Michigan

Michigan Issues Bulletin Regarding Depreciation of Nontangible Items

Jul 17, 2024 / by AAIS posted in Compliance, Michigan

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On July 3, 2024, the Michigan Department of Insurance and Financial Services (DIFS) issued Bulletin 2024-18-INS regarding the depreciation of labor and other nontangible items that may be included in some property insurance policies' definition of Actual Cash Value (ACV).

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Michigan Adjusts Minimum Claims Amount for Homeowners Nonrenewals

Apr 5, 2024 / by AAIS posted in Compliance, Michigan

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On March 27, 2024, the Michigan Department of Insurance and Financial Services (DIFS) released Bulletin 2024-02-INS, updating the minimum dollar amount of the three-year claim history to be used for nonrenewal of a home insurance policy, effective on January 1, 2024.

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