MI HB5629

Amends insurance rate-setting provisions in the 1956 Insurance Code for general insurance (Section 2403) and fire insurance (Section 2603).

For automobile insurance, requires consideration of the percentage of uninsured drivers in the state when determining if rates are excessive, inadequate, or unfairly discriminatory, with data sourced from the Insurance Information Institute, National Association of Insurance Commissioners, and law enforcement agencies.

Eliminates the requirement to prove a reasonable degree of competition exists before holding automobile insurance rates excessive, while maintaining this requirement for other insurance types.

For worker's compensation insurance, requires consideration of after-tax investment profit or loss from reserves when determining reasonableness of underwriting profit margins.

Contingent on enactment of three companion bills (HB 5627, HB 5628, and HB 5630) from the 95th Legislature before this bill takes effect.