A bill to amend 1956 PA 218, entitled “The insurance code of 1956,” by amending section 3114 (MCL 500.3114), as amended by 2019 PA 21.
Adjusts personal protection insurance benefits under section 3107(1)(a), requiring applicants or named insureds for policies issued or renewed after July 1, 2020, to select one of the coverage levels: $50,000, $250,000, $500,000, or no limit per individual per loss occurrence. The selection process mandates the completion of a form that details the benefits and risks of each option, ensuring the applicant or named insured acknowledges understanding these options through their signature. The bill further delineates the procedure for instances where a selection is not made, the applicability of coverage levels to the insured's household, and the coordination of benefits across multiple policies.
Co-sponsored by Reps.
Referred to the Committee on Insurance and Financial Services
