Office of Financial and Insurance Services (OFIS) Commissioner Linda Watters has launched the second phase of her investigation into rising home and auto rates in Michigan.
Watters issued a letter of inquiry to insurance companies writing auto insurance policies in Michigan. Insurance companies have until March 15 to submit their data.
The inquiry requires insurance companies to provide OFIS with rating information for the accident/calendar years 2001 and 2002. A copy of the letter and data call instructions are available on the OFIS Web site: www.michigan.gov/ofis.
“Michigan consumers have made their dissatisfaction with double-and triple-digit premium increases known to me loud and clear,” said Watters. “Once we have the information in hand, we will analyze the data and determine whether rates are excessive as defined by Michigan law.”
A letter requiring similar information from home insurance companies was sent on Jan. 15. Companies writing home insurance policies in Michigan had until last Tuesday to submit their rating information. Any company that has not submitted the requested data by the deadline will face enforcement action.
A final report analyzing the data will be issued early this summer.
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