The bill amends the Michigan Insurance Code of 1956 by updating several sections related to the practices of insurers and rating organizations. Key changes include the requirement for insurers to provide pertinent information about rates to affected insured individuals upon request, while clarifying that trade secrets are exempt from disclosure. Specifically, the bill modifies sections 2021, 2106, 2108, 2112, 2458, and 2652, with new provisions that enhance transparency in the insurance rating process and ensure that policyholders receive detailed information about how their rates are determined.

Additionally, the bill introduces new requirements for insurers regarding the filing of rate manuals and plans, including the necessity to include comprehensive details such as rating rules, premium calculations, and underwriting criteria. It also emphasizes the rights of policyholders to appeal rating decisions and seek further clarification on their premiums. The amendments aim to improve consumer protection and ensure fair practices within the insurance industry by preventing discriminatory practices such as redlining and enhancing the accountability of insurers in their rating methodologies.