Michigan HB5981 revises insurance policies to require premium reductions for personal protection insurance coverage.

Michigan HB5981 amends the 1956 PA 218 to revise the requirements for personal protection insurance coverage under automobile insurance policies. The bill mandates that insurers file premium rates for policies effective after July 1, 2020, and that these rates result in average reductions per vehicle. The reductions vary based on the coverage limits, with some policies requiring a 45% or greater reduction and others a 35% or greater reduction. The bill also specifies that insurers must not charge for personal protection insurance benefits and must pass on certain costs.

Michigan HB5981 revises insurance policies to require premium reductions for personal protection insurance coverage.

Michigan HB5981 amends the 1956 PA 218 to revise the requirements for personal protection insurance coverage under automobile insurance policies. The bill mandates that insurers file premium rates for policies effective after July 1, 2020, and that these rates result in average reductions per vehicle. The reductions vary based on the coverage limits, with some policies requiring a 45% or greater reduction and others a 35% or greater reduction. The bill also specifies that insurers must not charge for personal protection insurance benefits and must pass on certain costs.