Introduced
by
To allow the state insurance commission to order a refund of the insurance premium paid by affected policyholders if it deems an insurance company’s rate filing was “excessive or unfairly discriminatory,” and if the amount is substantial and equals or exceeds the cost of making the refund. Note: This would essentially repeal Michigan’s “file and use” insurance rate regulatory system, wherein insurers are required to file for approval of any rate changes but don’t have to wait to start using the rates immediately, and instead replace it with a regime that requires insurers to wait for permission from the state to adjust their rate schedules.
Referred to the Committee on Economic Development and Regulatory Reform
