Insurance: automobile; manuals of rules; provide requirements for. Amends secs. 2021, 2106, 2108, 2112, 2458 & 2652 of 1956 PA 218 (MCL 500.2021 et seq.).
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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 amends Michigan’s insurance code to clarify requirements for automobile and home insurance rates and manuals of rules. It focuses on ensuring insurers provide insureds with pertinent information about their rates, including details on how rates are determined and how to appeal rate decisions. The bill also addresses how rating organizations and insurers must handle requests for rate information and provides a process for appealing rate applications.
Key provisions
- Requires insurers to furnish insureds with pertinent information about their rates upon request.
- Establishes a process for insureds to appeal rate applications with the director.
- Specifies requirements for rating organizations and insurers to provide manuals of classification and rules.
- Outlines procedures for insurers to file rates with the department for approval.
- Addresses trade secrets related to rate information, excluding filings subject to public inspection.
- Requires insurers to notify policyholders annually about rate determination information.
- Prohibits insurers from engaging in redlining based on location.
- Clarifies the role of rating organizations in filing rates.
Who is affected
- Insurance companies
- Policyholders
- Rating organizations
- The Michigan Department of Insurance and Financial Services
- Individuals seeking automobile or home insurance
Bill text
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Document of record
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- Senate Introduced Bill
- Published
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