REDUCTION OF AUTO INSURANCE RATES FOR SENIOR CITIZENS
House Bill 4972
Sponsor: Rep. Derrick Hale
Committee: Insurance and Financial Services
Complete to 7-12-01
A SUMMARY OF HOUSE BILL 4972 AS INTRODUCED 6-19-01
House Bill 4972 would amend the Insurance Code (500.2111c) to require automobile insurers to file base rates for senior citizens-defined as any resident of the state who is 65 years old or older-that reflect a 20 percent reduction from the rates in effect on June 1, 2001. Assessments required under the act, including, but not limited to, assessments for the Michigan Catastrophic Claims Association, the Automobile Theft Prevention Authority, and the Michigan Automobile Insurance Placement Facility would not be considered in achieving the reduction. The reduction would have to be filed no later than 60 days after the effective date of the bill.
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This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.