HB 6263 Summary

• Establishes a five-year independent actuarial examination requirement beginning July 1, 2019, to assess the catastrophic claims association's actuarial assumptions, investment strategy, expenses, and real liability.

• Requires the director of the department to order the association to refund any identified surplus to member insurers proportionally based on premiums paid under subsection (7)(d).

• Mandates that member insurers refund received surplus amounts to policyholders within 30 days on an equal per-car basis, with historic vehicle rebates calculated at 20% of regular car rebates.

• Updates the liability threshold for personal protection insurance coverage from $500,000 to $555,000 for policies issued or renewed July 1, 2017 to June 30, 2019, with biennial increases thereafter based on the lesser of 6% or the Consumer Price Index.

• Changes terminology throughout the section from "shall" to "must" and updates references from "commissioner" to "director of the department" for regulatory consistency.