MI | The Director is required to issue periodic updates of municipalities participating in the Fire Insurance Withholding Program. Under amendments enacted in 1998, the program is now divided into two parts, with participation in each part determined by population. Under Section 2845 of the Insurance Code, municipalities of less than 50,000 in population located in counties of less than 425,000 in population that have passed resolutions establishing escrow accounts are allowed to escrow 25% of a fire insurance settlement, for fire and explosion losses to real property within the boundaries of the municipality.
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