March 20, MCCA sets Insurance Company Assessment

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "March 20, 2014 734-953-2779. MCCA sets 2014 2015 Insurance Company Assessment"

Transcription

1 MICHIGAN CATASTROPHIC CLAIMS ASSOCIATION LAUREL PARK DRIVE NORTH, LIVONIA, MI (734) FAX: (734) WEBSITE: FOR IMMEDIATE RELEASE Contact: Gloria Freeland March 20, MCCA sets Insurance Company Assessment Livonia, MI The assessment paid by auto insurance companies to the Michigan Catastrophic Claim Association (MCCA) will remain at $ per insured vehicle for the period July 1, 2014 to June 30, The assessment represents $ to cover anticipated new claims, $29.71 to address a $1.1 billion estimated deficit related to existing claims, and $0.39 for administrative expenses. All auto insurance companies operating in Michigan are required to pay the assessment to the MCCA to cover the cost of Personal Injury Protection (PIP) benefits guaranteed under Michigan s No-Fault insurance law. PIP coverage is mandatory and provides for the payment of unlimited, lifetime medical auto insurance benefits. The cost of these benefits is reflected in the insurance premiums all Michigan policyholders pay. The MCCA assessments are used to reimburse auto insurance companies for PIP benefits paid in excess of $530,000 per claim. The MCCA paid out $1 billion more than $145 per insured car in 2013 for claim costs resulting from catastrophic injuries. The majority of these catastrophic claims involves brain and spinal cord injuries, multiple fractures, and back and neck injuries. An independent actuarial consultant evaluates expectations for medical cost inflation, economic conditions, investment returns and the number of claims presented to the MCCA. The MCCA Actuarial Committee recommends to the MCCA Board of Directors the annual assessment. It is adjusted for fund surpluses or deficiencies from earlier assessments. Currently, the MCCA has a $1.1 billion deficit, which represents $ per insured car. Since its creation by the Michigan Legislature in 1978, the MCCA has faced steadily climbing costs associated with providing unlimited lifetime catastrophic claim insurance:

2 Michigan's unique no-fault auto insurance law provides unlimited lifetime coverage for medical expenses resulting from auto accidents. Michigan is the only state in the nation that requires all drivers to purchase these unlimited benefits. The state with the next highest mandatory benefit level (New York) requires $50,000 of coverage. Each year an increasing number of individuals are receiving benefits from catastrophic automobile accidents. Payments to full time family or agency attendant and residential care providers comprise approximately 58 percent of claim payments. Since 1979, there have been more than 31,051 claims reported to the MCCA, which will cost an estimated $79 billion. Medical care costs continue to rise more rapidly than general inflation. Unlike other insurance types such as Medicare or Workers Compensation, Michigan s No- Fault auto law does not contain comparable cost control measures. Additional information on the MCCA, including claim payment statistics, audit reports, financial statements and answers to frequently asked questions is available at and from the Michigan Department of Insurance and Financial Services at Michigan Catastrophic Claims Association Created by the state legislature in 1978, the MCCA is a private, non-profit association whose mission is to protect the financial integrity of Michigan s auto insurance industry by providing an effective reinsurance mechanism for Personal Injury Protection (PIP) benefits.

3 Michigan Catastrophic Claims Association Premium Cost Components % of Premium 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% Cost Components Residential Care Attendant Care - Agency Attendant Care - Family Prescriptions Hospitalization Rehabilitation Services Doctors/Lab Other Case Management Transportation Loss Adjustment Expenses Home Purchases/Modifications Non-Inflationary Cost Equipment Prosthesis Vehicle Purchases/Modifications $3.69 $3.38 $2.79 $2.68 $1.32 $0.81 $0.74 $0.56 $0.53 $12.51 $10.87 $9.05 $9.02 $27.72 $36.79 $33.44 Cost Components Estimated Cost % Residential Care % Attendant Care - Agency % Attendant Care - Family % Prescriptions % Hospitalization % Rehabilitation Services % Doctors/Lab % Other % Case Management % Transportation % Loss Adjustment Expenses % Home Purchases/Modifications % Non-Inflationary Cost % Equipment % Prosthesis % Vehicle Purchases/Modifications % Total Premium Cost: $ % Total Premium Cost: $ Deficit Reduction: $29.71 Expenses: $0.39 Total MCCA Assessment $186.00

4 35,000 Michigan Catastrophic Claims Association Inception to Date Reported and Open Claim Counts 30,000 30,177 25,000 22,614 Claim Counts 20,000 15,000 16,316 14,245 10,989 11,081 10,000 5, ,060 6,973 6,523 4,983 2,919 2, /30/ /30/ /30/ /30/ /30/ /30/ /30/2013 Inception date of the MCCA: 07/01/1978 Reported claims: # of reported claims from the inception date of July 1, 1978 to fiscal year ended June 30th Open claims: # of active claims as of fiscal year ended June 30th

5 Michigan Catastrophic Claims Association Claim Payments for No-Fault Benefits Provided 1983 to 2013 $1,200,000,000 $1,000,000,000 $983,132,828 $81.9 Million/Month $800,000,000 $710,579,600 $59 Million/Month Payments $600,000,000 $457,694,176 $38 Million/Month $400,000,000 $200,000,000 $0 $859,265 $72 Thousand/Month $42,025,798 $3.5 Million/Month $131,508,132 $11 Million/Month $216,026,262 $18 Million/Month Fiscal Year Ended June 30th Note: Total amount paid inception to date as of 6/30/2013 is $ 10.9 billion

6 MCCA Loss Payment Summary by Category Period: 07/01/2012 to 06/30/2013 Replacement and Essential Services 0.17% Vehicle Purchase/Modification 0.77% Transportation 2.47% Wage Loss 0.36% Uncoded 0.06% Prescriptions 8.88% Attendant Care - Agency 16.44% Prosthesis 0.54% Rehabilitation Services 7.14% Other 1.79% Hospitalization 9.37% Attendant Care - Family 20.81% Doctors/Lab 6.32% Residential Care 20.96% Home Purchase/ Modification 1.35% Equipment 0.62% Case Management 1.95%

