Loading chat...
MI HB5272
Bill
Status
11/28/2017
Primary Sponsor
Donna Lasinski
Click for details
AI Summary
-
Requires insurers to file rate manuals, rating plans, and modifications with the department for automobile and home insurance, maintaining rates for all eligible persons meeting underwriting criteria.
-
Creates new Section 2108a requiring the department to post annual insurance rate comparisons on its website beginning January 1, 2018, with sample policy rates to help consumers make informed comparisons.
-
Establishes civil fine of up to $100,000 for insurers that knowingly include false or misleading information in rate filings under Section 2108.
-
Increases penalties under Section 2478 for violations of Section 2474, imposing fines up to $5,000 per 30-day period (not exceeding $100,000 total) for willfully withholding information and up to $100,000 for knowingly providing false or misleading information.
-
Updates terminology throughout Section 2478 by replacing "commissioner" with "director" and modernizing language (e.g., "willful" to "willfully").
Legislative Description
Insurance; other; insurance rate comparisons posted on the department's website; require, and provide penalties for insurers that submit to the department false or misleading information about rates. Amends secs. 2108 & 2478 of 1956 PA 218 (MCL 500.2108 & 500.2478) & adds sec. 2108a.
State agencies (existing): insurance and financial services
Last Action
Bill Electronically Reproduced 11/28/2017
11/29/2017