MI HB4596

Adds Section 2157 to the Michigan Insurance Code requiring insurers to reevaluate current insureds within 30 days of receiving notice that their credit information was incorrect or incomplete through the federal dispute resolution process (15 USC 1681i(a)).

Requires insurers to make necessary premium adjustments consistent with the insurer's underwriting, rating guidelines, and premium discount plan following reevaluation.

Mandates refunds of overpaid premiums to insureds, calculated back to the shorter of either the last 12 months of coverage or the actual policy period.

Ties the bill's effectiveness to the enactment of Senate Bill 300 and House Bills 4593, 4594, and 4595 of the 96th Legislature.

Effective 91 days after the final adjournment of the 2012 Regular Session; approved by the Governor on June 26, 2012.