P&CMIeasy
Under Michigan's casualty insurance rate law (MCL 500.2400 et seq.), rates must NOT be which of the following?
AFiled simultaneously in every other state
Excessive, inadequate, or unfairly discriminatory
CPersonally approved by the Governor
DIdentical for every Michigan insurer writing the line
Why this is the answer
Chapter 24 of the Michigan Insurance Code (MCL 500.2400 et seq.) governs casualty insurance rates. MCL 500.2403 establishes the universal three-prong standard: a rate is unlawful if it is excessive, inadequate, or unfairly discriminatory. DIFS administers the standard. Rates are not personally approved by the Governor, are not required to be identical across insurers, and are not required to be filed in other states.
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