House Bill 4972 Summary

• Removes the requirement that a "reasonable degree of competition" exist before rates can be deemed excessive in automobile and home insurance under MCL 500.2109(a).

• Changes Section 2115 to allow the insurance commissioner to "may order" (rather than "shall require") insurers to comply with rate regulation chapters when competition is lacking, and makes compliance optional rather than mandatory.

• Eliminates language requiring consideration of competition when determining if rates are excessive, making rates excessive based solely on whether they are "unreasonably high for the insurance coverage provided."

• Applies similar competition-removal language to Sections 2403 and 2603 for other insurance types, streamlining excessive rate determinations.

• Updates statutory references to use current Michigan Compiled Laws citations instead of historical Public Act references.