Insurance: automobile; manuals of rules; provide requirements for. Amends secs. 2021, 2106, 2108, 2112, 2458 & 2652 of 1956 PA 218 (MCL 500.2021 et seq.).

SB 550 requires auto and home insurers in Michigan to provide policyholders with clear, written explanations of how their insurance rates are calculated. Specifically, insurers must send annual notices detailing rating classifications, how rates vary based on those factors, and how policyholders can verify their premiums (Sec. 2112). The bill also strengthens filing rules for insurers, mandating detailed rate manuals be submitted to the state insurance department for review (Sec. 2106, 2108), with a 90-day waiting period for auto insurance rate changes. Additionally, it prohibits "redlining" (denying coverage based on location) and requires insurers to certify filings comply with state rules. This directly affects insurers (who must file and disclose) and policyholders (who gain transparency into rate calculations).