March 22, 2016 734-953-2779. MCCA sets 2016 2017 Insurance Company Assessment

March 22, 2016 734-953-2779. MCCA sets 2016 2017 Insurance Company Assessment MICHIGAN CATASTROPHIC CLAIMS ASSOCIATION 17584 LAUREL PARK DRIVE NORTH, LIVONIA, MI 48152 (734) 953-2779 FAX: (734) 953-9511 WEBSITE: www.michigancatastrophic.com FOR IMMEDIATE RELEASE Contact: Gloria

More information

Michigan Catastrophic Claims Association (MCCA) Update as of: April 14, 2015

Michigan Catastrophic Claims Association (MCCA) Update as of: April 14, 2015 RICK SNYDER GOVERNOR STATE OF MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES LANSING ANNETTE E. FLOOD DIRECTOR Michigan Catastrophic Claims Association (MCCA) Update as of: April 14, 2015 What

More information

Michigan Catastrophic Claims Association (MCCA) Updated April 15, 2010

Michigan Catastrophic Claims Association (MCCA) Updated April 15, 2010 JENNIFER M. GRANHOLM GOVERNOR STATE OF MICHIGAN OFFICE OF FINANCIAL AND INSURANCE REGULATION DEPARTMENT OF ENERGY, LABOR & ECONOMIC GROWTH STANLEY SKIP PRUSS, DIRECTOR KEN ROSS COMMISSIONER Michigan Catastrophic

More information

Medical Costs of No-Fault Automobile Insurance

Medical Costs of No-Fault Automobile Insurance Medical Costs of No-Fault Automobile Insurance Jeffrey Guilfoyle, President Nicole Bradshaw, Research Associate Citizens Research Council of Michigan www.crcmich.org Independent Research CRC is a privately

More information

Private Passenger Automobile. Analysis of No-Fault Legislative Reforms. Michigan. On Behalf of the Insurance Institute of Michigan

Private Passenger Automobile. Analysis of No-Fault Legislative Reforms. Michigan. On Behalf of the Insurance Institute of Michigan Private Passenger Automobile Analysis of No-Fault Legislative Reforms Michigan On Behalf of the Insurance Institute of Michigan by Michael J. Miller, FCAS, MAAA EPIC Consulting, LLC June 2007 Private Passenger

More information

Michigan Catastrophic Claims Association Annual Report to the Commissioner Fiscal Year Ended June 30, 2012

Michigan Catastrophic Claims Association Annual Report to the Commissioner Fiscal Year Ended June 30, 2012 Michigan Catastrophic Claims Association Annual Report to the Commissioner Fiscal Year Ended June 30, 2012 The MCCA is a private, non-profit association whose mission is to protect the financial integrity

More information

Impact of Proposed PIP Choice Law in Michigan

Impact of Proposed PIP Choice Law in Michigan September 7, 2011 Impact of Proposed PIP Choice Law in Michigan The Potential Effects of Changes to Personal Injury Protection Liability Law Prepared by: Anderson Economic Group, LLC Erin Agemy, Senior

More information

ANALYSIS AS REPORTED FROM COMMITTEE. Senate Bill 288 (Substitute S-3 as reported) Sponsor: Senator Virgil Smith Committee: Insurance

ANALYSIS AS REPORTED FROM COMMITTEE. Senate Bill 288 (Substitute S-3 as reported) Sponsor: Senator Virgil Smith Committee: Insurance LIMITED-BENEFITS NO-FAULT POLICY S.B. 288 (S-3): ANALYSIS AS REPORTED FROM COMMITTEE Senate Bill 288 (Substitute S-3 as reported) Sponsor: Senator Virgil Smith Committee: Insurance Date Completed: 7-20-15

More information

Driving Michigan: An Agenda To Reform Michigan s No-Fault system

Driving Michigan: An Agenda To Reform Michigan s No-Fault system Insurance Institute of Michigan Driving Michigan: An Agenda To Reform Michigan s No-Fault system No one has to lose anything if consumers are given more insurance coverage options. It s not a partisan

More information

Auto Insurance. No-Fault: Michigan's Unique Auto Insurance Law. Personal Injury Protection (PIP)

Auto Insurance. No-Fault: Michigan's Unique Auto Insurance Law. Personal Injury Protection (PIP) No-Fault: Michigan's Unique Auto Insurance Law Michigan is generally recognized as having a unique no-fault auto insurance law that mandates unlimited medical benefits for people buying auto insurance.

More information

auto Insurance NO-FAULT

auto Insurance NO-FAULT auto Insurance NO-FAULT Benefits N O - F A U L T Count on AAA to handle your claim promptly, courteously & professionally. Injuries as a result of auto accidents can be a stressful event in our lives.

More information

FIS-PUB 0077 (6/13) Number of copies printed: 10,000 / Legal authorization to print: PA 145 of 1979 / Printed on recycled paper

FIS-PUB 0077 (6/13) Number of copies printed: 10,000 / Legal authorization to print: PA 145 of 1979 / Printed on recycled paper DIFS is an equal opportunity employer/program. Auxiliary aids, services and other reasonable accommodations are available upon request to individuals with disabilities. FIS-PUB 0077 (6/13) Number of copies

More information

Fact Checker. A Check of the Facts in the Michigan Automobile and Home Insurance Consumer Advocate Report to the Governor, 2009

Fact Checker. A Check of the Facts in the Michigan Automobile and Home Insurance Consumer Advocate Report to the Governor, 2009 Fact Checker A Check of the Facts in the Michigan Automobile and Home Insurance Consumer Advocate Report to the Governor, 2009 Published by the Insurance Institute of Michigan 334 Townsend, Lansing, MI

