The bill amends the Michigan Insurance Code of 1956 by adding a new section, 2111g, which mandates a 10% reduction in the total premium for new automobile insurance policies issued after the effective date of the section, as well as for the first renewal of existing policies. This reduction is based on rates that have been filed and approved according to the existing regulations.

Additionally, the bill stipulates that insurers are prohibited from reducing any coverage requested by the insured as a result of the premium reduction. This ensures that while policyholders benefit from lower premiums, their coverage levels remain intact, providing them with the same level of protection as before.

Statutes affected:
Senate Introduced Bill: 500.100, 500.8302