MI SB0298

Modifies rate-setting methodology for Michigan home insurance pool (MBPIA) by implementing a tiered approach where actuarially indicated rate increases between 5-20% are reduced by half, increases over 20% take the full amount exceeding 20% plus 10%, and increases under 5% are taken in full.

Requires HO-3 replacement cost policy rates to be actuarially determined separately without using the tiered methodology and allows adjustments for excess or deficient premiums from previous periods over single or multiple periods.

Expands the definition of "insurers" under insurance fraud provisions to include health maintenance organizations, nonprofit dental care corporations, health care corporations, and self-funded plans.

Adds prohibition against employing, using, or acting as a runner, capper, or steerer with intent to fraudulently obtain insurance benefits or falsely assert claims against insurers as a specific fraudulent insurance act.

Effective immediately upon Governor approval on March 6, 2012.