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Under the Michigan Insurance Code, the DIFS Director may examine the affairs of a domestic insurer as often as deemed necessary, but at minimum how often?

Q: Under the Michigan Insurance Code, the DIFS Director may examine the affairs of a domestic insurer as often as deemed necessary, but at minimum how often?

Every 5 years — MCL 500.222 authorizes the DIFS Director to examine the books, records, and affairs of any authorized insurer and mandates an examination at least once every 5 years, consistent with NAIC Financial Condition Examiners Handbook expectations.

AEvery 10 years

Every 5 years

COnly upon written complaint

DOnly when insolvency is suspected

Why this is the answer

MCL 500.222 authorizes the DIFS Director to examine the books, records, and affairs of any authorized insurer and mandates an examination at least once every 5 years, consistent with NAIC Financial Condition Examiners Handbook expectations.

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