Michigan HB4071 amends insurance laws to clarify and expand the definition of unfair trade practices in the insurance industry.

Michigan HB4071 amends section 2025 of the Michigan Compiled Laws to revise the definition of unfair trade practices in the insurance industry. The bill specifies that bonuses or abatements of premiums must be fair and equitable to policyholders and in the best interest of the company and its policyholders. It also allows for allowances to policyholders who have made premium payments directly to an insurer's office for a specified period. The director is authorized to adopt rules to ensure consumer protection, including consumer data protections, privacy, and consumer disclosure.

Michigan HB4071 amends insurance laws to clarify and expand the definition of unfair trade practices in the insurance industry.

Michigan HB4071 amends section 2025 of the Michigan Compiled Laws to revise the definition of unfair trade practices in the insurance industry. The bill specifies that bonuses or abatements of premiums must be fair and equitable to policyholders and in the best interest of the company and its policyholders. It also allows for allowances to policyholders who have made premium payments directly to an insurer's office for a specified period. The director is authorized to adopt rules to ensure consumer protection, including consumer data protections, privacy, and consumer disclosure.