MI SB0787

Allows individuals age 65 or older to elect a $50,000 maximum limit for personal protection insurance benefits or choose unlimited coverage when applying for or renewing a policy.

Catastrophic claims association liability limits increase from $555,000 to adjust biennially beginning July 1, 2019, by the lesser of 6% or the Consumer Price Index, rounded to the nearest $5,000.

Insurance producers and employees are protected from liability for damages related to obtaining information or providing information about personal protection insurance benefit choices under the new provisions.

Establishes requirements for a disclosure form to be completed by individuals age 65 or older that explains coverage options, benefits, and risks associated with each personal protection insurance choice.

Changes references from "commissioner" to "director of the department" and updates statutory language regarding board composition, plan of operation approval, and catastrophic claims association operations.