On November 8, 2024, the Michigan Department of Insurance and Financial Services (DIFS) issued Bulletin 2024-26-INS, which supersedes Bulletin 2024-18-INS, regarding the depreciation of labor and other nontangible items that may be included in some insurance policies' definition of Actual Cash Value (ACV).
Michigan
Michigan Issues Superseding Bulletin Regarding Depreciation of Nontangible Items
Nov 15, 2024 / by AAIS posted in Compliance, Michigan
Michigan Issues Bulletin Regarding Depreciation of Nontangible Items
Jul 17, 2024 / by AAIS posted in Compliance, Michigan
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).
Michigan Adjusts Minimum Claims Amount for Homeowners Nonrenewals
Apr 5, 2024 / by AAIS posted in Compliance, Michigan
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.
