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MI SB0328
MI SB0328Insurance: automobile; rate reductions; require. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 2111g.
summary
Introduced
05/29/2025
05/29/2025
In Committee
05/29/2025
05/29/2025
Crossed Over
Passed
Dead
Introduced Session
103rd Legislature
Bill Summary
A bill to amend 1956 PA 218, entitled"The insurance code of 1956,"(MCL 500.100 to 500.8302) by adding section 2111g.
AI Summary
This bill requires automobile insurance companies to reduce premiums by 10% for new policies issued after the bill's effective date or for the first renewal of existing policies at that time. The 10% premium reduction must be calculated from rates that are already filed and approved by the state insurance regulators. Importantly, the bill explicitly prohibits insurers from reducing the coverage options or levels for policyholders in order to achieve this premium reduction. This means insurance companies must absorb the reduced revenue without cutting the scope of protection provided to their customers. The bill amends the Michigan Insurance Code of 1956, specifically adding a new section (2111g) to mandate this across-the-board premium reduction, which is intended to provide direct financial relief to automobile insurance policyholders in the state.
Committee Categories
Budget and Finance
Sponsors (10)
Jeff Irwin (D)*,
Rosemary Bayer (D),
Mary Cavanagh (D),
Stephanie Chang (D),
Erika Geiss (D),
Kevin Hertel (D),
Ed McBroom (R),
Mallory McMorrow (D),
Dayna Polehanki (D),
Sue Shink (D),
Last Action
Referred To Committee On Finance, Insurance, And Consumer Protection (on 05/29/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0328 |
| BillText | https://legislature.mi.gov/documents/2025-2026/billintroduced/Senate/htm/2025-SIB-0328.htm |
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