MI SB0994

Amends the Insurance Code of 1956 to prohibit automobile insurers from refusing coverage, limiting coverage, or charging different rates based on credit history or lack of credit history.

Classifies the use of credit history in automobile insurance underwriting and rating as an unfair or deceptive practice in insurance.

Maintains existing prohibitions against discrimination based on race, color, creed, marital status, sex, national origin, residence, age, disability, and lawful occupation.

Requires rate differentials based on permitted factors to comply with sound actuarial principles, reasonable classification systems, and actual or credible loss statistics, subject to the new credit history restriction.

Allows insurers to specialize in certain occupational groups or risk types with commissioner approval, and permits previously approved rates to remain in effect.