MI SB1024

Requires the insurance commissioner to prominently post automobile insurance rate filings in plain language on the Office of Financial and Insurance Regulation website at the time of filing.

Mandates automobile insurers provide written notice to policyholders at least 60 days before a proposed rate increase takes effect, stating the amount of the increase and the insured's right to request a public hearing and submit written comments to the commissioner.

Allows any person or organization aggrieved by a rate filing to request a public hearing, which the commissioner may grant and designate personnel to conduct if deemed necessary and appropriate for fact-finding before making rate determinations.

Requires insurers to send policyholders written notice annually with renewal notices for automobile and home insurance containing: specific rating classifications, explanation of rate variations, procedures to obtain premium calculation information, insured rights to appeal, underwriting rules, and suggestions to contact agents about alternative coverage options.

Bill takes effect only if Senate Bills 1020, 1022, and 1028 from the 95th Legislature are also enacted into law.