Millions of drivers to receive $400 checks this week – and more could be on the way

MICHIGAN drivers may be able to receive a new insurance refund.

The Department of Insurance and Financial Services had previously told insurance companies to provide $400 to eligible Michigan drivers by May 9.

Beginning on July 1, 2022, the state's new insurance law will require DIFS to audit Michigan Catastrophic Claims Association records for the past three years.

If the assets surpass 120 percent of its liabilities, drivers may be eligible for a refund.

"DIFS’ priority is to ensure that Michiganders benefit from savings created by the new auto insurance law in every way possible, and we will communicate additional information after the actuarial exam is complete," announced the department.

There are three criteria that may affect the refund as reported by WEYI-TV.

• Fund's investment performance
• Assessment income
• Claims experience

DIFS stated that there may be more elements needed for a refund to occur.