MI SB0532

Requires all insurers to file automobile insurance rates reflecting a minimum 20% overall average rate reduction from rates charged on October 1, 2008, within 90 days of the bill's effective date.

Requires all insurers to file home insurance rates reflecting a minimum 20% overall average rate reduction from rates charged on October 1, 2008, within 90 days of the bill's effective date.

Allows individual rate reductions and premiums to vary based on discounts, surcharges, rating factors, and coverage selection despite the mandated overall reduction.

Permits insurers to petition the insurance commissioner for relief from the 20% reduction requirement by demonstrating undue financial hardship, with the commissioner deciding within 30 days.

Allows insurers to reduce rates by more than 20% and applies the requirement to all automobile and home insurance policies in Michigan, including group and franchise policies.