Bill > HB5694

This bill amends the Insurance Code of 1956 by revising Section 2025, which defines certain insurance practices that are not considered discrimination or rebates. The key changes are: 1. Allowing life and property/casualty insurers to offer value-added products or services that are related to the insurance coverage and designed to provide loss mitigation, reduce claim costs, enhance health/financial wellness, or assist with the administration of employee/retiree benefits, as long as the cost to the customer is reasonable compared to their premiums/coverage. 2. Allowing the insurance director to adopt rules to ensure consumer protection, including around data protections, privacy, disclosure, and preventing unfair discrimination. 3. Repealing two existing sections (2024a and 2024b) related to unfair trade practices in the insurance industry. The bill is intended to provide more flexibility for insurers to offer certain value-added products and services to customers without being considered discriminatory or an illegal rebate.

Budget and Finance, Business and Industry

https://legislature.mi.gov/Bills/Bill?ObjectName=2024-HB-5694