How our department monitors insurance market practices
Insurance Company Contract and Rate Filings
DIFS Prohibition Orders for Consumer Finance and Credit Union.
Licensing - Consumer Finance and Mortgage
Consumer Finance and Mortgage Forms
BIDCO and Anti-Redlining Forms.
Statutes, Rules and Regulations
Search is currently unavailable. Please try again later.
The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer.
Sections 2227 and 2845 of the Michigan Insurance Code, 1956 PA 218, MCL 500.2227 and 500.2845, allow municipalities which participate in the fire insurance withholding program to escrow 25% of fire insurance settlements for losses to real property within the boundaries of the municipalities that meet certain established criteria.
*Important: HB 4331 amended Section 2227 of the Insurance Code, MCL 500.2227, to increase the maximum amount that can be escrowed by certain municipalities. Effective July 1, 2024, for those municipalities eligible to participate in the fire insurance withholding program under Section 2227, the 25% settlement subject to escrow must not exceed a maximum amount of $24,000, which shall be adjusted July 1 of each year in accordance with the consumer price index (CPI).
The new fire insurance maximum withholding amount under Section 2227 effective
July 1, 2024 through June 30, 2025 is $24,000
For those municipalities eligible to participate in the fire insurance withholding program under Section 2845 of the Insurance Code, MCL 500.2845, beginning January 1, 2025, for residential property, the 25% settlement subject to escrow shall not exceed a maximum amount of $16,025, which shall be adjusted January 1 of each year, in accordance with the consumer price index (CPI).
The new fire insurance maximum withholding amount under Section 2845 effective
January 1, 2025 through December 31, 2025 is $16,025
The maximum assignment levels for recent years are as follows:
January 1, 2024 through December 31, 2024 is $15,520
January 1, 2023 through December 31, 2023 ---- $15,009If you have questions about either section of the insurance code, please contact the Office of Consumer Services toll-free at 877-999-6442. If you would like to obtain a copy of the list of participating municipalities, you may either contact the office at the above telephone number or download a copy by selecting the list below:
