HOME & AUTO INSURANCE H.B. 5891 (S-1):
FLOOR SUMMARY
House Bill 5891 (Substitute S-1 as reported)
Sponsor: Representative Pete Lund
CONTENT
The bill would amend the Insurance Code to do the following:
-- Eliminate a requirement that an automobile or home insurer send policyholders an annual notice containing information regarding the establishment of premiums, and instead require the insurer to notify policyholders that the information was available upon request.
-- Allow, rather than require, an insurance agent who represents multiple insurers to provide additional premium quotations as requested by an eligible person seeking home or auto insurance.
-- Authorize delivery of a personal automobile insurance policy and endorsements that did not contain personally identifiable information by mail, delivery, or, subject to specified conditions, posting on the insurer's website.
-- Eliminate a $300 limit on the deductible that an auto insurer may offer to a policyholder in exchange for a reduced premium on personal protection insurance, as well as a requirement that the Commissioner of Financial and Insurance Regulation approve other deductible provisions.
-- Allow, rather than require, an insurer to offer deductibles and exclusions reasonably related to other health and accident coverage on an insured in exchange for a reduced premium on personal protection insurance.
MCL 500.2112 et al. Legislative Analyst: Julie Cassidy
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 11-29-12 Fiscal Analyst: Josh Sefton
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.