Michigan Department of Insurance and Financial Services
Coverage of Michigan Department of Insurance and Financial Services in the Nexus archive.
- Bill to ban ‘predatory’ price optimization by insurance companies advances to Michigan Senate floor
A bill sponsored by Michigan state Sen. Jeremy Moss to ban insurance companies from using price optimization practices advanced to the Senate floor. The bill, SB 1013, received unanimous support from the Senate Economic and Community Development Committee and aims to prevent insurers from setting premiums based on factors unrelated to risk, such as consumer shopping behaviors. The Insurance Alliance of Michigan has not opposed the bill, signaling potential momentum for its passage.
- Moss introduces bill to ban ‘predatory’ price optimization by insurance companies
State Sen. Jeremy Moss introduced legislation to ban insurance companies from using price optimization, a practice that sets rates based on factors unrelated to risk. The bill, Senate Bill 1013, aims to codify existing Michigan Department of Insurance guidelines that prohibit such practices, aligning Michigan with 20 other states that have similar restrictions.