Bill > SB0550

This bill amends the Michigan Insurance Code to establish more comprehensive requirements for automobile and home insurance manuals and filing procedures. The bill introduces new mandatory content requirements for insurance manuals, which must now include a detailed table of contents, rating steps, rating rules, minimum and waived premium rules, payment plan options, termination and reinstatement procedures, coverage descriptions, discount and surcharge details, and any other information requested by the department. For automobile insurance, insurers must file their manuals with a mandatory 90-day waiting period before implementation, during which the director can review the filing. The bill also reinforces existing provisions requiring insurers to provide policyholders with clear, detailed information about their rating classifications, premium calculations, and appeal rights. Additionally, the bill updates language related to trade secret protections and removes some procedural constraints, such as eliminating a previous requirement for pre-approval of rate filings. The changes aim to increase transparency in insurance pricing and provide consumers with more accessible information about how their insurance rates are determined, while maintaining protections for proprietary business information.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0550