May 6, 2014, Introduced by Reps. Stallworth, Hobbs, Rutledge, LaVoy, Slavens, Phelps, Faris, Lipton, Darany and Brown and referred to the Committee on Insurance.
A bill to amend 1956 PA 218, entitled
"The insurance code of 1956,"
(MCL 500.100 to 500.8302) by adding section 2111f.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2111f. Notwithstanding anything in this act to the
contrary, if an insurer that writes automobile insurance policies
to which this chapter applies pays less than 80% of the money it
collects as premiums for the policies in a calendar year to pay
claims made under the policies in the year, the insurer shall
refund the difference between the amount actually paid for claims
and the amount that would have equaled 80% to the holders of the
policies for the year on a pro rata basis.