MI | The Michigan Department of Insurance and Financial Services has issued Bulletin 2024-22-INS. This bulletin supersedes Bulletin 2023-22-INS, dated November 28, 2023.
Section 2845 of the Michigan Insurance Code, 1956 PA 218, MCL 500.2845, allows eligible municipalities participating in the fire insurance withholding program to escrow 25% of fire insurance settlements for losses to real property within its boundaries, provided certain criteria are met. Beginning January 1, 2015, for residential property, the 25% settlement or judgment subject to escrow shall not exceed $12,000, adjusted annually on January 1 of each year in accordance with the consumer price index. Continue reading