TRADE SECRETS IN INSURANCE FILINGS                                                        H.B. 4354:

                                                                                                    SUMMARY OF BILL

                                                                                                  ON THIRD READING

House Bill 4354 (as reported by the Committee of the Whole)

Sponsor:  Representative Michael Webber

House Committee:  Insurance

Senate Committee:  Insurance

CONTENT

The bill would amend the Insurance Code to do the following:

-- Allow an insurer or a rating organization filing on the insurer's behalf to designate information in certain required filings or any accompanying information as a trade secret.

-- Require the insurer or rating organization to demonstrate to the Director of the Department of Insurance and Financial Services that the designated information was a trade secret.

-- Provide that information determined to be a trade secret would not be subject to public inspection and would be exempt from the Freedom of Information Act.

-- Provide that filings and accompanying information that were subject to public inspection before the bill's effective date would not be considered trade secrets.

The bill would take effect 90 days after its enactment.

MCL 500.2012 et al.                                                      Legislative Analyst:  Julie Cassidy

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed:  9-18-15                                                 Fiscal Analyst:  Glenn Steffens

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.