More information

Auto Insurance. No-Fault: Michigan's Unique Auto Insurance Law. Personal Injury Protection (PIP)

Auto Insurance. No-Fault: Michigan's Unique Auto Insurance Law. Personal Injury Protection (PIP) No-Fault: Michigan's Unique Auto Insurance Law Michigan is generally recognized as having the most efficient and effective auto insurance laws in the United States. In the U.S., there are two systems that

More information

The High Costs of Michigan s No-Fault Auto Insurance: Causes and Implications for Reform

The High Costs of Michigan s No-Fault Auto Insurance: Causes and Implications for Reform The High Costs of Michigan s No-Fault Auto Insurance: Causes and Implications for Reform Prepared for the Michigan Chamber of Commerce By Sharon Tennyson, Ph.D. Associate Professor Department of Policy

More information

REFORMING MICHIGAN S AUTO INSURANCE MARKET

REFORMING MICHIGAN S AUTO INSURANCE MARKET CONTENTS The State of Michigan s Auto Insurance Market 1 Recent Legislative Proposals for Reform 4 Reimbursement Differentials Between Medicare and PIP Conclusion 8 5 R STREET POLICY STUDY NO. 7 January

More information

Reforming Michigan s Auto Insurance Industry Some Concrete and Practical Proposals

Reforming Michigan s Auto Insurance Industry Some Concrete and Practical Proposals 1899 L Street, NW 12 th Floor Washington, DC 20036 202.331.1010 cei.org 140 West Main Street P.O. Box 568 Midland, MI 48640 989.631.0900 mackinac.org Reforming Michigan s Auto Insurance Industry Some Concrete

More information

WHERE TO GET MORE INFORMATION AND HELP

WHERE TO GET MORE INFORMATION AND HELP WHERE TO GET MORE INFORMATION AND HELP This Buyer's Guide is intended to provide general information to help you make coverage choices. It is not a substitute for the policy language, which governs. Additional

More information

NO-FAULT INSURANCE & FRAUD PREVENTION S.B. 248 (S-3) & 249: (REVISED) SUMMARY AS PASSED BY THE SENATE

NO-FAULT INSURANCE & FRAUD PREVENTION S.B. 248 (S-3) & 249: (REVISED) SUMMARY AS PASSED BY THE SENATE NO-FAULT INSURANCE & FRAUD PREVENTION S.B. 248 (S-3) & 249: (REVISED) SUMMARY AS PASSED BY THE SENATE Senate Bill 248 (Substitute S-3 as passed by the Senate) Senate Bill 249 (as passed by the Senate)

More information

New Jersey AUTO INSURANCE

New Jersey AUTO INSURANCE New Jersey AUTO INSURANCE Buyer s Guide Chris Christie Governor Kim Guadagno Lt. Governor Ken Kobylowski Commissioner NJM Insurance Group offers personal auto insurance in the voluntary market through

More information

NEW JERSEY AUTO INSURANCE

NEW JERSEY AUTO INSURANCE NEW JERSEY AUTO INSURANCE BUYER S GUIDE Chris Christie Governor Kim Guadagno Lt. Governor Richard J. Badolato Acting Commissioner NJM Insurance Group offers personal auto insurance in the voluntary market

More information

COMMERCIAL PPA EDITION

COMMERCIAL PPA EDITION NEW JERSEY AUTO INSURANCE BUYER S GUIDE COMMERCIAL PPA EDITION For Individually Owned Private Passenger Automobiles Written on Commercial Insurance Policies WHAT S INSIDE WHERE DO I START?...PAGE 2 UNDERSTANDING

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE *C00179480010000001* PL-50074 (03-12) Page 1 of 9 000001/00000 S1347I03 7668 07/23/12

NEW JERSEY AUTO INSURANCE BUYER S GUIDE *C00179480010000001* PL-50074 (03-12) Page 1 of 9 000001/00000 S1347I03 7668 07/23/12 NEW JERSEY AUTO INSURANCE BUYER S GUIDE *C00179480010000001* 000001/00000 S1347I03 7668 07/23/12 PL-50074 (03-12) Page 1 of 9 WHAT S INSIDE WHERE DO I START?... UNDERSTANDING YOUR POLICY... Types of Coverage

More information

NO-FAULT AUTO INSURANCE IN MICHIGAN A Summary of Loss Trends and Estimates of the Benefits of Proposed Reforms

NO-FAULT AUTO INSURANCE IN MICHIGAN A Summary of Loss Trends and Estimates of the Benefits of Proposed Reforms NO-FAULT AUTO INSURANCE IN MICHIGAN A Summary of Loss Trends and Estimates of the Benefits of Proposed Reforms Robert P. Hartwig, Ph.D., CPCU President & Economist Insurance Information Institute James

More information

NEW JERSEY AUTO SUPPLEMENT

NEW JERSEY AUTO SUPPLEMENT AGENCY AGENCY CUSTOMER ID: NEW JERSEY AUTO SUPPLEMENT NAMED INSURED(S) POLICY NUMBER EFFECTIVE DATE CARRIER NAIC CODE NEW JERSEY AUTO INSURANCE BUYER'S GUIDE New Jersey Department of Banking and Insurance

More information

NEW JERSEY AUTO INSURANCE, BUYER S GUIDE

NEW JERSEY AUTO INSURANCE, BUYER S GUIDE NEW JERSEY AUTO INSURANCE, BUYER S GUIDE BG-NJ (1/14) WHAT'S INSIDE WHEREDOISTART?...1 UNDERSTANDING YOUR POLICY...2 Types of Coverages Standard and Basic Policies What are Limits and Deductibles? UNDERSTANDING

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Chris Christie Governor. Kim Guadagno Lt. Governor. Commissioner

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Chris Christie Governor. Kim Guadagno Lt. Governor. Commissioner NEW JERSEY AUTO INSURANCE BUYER S GUIDE Chris Christie Governor Kim Guadagno Lt. Governor Commissioner WHERE DO I START?... 1 UNDERSTANDING YOUR POLICY... 2-6 Types of Coverages Standard and Basic Policies

More information

SENATE STAFF ANALYSIS AND ECONOMIC IMPACT STATEMENT. This bill substantially amends the following section of the Florida Statutes: 316.211.

