Court Opinion

ID: 9686000
Source: CourtListenerOpinion
Date Created: 2023-08-24 15:13:06.237106+00
Date Added: 2024-06-11T18:18:12.546036
License: Public Domain

Kavanagh, J.
(concurring in affirmance). We do not agree with Justice Moody that there is a common-law right to interest in Michigan. Here the right to interest is purely statutory. Solakis v Roberts, 395 Mich 13, 21; 233 NW2d 1 (1975); Motyka v Detroit, GH & M R Co, 260 Mich 396; 244 NW 897 (1932); Kermott v Ayer, 11 Mich 181, 184 (1863).
We do agree that the prejudgment interest statute need not appear in the Insurance Code or the financial responsibility act to apply to defendant. While these laws regulate the practices of the insurance industry, they are not the exclusive government of it. Insurance companies are subject *538to the general laws of this state as are all other business enterprises.
We adopt the reasoning of the Court of Appeals in Cosby v Pool, 36 Mich App 571; 194 NW2d 142 (1971), lv den 386 Mich 782, 783 (1972), and are satisfied that it refutes the claim that the prejudgment interest statute impairs the obligation of contracts and is accordingly constitutionally defective.
Justice Moody observes that public policy prompts our disposition of these cases and we concur. A fuller exposition of the public policy argument is set forth in Judge Walsh’s dissent in Dittus v Geyman, 68 Mich App 433; 242 NW2d 800 (1976).
Fitzgerald and Ryan, JJ., concurred with Kavanagh, J.