MI SB0531

Bill

Insurance: no-fault; cross-reference to amended section of the insurance code; revise. Amends sec. 2111f of 1956 PA 218 (MCL 500.2111f). TIE BAR WITH: SB 0530'23

Introduced
09/26/2023

In Committee
10/24/2023

Crossed Over
10/24/2023

Passed

Dead
12/31/2024

Introduced Session

102nd Legislature

Bill Summary

A bill to amend 1956 PA 218, entitled"The insurance code of 1956,"by amending section 2111f (MCL 500.2111f), as added by 2019 PA 22.

AI Summary

This bill amends Section 2111f of the Insurance Code of 1956 to revise the requirements for automobile insurers offering personal protection insurance coverage in Michigan. The key provisions are: 1. Insurers must file premium rates for personal protection insurance coverage that result in average reductions per vehicle of 45%, 35%, 20%, or 10% compared to May 2019 rates, depending on the coverage limits. 2. For policies with no personal protection insurance coverage, insurers must file rates with no premium charge for that coverage. 3. The Director of Insurance and Financial Services must review and approve the rate filings for compliance with the required reductions. 4. Insurers can apply for approval to file lower premium reductions if meeting the requirements would result in financial distress or constitutional issues. 5. Insurers must pass on savings from changes to the fee schedule for treatment, products, and services. 6. This bill is tied to the enactment of another bill, Senate Bill 530.

Committee Categories

Budget and Finance, Business and Industry

Sponsors (19)

Sarah Anthony (D)*, Rosemary Bayer (D), Winnie Brinks (D), Jon Bumstead (R), Darrin Camilleri (D), Mary Cavanagh (D), Stephanie Chang (D), John Damoose (R), Erika Geiss (D), Jeff Irwin (D), Veronica Klinefelt (D), Kristen McDonald Rivet (D), Mallory McMorrow (D), Jeremy Moss (D), Rick Outman (R), Dayna Polehanki (D), Sue Shink (D), Sam Singh (D), Paul Wojno (D),

Last Action

Referred To Committee On Insurance And Financial Services (on 10/24/2023)

Official Document

http://legislature.mi.gov/doc.aspx?2023-SB-0531

(1 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	http://legislature.mi.gov/doc.aspx?2023-SB-0531
Fiscal Note/Analysis - Senate: ANALYSIS AS PASSED BY THE SENATE	https://legislature.mi.gov/documents/2023-2024/billanalysis/Senate/pdf/2023-SFA-0530-U.pdf
Fiscal Note/Analysis - SUMMARY OF BILL REPORTED FROM COMMITTEE	https://legislature.mi.gov/documents/2023-2024/billanalysis/Senate/pdf/2023-SFA-0530-F.pdf
Senate Substitute (S-2)	https://legislature.mi.gov/mileg.aspx?page=CurrentVersionAmendment&cvFileName=2023-SCVBS-0531-00D48.pdf
Senate Substitute (S-2)	https://legislature.mi.gov/mileg.aspx?page=CurrentVersionAmendment&cvFileName=2023-SCVBS-0531-00B74.pdf
BillText	http://www.legislature.mi.gov/documents/2023-2024/billengrossed/Senate/htm/2023-SEBS-0531.htm
Fiscal Note/Analysis - SUMMARY OF INTRODUCED BILL IN COMMITTEE	https://legislature.mi.gov/documents/2023-2024/billanalysis/Senate/pdf/2023-SFA-0530-G.pdf
BillText	http://www.legislature.mi.gov/documents/2023-2024/billintroduced/Senate/htm/2023-SIB-0531.htm

Bill > SB0531

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (19)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary