The Michigan Department of Insurance and Financial Services (DIFS) has said it is possible for drivers in the state to get another round of auto insurance - but only if certain conditions are met.
The regulator has given car insurers until May 9 to withdraw $ 400 from drivers who have issued policies by October 31, 2022. The Michigan Disaster Claims Association returned $ 3 billion to insurers due to surplus funding. They need to return to customers.
From July 1, 2022, the state's new auto insurance law requires the regulator to take independent action to examine the records of the Michigan Disaster Claims Association for the past three years. If the DIFS finds that the assets of the Claim Fund exceed 120% of its liabilities, another repayment is possible.
"DIFS 'priority is to ensure that Michigans benefit in every possible way from the savings created by the new auto insurance law, and we will provide additional information after the completion of the Actual Examination," the regulator said.
According to the WEYI-TV report, DIFS said other factors such as the investment performance of the fund, appraised returns and claim experience may also influence this decision.
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