Insurance: automobile; rate reductions; require. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 2111g.

SB 328 requires auto insurers in Michigan to reduce premiums by 10% for new policies or the first renewal after the law takes effect. This applies to all policies issued or renewed under the specified conditions, directly affecting policyholders and insurers. The bill explicitly prohibits insurers from lowering coverage options to offset this premium reduction. It mandates concrete changes to insurance pricing without altering policy terms or coverage requirements.