SB 1028 Summary

• Requires automobile insurance rates to be approved by the insurance commissioner before use, rather than allowing immediate use upon filing as with home insurance rates.

• Establishes "total return rating" methodology for automobile insurance that considers the insurer's total revenue and available assets including investment income, capital, surplus, and all reserves.

• Mandates annual filing of detailed automobile insurance data by territory, including personal protection insurance claims statistics, litigation costs, third-party bodily injury claims, and attorney fees.

• Prohibits rate increases unless commissioner determines the data justifies them, and prohibits increases based on other insurance lines or when administrative expenses are excessive.

• Defines group automobile insurance and requires it be offered uniformly to all eligible group members; repeals existing sections 2107 and 2131 of the Insurance Code.