The Michigan Department of Insurance and Financial Services has issued a bulletin advising that the maximum withholding amount for those municipalities participating in the fire insurance withholding program for fire settlements has been revised. The maximum withholding amount effective January 1, 2025, through December 31, 2025, is now $16,025.

Previous maximums for recent years are as follows:

January 1, 2024 through December 31, 2024 ---- $15,520
January 1, 2023 through December 31, 2023 ---- $15,009
January 1, 2022 through December 31, 2022 ---- $13,835