Mich. Admin. Code R. 500.1231
Current through Vol. 24-24, January 15, 2025
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.
Mich. Admin. Code R. 500.1231