SB 0543
Insurance: other; penalties for violations of the insurance code; increase. Amends secs. 150 & 2038 of 1956 PA 218 (MCL 500.150 & 500.2038).
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill increases penalties for violations of Michigan’s insurance code. It allows the director to impose civil fines on individuals and insurers who violate the code, with fines potentially reaching $100,000 for insurers who knew or should have known of the violation. The bill also strengthens enforcement actions, including the possibility of license suspension or revocation for repeat offenders, and provides a process for seeking court orders to prevent violations.
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