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Michigan Insurance Industry, Governance, Risk and Compliance Report 2020 - ResearchAndMarkets.com
January 20, 2021 GMT
DUBLIN (BUSINESS WIRE) Jan 20, 2021
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‘Michiganian Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in Michigan.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together the publisher’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in
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Property/casualty (P/C) insurers financial results in 2020 have been dominated by the ongoing impact of the COVID-19 pandemic and severe weather-related losses following a relatively benign 2019 catastrophe season. Stay-at-home orders and government-mandated business closures have tamped down premium levels, as have actions by P/C writers to provide relief to consumers in the form of rebates, refunds and payment deferrals, according to a new AM Best special report.
A new
Best s Market Segment Report, Catastrophes and COVID-19 Changing Business Trends for Property/Casualty Insurers, points out that premium volume for most the 33 P/C lines had been rising through the end of 2019. However, in 2020, the increasing unemployment rate and proliferation of remote workers spurred a decline in private passenger vehicle traffic. This shift prompted insurers to offer premium refunds and discount programs, which resulted in a 2.5% drop in direct premiums written by private passenger
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On December 3, 2020, Commissioner Ricardo Lara of the California Department of Insurance (“Department”) indefinitely extended the requirement that admitted property and casualty and workers’ compensation insurers provide premium rebates or similar relief based on reduced risk exposures during the pandemic, and report such activity to the Department. The extension of these requirements also purports to apply to surplus lines carriers (similar to previous bulletins on this topic), but Bulletin 2020-8 cites no legal authority to require surplus lines carriers to comply.
On April 13, Commissioner Lara issued Bulletin 2020-3, requiring “All Property and Casualty Insurers and Workers Compensation Insurers” to provide rebates or similar premium relief based on reduced risk exposure for the months of March and April, and to report the measures taken to the Department. On May 15, Commissioner Lara issued Bulletin 20
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