SENATE STAFF ANALYSIS AND ECONOMIC IMPACT STATEMENT. This bill substantially amends the following section of the Florida Statutes: 316.211. SENATE STAFF ANALYSIS AND ECONOMIC IMPACT STATEMENT (This document is based only on the provisions contained in the legislation as of the latest date listed below.) BILL: SB 126 SPONSOR: SUBJECT: Senator

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE

NEW JERSEY AUTO INSURANCE BUYER S GUIDE NEW JERSEY AUTO INSURANCE BUYER S GUIDE AD9460ARR-0704 American Bankers Insurance Company of Florida American Bankers Insurance Company of Florida 11222 Quail Roost Drive, Miami, FL 33157-6596 NEW JERSEY

More information

D Insurance: City of Detroit Insurance Company Feasibility Study

D Insurance: City of Detroit Insurance Company Feasibility Study D Insurance: City of Detroit Insurance Company Feasibility Study June 8, 2015 Roosevelt C. Mosley, Jr, FCAS, MAAA rmosley@pinnacleactuaries.com 309.807.2330 3109 Cornelius Drive Bloomington, IL 61704 309.807.2300

More information

domicile, including but not limited to Personal Injury Protection (PIP) and Personal Property insurance (PPI), must be carried.

domicile, including but not limited to Personal Injury Protection (PIP) and Personal Property insurance (PPI), must be carried. Independent Contractor Insurance Requirements Sample provided by Paul Hanson Partners Specialty Insurance Solutions This document should be reviewed with your broker and attorney and modifications for

More information

Office of Insurance Regulation

Office of Insurance Regulation Talking Points Update PIP/No-Fault House Insurance Committee October 18, 2005 Mr. Chairman, members, thank you for the opportunity to provide you with some comments today. Mr. Chairman your staff did an

More information

21st Century Pinnacle Insurance Company STANDARD POLICY COVERAGE SELECTION FORM

21st Century Pinnacle Insurance Company STANDARD POLICY COVERAGE SELECTION FORM 21st Century Pinnacle Insurance Company STANDARD POLICY COVERAGE SELECTION FORM Name: Quote/Policy number: This Coverage Selection Form is for a STANDARD POLICY, see Buyer's Guide, page 3. A BASIC POLICY

More information

Chapter 22. Buying Insurance

Chapter 22. Buying Insurance Chapter 22 Buying Insurance Section 1 Insurance Basics I will be able to list some ways to lower insurance costs. The Language of Insurance 1. Insurance policy Policyholder 2. Insurance coverage Exclusions

More information

SENATE STAFF ANALYSIS AND ECONOMIC IMPACT STATEMENT

SENATE STAFF ANALYSIS AND ECONOMIC IMPACT STATEMENT SENATE STAFF ANALYSIS AND ECONOMIC IMPACT STATEMENT (This document is based only on the provisions contained in the legislation as of the latest date listed below.) BILL: CS/SB 958 SPONSOR: SUBJECT: Banking

More information

NEW JERSEY AUTO STANDARD POLICY COVERAGE SELECTION FORM

NEW JERSEY AUTO STANDARD POLICY COVERAGE SELECTION FORM IL U 051 11 10 NEW JERSEY AUTO STANDARD POLICY COVERAGE SELECTION FORM Policy Number: Policy Effective Date: Company: Producer: Applicant/Named Insured: This Coverage Selection Form is for a STANDARD POLICY,

More information

a consumers guide to No-Fault Automobile Insurance in Michigan

a consumers guide to No-Fault Automobile Insurance in Michigan a consumers guide to No-Fault Automobile Insurance in Michigan No-Fault Automobile Insurance in Michigan The Michigan no-fault system was adopted in 1973 to increase the level of benefits paid to injured

More information

The Michigan Auto Insurance Report

The Michigan Auto Insurance Report The Michigan Auto Insurance Report The Inside Secrets To Buying Auto Insurance" By: Daniel L. Buckfire Michigan s No-Fault Insurance Lawyer Call Toll Free: (800) 606-1717 www.buckfirelaw.com www.freeautoinsurancereport.com

More information

What Is Workers Compensation?

What Is Workers Compensation? What Is Workers Compensation? An Accident Insurance Program State Mandated Compulsory Company Funded What Does Worker s Comp Cover? Medical and Rehabilitation Expenses Lost Wages Death Benefits Where Can

More information

ST. PAUL PROTECTIVE INSURANCE COMPANY Hartford, CT NEW JERSEY AUTOMOBILE INSURANCE STANDARD POLICY COVERAGE SELECTION FORM

ST. PAUL PROTECTIVE INSURANCE COMPANY Hartford, CT NEW JERSEY AUTOMOBILE INSURANCE STANDARD POLICY COVERAGE SELECTION FORM ST. PAUL PROTECTIVE INSURANCE COMPANY Hartford, CT NEW JERSEY AUTOMOBILE INSURANCE STANDARD POLICY COVERAGE SELECTION FORM Name: Policy #: This Coverage Selection Form is for a STANDARD POLICY. See Buyer

More information

Filing Smart Financial and Data Services Filings Guide

Filing Smart Financial and Data Services Filings Guide The Filing Smart web page is divided into nine sections http://www.tdi.texas.gov/financial/indexsmart.html Filing Smart General Information NAIC Checklists Company Licensing and Registration Holding Company

More information

Expansion of Motor Injury Insurance Cover Catastrophic Injury Support scheme

Expansion of Motor Injury Insurance Cover Catastrophic Injury Support scheme Frequently Asked Questions Expansion of Motor Injury Insurance Cover Catastrophic Injury Support scheme What is the Catastrophic Injury Support scheme? What is a catastrophic injury? A catastrophic injury

