One week after Michigan Gov. Jennifer Granholm called on auto insurance companies to freeze their rates, five insurers have said they will comply.
In a Feb. 3 order, Granholm asked each automobile insurance company doing business in Michigan to pledge to freeze automobile insurance rates in Michigan for a 12-month period effective immediately, but no later than March 1, 2009, while the Michigan Legislature works to enact automobile insurance reform.
As of Feb.10, according to the Michigan Office of Financial and Insurance Regulation, the following insurance companies had pledged to freeze rates for a 12-month period: American International South Insurance Co., Electric Insurance Co., IDS Property Casualty Insurance Co., Merchants Mutual Insurance Co. and Wolverine Mutual Insurance Co.
Was this article valuable?
Here are more articles you may enjoy.
Hedge Fund Money Is Reshaping a 180-Year-Old Insurance Model 
Florida Needs More 鈥� Much More 鈥� Wind Mitigation, Say Experts at OIR Summit 
Chubb Q1 Net Income Increases 74% on Fewer Catastrophe Losses 
AI for the Defense: Should Insurers or Law Firms Pay? 
