Insurance: no-fault; penalties for lapse of insurance policy; provide waiver for certain individuals. Amends sec. 2120 of 1956 PA 218 (MCL 500.2120). TIE BAR WITH: SB 0709'24, SB 0282'23

This bill allows insurance companies to create specific underwriting rules and rating plans that determine which drivers are eligible for coverage based on their risk profile. Eligibility decisions can be based on factors such as vehicle modifications, a history of lapsing insurance coverage, refusal to pay required deposits, or accumulated insurance eligibility points. The legislation requires that every eligible person must still be able to obtain insurance from the company, ensuring that no driver is completely excluded from the market. Additionally, the bill does not take effect unless two related companion bills are also passed into law.