{"data":{"id":"us-mi/mich.-comp.-laws-500.2400","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 500.2400","heading":"Purposes and interpretation of chapter.","body":"Sec. 2400.\n\nExcept with respect to worker's compensation insurance, the purpose of this chapter is to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate, or unfairly discriminatory, and to authorize and regulate cooperative action among insurers in rate-making and in other matters within the scope of the insurance code. Nothing in this chapter is intended (1) to prohibit or discourage reasonable competition, or (2) to prohibit, or encourage except to the extent necessary to accomplish the aforementioned purpose, uniformity in insurance rates, rating systems, rating plans, or practices.\n\nWith respect to worker's compensation insurance, the purposes of this chapter are:\n\nTo protect policyholders and the public against the adverse effects of excessive, inadequate, or unfairly discriminatory rates.\n\nTo promote price competition among insurers writing worker's compensation insurance so as to encourage rates which will result in the lowest possible rates consistent with the benefits established in the worker's disability compensation act of 1969, Act No. 317 of the Public Acts of 1969, as amended, being sections 418.101 to 418.941 of the Michigan Compiled Laws, and with maintaining the solvency of insurers.\n\nTo provide regulatory controls and other activity in the absence of competition.\n\nTo improve the availability, fairness, and reliability of worker's compensation insurance.\n\nThis chapter shall be liberally interpreted to carry into effect the provisions of this section.","path":["MI Code","Chapter 500","Act Act-218-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-500-2400","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"9078637b4487e2a46a034c7ef262d60a0e5eff40bec093e77ee7f10157d614e7","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-500.240","next":"us-mi/mich.-comp.-laws-500.2401"},"notice":"GroundRules: Original legal text. Not legal advice."}