Detroit News: Letter: Insurance bills are bad news for Michigan
So-called insurance bad faith laws, like proposed Senate Bill 329 and House Bill 4681, will be bad news for our state’s business climate.
As seen in other states like Florida, Washington and California, these laws drive up costs for insurance providers and their customers and promote bad business practices. Worse yet, they drive quality insurance companies away from continuing business in these states entirely.
We have been proud to shout aloud that Michigan is one of the best states to do business in. Indeed, Michigan should be open for business and innovation, so our state can grow and flourish. That is how we attract young people seeking to build lives here.
However, these bills will only stifle the opportunity to attract businesses and jobs to our state and will harm the existing businesses that call Michigan home. These bad-faith laws are bad news. The Michigan Legislature needs to reject these bills.