Insurance: health insurers; issuing rebates to an insured if the insured does not meet medical loss ratio; require. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 3406jj.

This bill requires health insurers in Michigan to issue rebates to policyholders if the insurer fails to meet federal medical loss ratio standards. The law mandates that companies report their financial calculations and rebate details to both the state department and the federal Department of Health and Human Services. However, the requirement does not apply to plans that are exempt under federal law, such as those covering retirees or grandfathered policies. Essentially, the measure ensures that insurers pass unused premium funds back to consumers when their spending on medical care falls below a specific threshold.