MI HB5706

Amends the Insurance Code to require catastrophic claims association assessments collected from insureds to be paid as a single nonrefundable advance payment included in the first billing for new or renewed policies, rather than allowing installment payments or financing.

Prohibits refunding the catastrophic claims association assessment portion of premiums when a policy is canceled, ensuring the full assessment amount is retained by insurers and paid to the association.

Clarifies that the assessment portion must be collected upfront and cannot be separated from or financed independently from the total premium charged to the insured.

Maintains existing provisions allowing insurers to file rules for minimum premium retention on automobile insurance policies, with exceptions for policies canceled due to lack of required security or replacement coverage from another insurer.

Establishes procedures for the catastrophic claims association to calculate and charge member insurers premiums based on written car years of coverage, with historic vehicles charged at 20% of the standard rate.