Historic and Future Retentions

Pursuant to Public Act 3 of 2001 (“Public Act 3”), beginning July 1, 2002, the insurance companies retention in a given loss occurrence will depend upon the date the motor vehicle accident policy covering the loss was “issued” or “renewed”.

Public Act 3 of 2001 provided for a gradual increase in the member company retention level from the original amount of $250,000 to $500,000 on July 1, 2011; and thereafter increasing every two years by 6% or the increase in the consumer price index, whichever is less.

“Retention” is the dollar amount the insurance company must bear before the MCCA begins to make reimbursement.

For a motor vehicle accident policy
issued or renewed during the period:
Retention
July 1, 2017 through June 30, 2019 $555,000
July 1, 2015 through June 30, 2017 $545,000
July 1, 2013 through June 30, 2015 $530,000
July 1, 2011 through June 30, 2013 $500,000
July 1, 2010 through June 30, 2011 $480,000
July 1, 2009 through June 30, 2010 $460,000
July 1, 2008 through June 30, 2009 $440,000
July 1, 2007 through June 30, 2008 $420,000
July 1, 2006 through June 30, 2007 $400,000
July 1, 2005 through June 30, 2006 $375,000
July 1, 2004 through June 30, 2005 $350,000
July 1, 2003 through June 30, 2004 $325,000
July 1, 2002 through June 30, 2003 $300,000
July 1, 1978 through June 30, 2002 $250,000
Posted 7:00 AM

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018


View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier