTMENT
(By authority conferred on the commissioner of insurance by sections 210 and 7925 of
Act No. 218 of the Public Acts of 1956, as amended, being SS500.210 and 500.7925 of the
Michigan Compiled Laws)
R 500.351 Unearned premium refunds from insolvent insurers; annual
adjustment.
Rule 1. Annually, the commissioner of insurance shall adjust the maximum amount of
unearned premiums which shall constitute
a
covered claim prescribed in section
7925(2)(a) of Act No. 218 of the Public Acts of 1956, as amended, being S500.7925(2)(a)
of the Michigan Compiled Laws, by the ratio of the national consumer price index as
calculated by the United States department of labor for all items for March of each year to
the corresponding consumer price index 1 year earlier, rounded to the nearest dollar. If the
index is unavailable, the commissioner shall make a reasonable approximation. The
effective date of the adjustment shall be July 1 of each year. The commissioner shall notify
all interested parties of the adjustment.
History: 1981 AACS.
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