The bill amends the Michigan Insurance Code of 1956 by updating several sections related to the regulation of insurance rates and practices. Key changes include the requirement for insurers and rating organizations to provide pertinent information about rates to affected insured individuals upon request, while clarifying that trade secrets are exempt from disclosure. Additionally, the bill specifies that insurers must file their rates with the department for approval and outlines the necessary components that must be included in these filings, such as rating rules and premium calculations.

Furthermore, the bill introduces provisions to enhance transparency for policyholders regarding their insurance rates and classifications. Insurers are mandated to send written notices to policyholders, detailing how their rates are determined and providing information on their rights to appeal rating decisions. The amendments also emphasize the prohibition of discriminatory practices, such as redlining, ensuring that insurers cannot refuse coverage based on the location of the risk. Overall, the bill aims to improve consumer protection and promote fair practices within the insurance industry in Michigan.

Statutes affected:
Senate Introduced Bill: 500.2021