MI SB0550

Requires automobile and home insurance rate filings to include comprehensive documentation: table of contents, rating steps/calculations, all rating rules, minimum and waived premium rules, payment plan options, termination and reinstatement handling procedures, coverage descriptions, and discount/surcharge information

Mandates insurers file rates with the Michigan Department of Insurance for approval, with automobile insurance filings subject to a 90-day waiting period before becoming effective

Maintains consumer protections requiring insurers to provide policyholders with information about their specific rating classifications, premium calculations, and appeal rights upon request

Preserves trade secret protections for certain proprietary rating information, exempting such data from public disclosure and Freedom of Information Act requests

Updates statutory cross-references throughout the Insurance Code of 1956 to reflect the reorganized section numbering for trade secret provisions