More information

Michigan Property & Casualty Guaranty Association P.O. Box 531266 Livonia, Michigan 48153-1266 Phone: (248) 482-0381

Michigan Property & Casualty Guaranty Association P.O. Box 531266 Livonia, Michigan 48153-1266 Phone: (248) 482-0381 Michigan Property & Casualty Guaranty Association P.O. Box 531266 Livonia, Michigan 48153-1266 Phone: (248) 482-0381 Dear Claimant: The Michigan Property & Casualty Guaranty Association ("the MPCGA") is

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Jon S. Corzine Governor. Steven M. Goldman Commissioner

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Jon S. Corzine Governor. Steven M. Goldman Commissioner NEW JERSEY AUTO INSURANCE BUYER S GUIDE Jon S. Corzine Governor Steven M. Goldman Commissioner WHERE DO I START?... 1 UNDERSTANDING YOUR POLICY... 2-6 Types of Coverages Standard and Basic Policies What

More information

3006-001_ed02E. Ontario accident benefits

3006-001_ed02E. Ontario accident benefits 3006-001_ed02E Ontario accident benefits TM Trademark used under licence from Northbridge Financial Corporation. All rights reserved. No part of this publication may be reproduced, stored in retrieval

More information

NOT RECOMMENDED FOR FULL-TEXT PUBLICATION File Name: 12a0468n.06. No. 10-2409 UNITED STATES COURT OF APPEALS FOR THE SIXTH CIRCUIT

NOT RECOMMENDED FOR FULL-TEXT PUBLICATION File Name: 12a0468n.06. No. 10-2409 UNITED STATES COURT OF APPEALS FOR THE SIXTH CIRCUIT NOT RECOMMENDED FOR FULL-TEXT PUBLICATION File Name: 12a0468n.06 No. 10-2409 UNITED STATES COURT OF APPEALS FOR THE SIXTH CIRCUIT OLD REPUBLIC INSURANCE COMPANY, Plaintiff-Appellant, v. MICHIGAN CATASTROPHIC

More information

Organizes and sponsors conferences, symposia and workshops to educate consumers and policymakers.

Organizes and sponsors conferences, symposia and workshops to educate consumers and policymakers. BILL: SB 130 The Florida Senate BILL ANALYSIS AND FISCAL IMPACT STATEMENT (This document is based on the provisions contained in the legislation as of the latest date listed below.) Prepared By: The Professional

More information

Florida Senate - 2016 SB 1274

Florida Senate - 2016 SB 1274 By Senator Latvala 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 A bill to be entitled An act relating to sinkhole insurance; amending s. 624.407, F.S.; specifying

More information

NO-FAULT INSURANCE IN OTHER STATES

NO-FAULT INSURANCE IN OTHER STATES 79172 Prepared by the North Dakota Legislative Council staff for the Transportation Committee November 2005 NO-FAULT INSURANCE IN OTHER STATES Saskatchewan has had no-fault insurance since 1946 and Puerto

More information

* the definition and nature of personal injury protection (PIP) benefits; * the difference between coordinated and uncoordinated policies; and

* the definition and nature of personal injury protection (PIP) benefits; * the difference between coordinated and uncoordinated policies; and News Story Lawyers Must Understand Auto Insurance, No-Fault Knowing How To Advise, When To Refer Is Critical Even if you do not specialize in "auto law" you should still have a basic understanding of automobile

More information

AUTOMOBILE INSURANCE: THE MINNESOTA NO-FAULT AUTOMOBILE INSURANCE LAW

AUTOMOBILE INSURANCE: THE MINNESOTA NO-FAULT AUTOMOBILE INSURANCE LAW This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. http://www.leg.state.mn.us/lrl/lrl.asp.~l' ''''d:.,j i.;'~\;

More information

1. What types of damages could you cause while you are driving?

1. What types of damages could you cause while you are driving? Bellwork 1-9-15 Never lend your car to anyone to whom you have given birth. Erma Bombeck, Humor Writer 1. What types of damages could you cause while you are driving? 2. Do you know how much auto body

More information

Have you or someone you know suffered a personal injury? TIPS TO MAXIMIZE COMPENSATION

Have you or someone you know suffered a personal injury? TIPS TO MAXIMIZE COMPENSATION Have you or someone you know suffered a personal injury? TIPS TO MAXIMIZE COMPENSATION If you have suffered a personal injury it is important to consider all potential sources of compensation. A personal

More information

UNITED SERVICES AUTOMOBILE ASSOCIATION NEW JERSEY AUTO INSURANCE BUYER'S GUIDE

UNITED SERVICES AUTOMOBILE ASSOCIATION NEW JERSEY AUTO INSURANCE BUYER'S GUIDE UNITED SERVICES AUTOMOBILE ASSOCIATION NEW JERSEY AUTO INSURANCE BUYER'S GUIDE New Jersey Department of Banking and Insurance 999NJ(31) Rev. 6-04 Page 1 of 10 WHAT'S INSIDE WHERE DO I START? PAGE 2 UNDERSTANDING

More information

Webinar on Insurance Coverages

Webinar on Insurance Coverages Webinar on Insurance Coverages Property and Casualty Insurance Presenter David M. Pooser, Ph.D. Assistant Professor of Risk Management & Insurance St. John s University Moderator Frank Tomasello Program

More information

COVERAGE SELECTION FORM - STANDARD POLICY

COVERAGE SELECTION FORM - STANDARD POLICY Policy Number: COVERAGE SELECTION FORM - STANDARD POLICY This Coverage Selection Form is for a STANDARD POLICY, see Buyer s Guide, page 5. A BASIC POLICY with the minimum of required coverages is also

