House Passes Insurance Reform With Mandated Rate Rollbacks
House Republicans stuck together and, with the support of three Democrats, pushed through sweeping reforms to the state’s 40-year-old auto insurance.
Michigan’s auto insurance customers would see guaranteed rate rollbacks, choice in personal injury coverage and a fee schedule for medical providers under a plan that moved 61-49 at 2 a.m. Thursday morning, 18 hours after the Senate passed similar changes.
Unlike the Senate version, HB 4397 will give the Department of Insurance and Financial Services (DIFS) the power to prevent non-driving factors from affecting rates. It also mandates that between 10 and 100 percent of previous personal injury protection (PIP) costs, meaning some ratepayers can opt out of the Michigan Catastrophic [Read More]