SB 0545
Insurance: other; underwriting transparency; provide for. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 2229.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill aims to increase transparency in insurance policies, particularly for automobile and homeowners insurance. It requires insurers to provide clear explanations to policyholders when making significant changes to their coverage, such as increasing premiums or reducing benefits. The bill also mandates that insurers notify insurance producers about these changes and outlines specific requirements for the clarity and detail of these notices. The new rules will take effect on January 1, 2026.
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