Introduced
by
To prohibit auto insurers from raising rates unless 90 days pass after a required filing of the new rates with the state Insurance Commission, and only if there has been no challenge of the new rates by the commission or by any other “interested person.” 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. The bill would also mandate that insurers submit annual reports to the commission which contain detailed data on premiums, claims, claim payments, and more.
Referred to the Committee on Insurance