More information

2:08-cv-12533-DPH-PJK Doc # 67 Filed 03/26/13 Pg 1 of 7 Pg ID 2147 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION

2:08-cv-12533-DPH-PJK Doc # 67 Filed 03/26/13 Pg 1 of 7 Pg ID 2147 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION 2:08-cv-12533-DPH-PJK Doc # 67 Filed 03/26/13 Pg 1 of 7 Pg ID 2147 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION OLD REPUBLIC INSURANCE COMPANY, v. Plaintiff, MICHIGAN CATASTROPHIC

More information

SYMPOSIUM: THE FUTURE OF MICHIGAN NO-FAULT AUTO INSURANCE

SYMPOSIUM: THE FUTURE OF MICHIGAN NO-FAULT AUTO INSURANCE SYMPOSIUM: THE FUTURE OF MICHIGAN NO-FAULT AUTO INSURANCE University of Detroit Mercy Law Review s First Annual Live Symposium 1 INTRODUCTION The University of Detroit Mercy Law Review hosted its First

More information

No Fault/PIP/First Party Medical States

No Fault/PIP/First Party Medical States Delaware Listed on Policy Primary 15/30 ; Added benefits, up to $100,000 based on coverage purchased Florida -Fault & Owned and insured Medical Payments under the. If after 90 days of "residency" is established,

More information

The key conclusions of this report are:

The key conclusions of this report are: 9. Typical auto insurance benefits in both no fault and traditional States fall short of the needs of catastrophically injured victims. EXECUTIVE OFFICE INTER-COMMUNICATION From: KENNETH D. MERIN, DIRECTOR

More information

HEARING ON THE RECOMMENDATIONS OF THE STATE OF MICHIGAN S INSURANCE CONSUMER ADVOCATE

HEARING ON THE RECOMMENDATIONS OF THE STATE OF MICHIGAN S INSURANCE CONSUMER ADVOCATE HEARING ON THE RECOMMENDATIONS OF THE STATE OF MICHIGAN S INSURANCE CONSUMER ADVOCATE Testimony as Delivered by Robert P. Hartwig, Ph.D., CPCU President & Economist Insurance Information Institute New

More information

ARE YOU DRIVING ON THIN ICE : FULL COVERAGE MIGHT NOT BE WHAT YOU THINK IT IS

ARE YOU DRIVING ON THIN ICE : FULL COVERAGE MIGHT NOT BE WHAT YOU THINK IT IS ARE YOU DRIVING ON THIN ICE : FULL COVERAGE MIGHT NOT BE WHAT YOU THINK IT IS By: Jay R. Vaughn, Esq. Schachter, Hendy & Johnson, P.S.C. (859) 578-4444 jvaughn@pschachter.com My practice focuses on personal

More information

Uninsured Motorist and Underinsured Motorist Coverage. Gary Kramer J. Scott Sanpietro James R. Potts

Uninsured Motorist and Underinsured Motorist Coverage. Gary Kramer J. Scott Sanpietro James R. Potts Uninsured Motorist and Underinsured Motorist Coverage Gary Kramer J. Scott Sanpietro James R. Potts focus on: Uninsured Motorist and Underinsured Motorist Coverage 1 By Gary Kramer, J. Scott Sanpietro,

More information

Michigan No-Fault Law: What You Don t Know Can Hurt You

Michigan No-Fault Law: What You Don t Know Can Hurt You Why Learn About No-Fault? Michigan No-Fault Law: What You Don t Know Can Hurt You Third Party Payer Day Mt. Pleasant, Michigan October 30, 2015 Robert E. Dice, Jr., Esq. Dice Law PLLC 25925 Telegraph Rd.

More information

The Ultimate Michigan Car Accident Handbook A Practical Guide to Understanding Your Legal Rights!

The Ultimate Michigan Car Accident Handbook A Practical Guide to Understanding Your Legal Rights! The Ultimate Michigan Car Accident Handbook A Practical Guide to Understanding Your Legal Rights! The Ultimate Michigan Car Accident Handbook A Practical Guide to Understanding Your Legal Rights! Lawrence

More information

Economic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk

Economic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk Economic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk Section 14-1 Insurance Basics Define Risk Management. Define Shared Risk. How do insurance companies

More information

Florida Hurricane Catastrophe Fund. Annual Report of Aggregate Net Probable Maximum Losses, Financing Options, and Potential Assessments

Florida Hurricane Catastrophe Fund. Annual Report of Aggregate Net Probable Maximum Losses, Financing Options, and Potential Assessments Florida Hurricane Catastrophe Fund Annual Report of Aggregate Net Probable Maximum Losses, Financing Options, and Potential Assessments Table of Contents Purpose and Scope 3 Introduction 3 Aggregate Net

More information

Fund County Insurance

Fund County Insurance Mission To ensure the health and safety of County residents, employees, and public officials, and to protect the County s financial assets. The agency is committed to providing the highest quality customer

More information

NEW JERSEY COMPENSATION RATING & INSPECTION BUREAU EXPLORING THE COST OF A WORKERS COMPENSATION INSURANCE POLICY

NEW JERSEY COMPENSATION RATING & INSPECTION BUREAU EXPLORING THE COST OF A WORKERS COMPENSATION INSURANCE POLICY NEW JERSEY COMPENSATION RATING & INSPECTION BUREAU EXPLORING THE COST OF A WORKERS COMPENSATION INSURANCE POLICY 2007 INTRODUCTION This booklet provides a basic explanation of how the cost of a New Jersey

More information

Insurance. Become a member. of the family. NJMGroup

Insurance. Become a member. of the family. NJMGroup Become a member of the family Insurance NJMGroup Personal Auto Insurance Here s Why! Nationally recognized for customer satisfaction excellence. Roadside Assistance included with policies. $92 million

More information

Chapter Objectives. Chapter 13. Property and Liability Insurance. What is risk? How to manage pure risks? What are the fundamental insurance concepts?

