Michigan Office of Financial and Insurance Services (OFIS) Commissioner Linda Watters has launched the first phase of her investigation into rising home and auto rates in Michigan.
Watters issued a letter of inquiry to insurance companies writing home insurance policies in Michigan. A similar letter to insurance companies writing auto policies is forthcoming. The inquiry requires insurance companies to provide OFIS with rating information for the accident/calendar year 2001 and 2002.
“For the first time in more than 20 years, a careful examination of the rating information is taking place,” Watters said. “The study will determine if the home and auto rates consumers are being charged are excessive as defined by law.”
Insurance companies have until Feb. 17 to submit their data. A final report analyzing the data will be issued early this summer.
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