January 15, 2004

Office of Financial and Insurance Services (OFIS) Commissioner Linda A. Watters today launched the first phase of her investigation into rising home and auto rates in Michigan.

Commissioner Watters issued a letter of inquiry to insurance companies writing home insurance policies in Michigan. A similar letter to insurance companies writing auto policies is forthcoming. The inquiry requires insurance companies to provide OFIS with rating information for the accident/calendar year 2001 and 2002. A copy of the letter and data call instructions are available on the OFIS web site: www.michigan.gov/ofis.

“For the first time in more than 20 years, a careful examination of the rating information is taking place,” said Watters. “The study will determine if the home and auto rates consumers are being charged are excessive as defined by law.”

Insurance companies have until February 17 to submit their data. A final report analyzing the data will be issued early this summer.

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