SB 0245
Insurance: insurers; processing of a claim; modify duties. Amends secs. 2005, 2006, 2026 & 2049 of 1956 PA 218 (MCL 500.2005 et seq.) & adds sec. 2005b & ch. 30B.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the duties of insurance companies in Michigan by clarifying what constitutes an unfair method of competition or deceptive act. It expands the definition of these practices to include issues like misleading policy estimates and dividends, and establishes a process for timely claim payments with interest if delayed. The bill also introduces new requirements for health plans regarding claim processing and payment procedures, and addresses the right of claimants to pursue civil lawsuits against insurers for bad-faith failures to settle claims.
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