Michigan insurance rate reduction petition approved
LANSING, Michigan: The Michigan Insurance Rate Reduction Initiative (2010) petition was unanimously approved for circulation by a state election panel on Monday. Proponents, which includes the measure's sponsors "Fair Affordable Insurance Rates," must collect a minimum of 304,000 valid signatures in 180 days in order to place the measure on the November 2010 statewide ballot. The measure proposes cutting insurance premiums for good drivers by 20 percent in addition to a 20 percent rollback. Additionally, the measure, if approved, would include various consumer protections. Insurance industry representatives oppose the initiative. Representatives argue that without cutting costs the rate reductions may only cause hardships for insurers. Kim Bowman, an aide to Sen. Hansen Clarke, supports the proposed measure. Gov. Jennifer Granholm also called for a 20 percent cut in insurance rates.