SB 0548
Insurance: other; market conduct exams; require insurers to pay for. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding ch. 4A.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill establishes a framework for Michigan’s insurance market conduct examinations. It requires insurers to pay for these exams and outlines a process for the Department of Insurance and Financial Services (DIFS) to identify potential issues through market analysis. The bill details how DIFS will conduct these analyses, including using the National Association of Insurance Commissioners (NAIC) guidelines, and establishes a continuum of actions, from correspondence to on-site examinations, before a full examination is undertaken. Ultimately, the goal is to ensure insurers are complying with regulations and protecting consumers.
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