Chapter Objectives. Chapter 13. Property and Liability Insurance. What is risk? How to manage pure risks? What are the fundamental insurance concepts? Chapter 13. Property and Liability Insurance Chapter Objectives To understand the foundations of insurance To learn the primary components of the homeowners and auto insurance packages To learn how to

More information

MVA? PIP, OOP, MACP, ERISA, COB, SOL and Other Acronyms You Need to Know

MVA? PIP, OOP, MACP, ERISA, COB, SOL and Other Acronyms You Need to Know Why Learn About No-Fault? MVA? PIP, OOP, MACP, ERISA, COB, SOL and Other Acronyms You Need to Know A Presentation for MAHAP Mt. Pleasant, Michigan March 20, 2015 Robert E. Dice, Jr., Esq. Dice Law PLLC

More information

Michigan No Fault Law Essential Knowledge for Hospital and Medical Office Personnel

Michigan No Fault Law Essential Knowledge for Hospital and Medical Office Personnel Michigan No Fault Law Essential Knowledge for Hospital and Medical Office Personnel Why Learn About No-Fault? A Presentation for Third Party Payer Day Mt. Pleasant, Michigan November 21, 2014 Robert E.

More information

Collective Liability Insurance Cooperative

Collective Liability Insurance Cooperative Program Overview for: Meridian Community Unit School District #223 PRESENTED BY: Arthur J. Gallagher & Co. January 23, 2014 CLIC Executive Summary/Program Highlights CLIC Implemented with Gallagher Bassett

More information

Western Australian CTP Scheme Update

Western Australian CTP Scheme Update Western Australian CTP Scheme Update Fab Zanuttigh - Manager Motor Vehicle Personal Injury Division Insurance Commission of Western Australia April 2007 INTRODUCTION Highlights - Past 3 Financial Years

More information

General Insurance Definitions:

General Insurance Definitions: General Insurance Definitions: Accidental Death Coverage Accidental death coverage is sometimes a part of your auto insurance policy's Personal Injury Protection (PIP) or may be offered as a separate Accidental

More information

The Florida Senate POTENTIAL IMPACT OF MANDATING BODILY INJURY LIABILITY INSURANCE FOR MOTOR VEHICLES. Interim Project Summary 98-03 November 1998

The Florida Senate POTENTIAL IMPACT OF MANDATING BODILY INJURY LIABILITY INSURANCE FOR MOTOR VEHICLES. Interim Project Summary 98-03 November 1998 The Florida Senate Interim Project Summary 98-03 November 1998 Committee on Banking and Insurance Senator Mario Diaz-Balart, Chairman POTENTIAL IMPACT OF MANDATING BODILY INJURY LIABILITY INSURANCE FOR

More information

Estimates for Rehabilitation Liabilities: Points to Consider

Estimates for Rehabilitation Liabilities: Points to Consider Estimates for Rehabilitation Liabilities: Points to Consider Presentation by Swee Chang & Sandra Chapman Accident Compensation Corporation of NZ This presentation will cover Overview of NZ s accident compensation

More information

Personal and Business Auto Table of Contents p. 1 of 5 Unit 1 - Introducing Auto Insurance pp. 7-41

Personal and Business Auto Table of Contents p. 1 of 5 Unit 1 - Introducing Auto Insurance pp. 7-41 Personal and Business Auto Table of Contents p. 1 of 5 Unit 1 - Introducing Auto Insurance pp. 7-41 Problems associated with auto accidents and insurance The large number of auto incidents High Cost of

More information

:: NEW YORK AUTO INSURANCE COMPANIES PDF ::

:: NEW YORK AUTO INSURANCE COMPANIES PDF :: :: NEW YORK AUTO INSURANCE COMPANIES PDF :: [Download] NEW YORK AUTO INSURANCE COMPANIES PDF NEW YORK AUTO INSURANCE COMPANIES PDF - Searching for New York Auto Insurance Companies Books? Now, you will

More information

The Reality of Government-run Auto Insurance

The Reality of Government-run Auto Insurance Report on Other Automobile Insurance Issues Newfoundland and Labrador The Reality of Government-run Auto Insurance Mercer Oliver Wyman MYTH #1: Government-run insurance would be "driver-owned." FACT: Government-run

More information

Florida No-Fault Auto Insurance: A Historical Primer

Florida No-Fault Auto Insurance: A Historical Primer Florida No-Fault Auto Insurance: A Historical Primer Auto Insurance Fraud Strike Force Board Meeting Tallahassee, FL January 24, 2013 Lynne McChristian, Florida Representative Insurance Information Institute

More information

PUBLIC UTILITIES BOARD AUTOMOBILE INSURANCE REVIEW BACKGROUNDER

PUBLIC UTILITIES BOARD AUTOMOBILE INSURANCE REVIEW BACKGROUNDER PUBLIC UTILITIES BOARD AUTOMOBILE INSURANCE REVIEW BACKGROUNDER PUBLIC UTILITIES BOARD WHO WE ARE AND WHAT WE DO The Public Utilities Board is an independent, quasi-judicial regulatory agency. The Board

More information

Insurance Companies Website Glossary of Common Terms Shopping for Automobile Insurance Worksheet III

Insurance Companies Website Glossary of Common Terms Shopping for Automobile Insurance Worksheet III 1 2 Table of Contents Page 4 Page 6 Page 8 Page 10 Page 12 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 21 Page 24 Page 25 Page 26 Automobile Insurance Eligibility Mandatory No-Fault Automobile

More information

State of Colorado. Auto Insurance/Trauma System Study. Final Report. February 18, 2008. Prepared for

State of Colorado. Auto Insurance/Trauma System Study. Final Report. February 18, 2008. Prepared for Final Report February 18, 2008 Auto Insurance/Trauma System Study State of Colorado Prepared for Office of the Governor of Colorado 136 State Capitol Denver, CO 80203-1792 Prepared by BBC Research & Consulting

