The Michigan Department of Insurance and Financial Services (DFS) 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 DFS Director periodically updates the municipalities participating in the program.
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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