Michigan DIFS Bulletin 2006-10-INS

STATE OF MICHIGAN DEPARTMENT OF LABOR AND ECONOMIC GROWTH OFFICE OF FINANCIAL AND INSURANCE SERVICES Bulletin 2006-10-INS In the matter of annual adjustment of the maximum work loss benefit payable under policies of personal protection insurance / Issued and entered this 22nd day of August 2006 by Linda A. Watters Commissioner INFORMATIONAL STATEMENT AND PROCEDURAL GUIDELINES ISSUED PURSUANT TO ACT 306 OF THE PUBLIC ACTS OF 1969 AS AMENDED Section 3107(1)(b) of the Insurance Code of 1956, 1956 PA 218, MCL 500.3107; requires that the Commissioner annually adjust the maximum work loss benefit payable under policies of personal protection insurance. This adjustment is to be made pursuant to Administrative Rule R 500.811, and reflects changes in the cost of living. Each adjustment is to be effective on October 1 of that year and is to apply only to benefits rising out of accidents occurring subsequent to the date of change in the maximum. Accordingly, the new maximum work loss payment effective October 1, 2006 through September 30, 2007 is $4,589 per month. The new maximum also applies to survivor’s loss benefits. Work loss benefits for recent years are as follows: October 1, 2002 through September 30, 2003 - $4,070 per month October 1, 2003 through September 30, 2004 - $4,156 per month October 1, 2004 through September 30, 2005 - $4,293 per month October 1, 2005 through September 30, 2006 - $4,400 per month October 1, 2006 through September 30, 2007 - $4,589 per month This bulletin supersedes Bulletin 2005-17-INS. Any questions regarding this bulletin should be directed to: Office of Financial and Insurance Services 611 W. Ottawa Street P.O. Box 30220 Lansing, Michigan 48909-7720 Toll Free: (877) 999-6442 ________________________________________ Linda A. Watters Commissioner of Financial and Insurance Services