Michigan SB1154 modifies insurance rate requirements for automobile and home insurance.

Michigan SB1154 amends the criteria for determining excessive, inadequate, or unfairly discriminatory rates for automobile and home insurance. It specifies that rates must not be excessive unless they are unreasonably high and competition is lacking. It also states that rates must not be inadequate unless they are unreasonably low and endanger the insurer's solvency or destroy competition. The bill further clarifies that rates are unfairly discriminatory if the differential between rates is not justified by differences in losses, expenses, or uncertainty of loss.

Michigan SB1154 modifies insurance rate requirements for automobile and home insurance.

Michigan SB1154 amends the criteria for determining excessive, inadequate, or unfairly discriminatory rates for automobile and home insurance. It specifies that rates must not be excessive unless they are unreasonably high and competition is lacking. It also states that rates must not be inadequate unless they are unreasonably low and endanger the insurer's solvency or destroy competition. The bill further clarifies that rates are unfairly discriminatory if the differential between rates is not justified by differences in losses, expenses, or uncertainty of loss.