Mich. Admin. Code R. 500.1231

Current through Vol. 24-08, May 15, 2024

Section R. 500.1231 - Property and casualty insurers; case basis and bulk loss reserves

Rule 1. All property and casualty insurers, including mortgage and land contract guaranty insurers, shall compute and maintain adequate case basis and bulk loss reserves. The method used to determine the loss reserve shall accurately reflect loss frequency and loss severity and shall include components for claims reported and unpaid and for claims incurred but not reported.

1982 AACS