The Michigan Department of Insurance and Financial Services published an updated list of the municipalities participating in the Fire Insurance Withholding Program.
The program allows participating municipalities to escrow 25% of fire insurance settlements for real property losses caused by fire or explosion within that municipality. The participating municipalities are divided into two sections: Section 2845 covers municipalities with a population of 50,000 or less and in a county with a population of 425,000 or less, and Section 2227 covers municipalities with a population of 50,000 or less and in a county with a population of 425,000 or more.
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