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just got a memo that in MI the UO plan N is going up 24%. Here's the increases so far in other states....
AR 10%
AZ 24%
IA 20%
MI 24%
OK 20%
SD 24%
These are effective 7-1-11, unless the client is in their 12 month initial rate guarantee.
Here's part of the memo...
September 1, 2011 (following a three-month period), the July 2011 rate adjustment would be applied
AR 10%
AZ 24%
IA 20%
MI 24%
OK 20%
SD 24%
These are effective 7-1-11, unless the client is in their 12 month initial rate guarantee.
Here's part of the memo...
When rate adjustments occur during back-to-back months, our policy is to wait three months before applying the
second rate adjustment.
second rate adjustment.
For example
: If an application was signed May 2010 and was effective June 1, 2010
Then, on
June 1, 2011, the October 2010 rate adjustment and attained age rating would be applied. Since the
2011 rate adjustment would occur July 1, 2011, this would constitute back-to-back adjustments; so, effective
2011 rate adjustment would occur July 1, 2011, this would constitute back-to-back adjustments; so, effective
September 1, 2011 (following a three-month period), the July 2011 rate adjustment would be applied