MI HB6000

Removes a provision allowing automobile insurance rates to be used after a 90-day waiting period without director approval, instead requiring contested case proceedings for rate changes under new section 2109a.

Establishes that automobile insurance rate approvals must exclude consideration of competition levels and limit insurer profits to a maximum of 8%, while requiring the director to consider investment income in rate calculations.

Requires the director to review all automobile insurance rates in effect by September 2, 2022, and commence rate-making proceedings if rates are found non-compliant with state insurance standards.

Mandates that all automobile insurance rate-making proceedings be conducted as public contested cases under the administrative procedures act, with notices, hearing information, insurer documents, and answers made publicly available through multiple channels including the department website, media notification, and insured persons.

Places the burden of proof on insurers in rate-making proceedings and allows any person to intervene as an interested party in contested cases regarding automobile insurance rates.