Michigan SB0550 amends insurance rules for automobile and home insurance, including rate filing requirements and policyholder rights.
Michigan SB0550 amends sections of the Michigan Compiled Laws to update rules for automobile and home insurance. The bill requires insurers to file manuals or plans for 90 days before they become effective. It mandates insurers to provide policyholders with detailed information about rating classifications and premium variations. Insurers must also offer hearings for policyholders to review rating system applications. The bill prohibits insurers from refusing coverage or limiting amounts based on risk location and from engaging in redlining practices.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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