Michigan HB6097 eliminates the single-risk limit for title insurance.

Michigan HB6097 amends Michigan's insurance laws to remove the single-risk limit for title insurance. This change allows title insurers to take on more risk per individual title insurance policy. The bill specifies conditions under which insurers can exceed the previous 10% limit of their paid-up capital and surplus, now allowing up to 50% under certain circumstances. This affects title insurers operating in Michigan by giving them more flexibility in risk management.

Michigan HB6097 eliminates the single-risk limit for title insurance.

Michigan HB6097 amends Michigan's insurance laws to remove the single-risk limit for title insurance. This change allows title insurers to take on more risk per individual title insurance policy. The bill specifies conditions under which insurers can exceed the previous 10% limit of their paid-up capital and surplus, now allowing up to 50% under certain circumstances. This affects title insurers operating in Michigan by giving them more flexibility in risk management.