A bill to amend 1956 PA 218, entitled "The insurance code of 1956," (MCL 500.100 to 500.8302) by adding section 2027a.
Prohibits insurance companies in Michigan from using price optimization—setting premiums based on factors unrelated to risk, such as a consumer's willingness to pay—by classifying it as an unfair and deceptive practice.
Co-sponsored by Sens.
Referred to the Committee on Economic and Community Development
Reported with substitute S-1
Referred to the Committee of the Whole
Reported with substitute S-1
Substitute S-1 concurred in by voice vote
1. Amend page 1, line 3, after “optimization” by striking out “in any way”.
2. Amend page 2, line 7, after “expense,” by inserting “resulting in rates that exceed actuarial justifications,”.
The amendment failed by voice vote
Passed in the Senate 34 to 3 (details)
Referred to the Committee on Insurance