More information

Buyer Beware. Things To Know About Buying Car Insurance In Washington State. By Christopher M. Davis, Attorney at Law

Buyer Beware. Things To Know About Buying Car Insurance In Washington State. By Christopher M. Davis, Attorney at Law Buyer Beware Things To Know About Buying Car Insurance In Washington State By Christopher M. Davis, Attorney at Law Davis Law Group, P.S. 2101 Fourth Avenue Suite 630 Seattle, WA 98121 206-727-4000 Davis

More information

Motorcyclists and the Michigan No-Fault Law

Motorcyclists and the Michigan No-Fault Law Motorcyclists and the Michigan No-Fault Law (2nd Edition) Important Questions and Answers By George T. Sinas SINAS, DRAMIS, BRAKE, BOUGHTON & MCINTYRE, P.C. ATTORNEYS AT LAW 3380 Pine Tree Road, Lansing,

More information

Reference #: Date. Received: police report, Last Name. Middle Name. 2. Date of Birth: 4. Social Security. Zip Code. Apt # City. State. State.

Reference #: Date. Received: police report, Last Name. Middle Name. 2. Date of Birth: 4. Social Security. Zip Code. Apt # City. State. State. Michigan Assigned Claims Plan c/o Michigan Automobile Insurance Placement Facility PO Box 532318 Livonia, MI 48153 2318 Phone: 734 464 8111 Internal Use Only Reference #: Date Received: Please note, you

More information

Personal Automobile. November 5, 2013. Sandra Starnes, Director

Personal Automobile. November 5, 2013. Sandra Starnes, Director Personal Automobile Insurance Coverage Senate Banking & Insurance Committee November 5, 2013 Sandra Starnes, Director Property & Casualty Product Review Product PART ONE Personal Automobile Insurance Coverage

More information

Disability Insurance. Financial Protection For Individuals And Business Owners. Standard Insurance Company Individual Disability Insurance

Disability Insurance. Financial Protection For Individuals And Business Owners. Standard Insurance Company Individual Disability Insurance Disability Insurance Financial Protection For Individuals And Business Owners Standard Insurance Company Individual Disability Insurance Income Protection When You Need It Most The home you live in, the

More information

PROTECTED? By George T. Sinas

PROTECTED? By George T. Sinas Auto No-Fault Insurance Coverages: ARE YOU ADEQUATELY PROTECTED? By George T. Sinas (3 rd Edition) SINAS, DRAMIS, BRAKE, BOUGHTON & MCINTYRE, P.C. Attorneys at Law Main Office: 3380 Pine Tree Road, Lansing,

More information

SUMMARY OF PENNSYLVANIA AUTO INSURANCE LAW

SUMMARY OF PENNSYLVANIA AUTO INSURANCE LAW SUMMARY OF PENNSYLVANIA AUTO INSURANCE LAW The laws relating to automobile insurance coverage are compiled in 75 Pa.C.S.A. 1701 et seq., known as the Act 6 Amendments to the PA Motor Vehicle Financial

More information

Your Guide to Automobile Insurance

Your Guide to Automobile Insurance Your Guide to Automobile Insurance For Michigan Consumers Department of Insurance and Financial Services (DIFS) Toll-Free Consumer Assistance Line 877-999-6442 www.michigan.gov/difs Table of Contents Page

More information

INSURANCE auto, home, life & health

INSURANCE auto, home, life & health Page 1 Honors Consumer Education INSURANCE auto, home, life & health Terms 1. Policy 2. Policyholder 3. Premium 4. Deductible 5. Co-Pay 6. Out of pocket 7. Indemnify 8. Rider 9. Umbrella policy 10. Attractive

More information

PERSONAL INJURY/AUTO ACCIDENT INTAKE FORM

PERSONAL INJURY/AUTO ACCIDENT INTAKE FORM RYAN, PODEIN & POSTEMA, P.C. 3330 GRAND RIDGE DRIVE NE GRAND RAPIDS, MI 49525 (616) 363-7000 Toll Free 888-833-0307 www.rpplawfirm.com PERSONAL INJURY/AUTO ACCIDENT INTAKE FORM Date: Address: Zip Code

More information

Presentation on Personal Injury Protection (PIP) Insurance

Presentation on Personal Injury Protection (PIP) Insurance Presentation on Personal Injury Protection (PIP) Insurance Senate Banking & Insurance Committee April 2, 2013 Sandra Starnes Director, Property & Casualty Product Review Part I: Implementation of HB 119

More information

NOTE 15: RISK MANAGEMENT AND INSURANCE

NOTE 15: RISK MANAGEMENT AND INSURANCE NOTE 15: RISK MANAGEMENT AND INSURANCE A. Public Entity Risk Pool Public School Insurance Fund The Public School Insurance Fund (the Fund) is a public entity risk pool reported within the enterprise funds.

More information

CHOICES: Insurance Rate Comparison Search Systems. Auto Insurance. Instructions/User Guide

CHOICES: Insurance Rate Comparison Search Systems. Auto Insurance. Instructions/User Guide CHOICES: Insurance Rate Comparison Search Systems Auto Insurance Instructions/User Guide April 2014 Table of Contents Step 1 Select an Example... 3 Step 2 Select by County or Company... 4 By County...

More information

Consumer Federation of America s

Consumer Federation of America s Consumer Federation of America s Guide to Navigating the Auto Claims Maze: Getting the Settlement You Deserve You ve just be involved in a fender bender with another vehicle. Your car is damaged but drivable.

More information

Automobile Insurance & the Use of ICD 10 Codes. April 17, 2012 Baltimore, MD

Automobile Insurance & the Use of ICD 10 Codes. April 17, 2012 Baltimore, MD Automobile Insurance & the Use of ICD 10 Codes April 17, 2012 Baltimore, MD American Insurance Association, Washington, DC The American Insurance Association (AIA) is the leading property-casualty(p/c)

More information