Insurance: automobile; rate reductions; require. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 2111g.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill requires Michigan insurance companies to reduce the total premium charged for new automobile insurance policies or the first renewal of existing policies by 10%. The reduction applies to the rates filed and approved by the state. Insurers must still offer the coverage levels requested by the policyholder, even with the lower premium.
Key provisions
- Requires a 10% reduction in automobile insurance premiums for new policies and first renewals.
- The premium reduction applies to rates already approved by the state.
- Insurers must maintain coverage levels requested by the policyholder.
- The bill amends the Insurance Code (MCL 500.100 - 500.8302).
Who is affected
- Automobile insurance policyholders
- Insurance companies operating in Michigan
- The State of Michigan
Notable changes
- Introduces a mandatory premium reduction for new and initial renewals of auto insurance policies.
Fiscal impact
The bill is expected to result in lower automobile insurance premiums for Michigan residents.
Bill text
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Document of record
- Version
- Senate Introduced Bill
- Published
- Not published in the source record
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Sponsors
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No sponsors are on record.
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