MI HB5948

Establishes a minimum 90-day term for automobile liability and motor vehicle liability insurance policies issued by insurers.

Requires insurers to refund unearned premiums and other identifiable charges within 60 days of creditor-placed insurance termination, along with a detailed refund statement.

Prohibits cancellation of automobile insurance policies at the insured's request unless the insured first provides proof of replacement coverage from another insurer.

Permits insurers to file rules with the director establishing minimum premium retention amounts for automobile insurance cancellations, with exceptions for policy replacements and when security is no longer required.

Allows insurers to issue noncancelable, nonrefundable 6-month prepaid automobile insurance policies to meet vehicle registration requirements, and permits short-rate premiums for motorcycle, watercraft, off-road vehicle, and snowmobile coverage.