Michigan DIFS Requires Filings for Auto Premium Waivers or Refunds

Michigan DIFS Requires Filings for Auto Premium Waivers or Refunds

 

On May 28, 2020 the Michigan Department of Insurance and Financial Services (DIFS) issued Order Number 2020-10-M, which requires all insurers authorized to write personal automobile insurance in Michigan who have not already submitted a filing under Bulletin 2020-18-INS, and who have not yet implemented a premium waiver or refund, to submit a filing in SERFF. The required filing is to obtain approval of their plan to issue premium waivers or refunds; or, alternatively, to explain why they are not issuing premium waivers or refunds. The filings must include 1. a plan to issue refunds or premium waivers to their customers; or 2. an explanation of why a refund or premium waiver is not warranted at this time and must be accompanied by detailed actuarial support and a detailed filing memorandum. Both types of filings must be submitted under the type “COVID-19 Refund/Premium Waiver” in SERFF and completed no later than June 10, 2020.

 

Insurers who have already advertised, implemented, or otherwise advised their policyholders or the public that they are issuing a premium waiver or refund without first having made a filing to DIFS must submit the required filing no later than June 3, 2020.

 

Link to Order

Link to Bulletin