MI | The Michigan Department of Insurance & Financial Services has issued Bulletin 2021-44-INS.
On November 3, 2021, the Michigan Catastrophic Claims Association (MCCA) Board voted unanimously to return approximately $3.0 billion of its estimated surplus to its member insurance companies. The MCCA Board based its determination on the actuarial assessment that the MCCA’s surplus had increased beyond a level necessary to safely cover its expected losses and expenses. This increase in surplus was due in part to the effects of the historic, bipartisan no-fault reform legislation enacted in 2019. In returning the surplus and determining the amount of refund per car and historical vehicle, the MCCA sought to issue the largest possible refund to policyholders while maintaining sufficient funds to ensure continuity of care to those catastrophically injured in motor vehicle accidents.