On Aug. 29, MCH INS issued adjustment of fire insurance escrow.
MCH INS issued Bulletin 2024-21-INS and Bulletin 2024-22-INS re fire insurance.
The bulletins supersede Bulletin 2023-22-INS, dated Nov. 28, 2023, see #196174.
The fire insurance max withholding amount, Jul. 1, 2024 to Jun. 30, 2025, is $24,000.
Summary
MCH INS 218-500.2227, MCH INS 218-500.2845 lets municipality participating in fire insurance withholding program to escrow 25% of fire insurance settlements for losses.
On Jan. 1, 2024, the annual adjustment of the fire insurance maximum escrow under MCH INS 218-500.2845, effective for Jan. 1, 2024 to Dec. 31, 2024, is $15,520.
Beginning Jul. 1, 2024, the annual adjustment of the fire insurance maximum escrow under MCH INS 218-500.2227, effective for Jul. 1, 2024 to Jun. 30, 2025, is $24,000.
Effectiveness
25% escrow settlement adjustment is effective as of Jul. 1, 2024 to Jun. 30, 2025.
Nov. 2024 MCH INS Annual Adjustment
On Nov. 21, 2024, MCH INS issuedBulletin 2024-27-INS to set adjusted fire insurance maximum withholding amount, effective Jan. 1, 2025 to Dec. 31, 2025, at $16,025.
