Bill > SB0548

This bill establishes a comprehensive framework for market conduct examinations of insurance companies in Michigan, creating detailed regulations for how state insurance regulators will assess and monitor insurers' business practices. The bill defines numerous technical terms related to market conduct actions, including types of examinations like "desk examination" and "on-site examination," and establishes a structured process for conducting market analyses and targeted examinations. Key provisions include requiring the insurance director to conduct ongoing market analyses, providing a step-by-step approach to investigating potential insurance company misconduct, and setting specific timelines and procedures for examinations. The bill mandates that market conduct actions focus on systemic business practices rather than isolated errors, requires transparency in the examination process, and protects the confidentiality of examination documents. Additionally, the bill establishes guidelines for how examination costs will be assessed, ensures that examination personnel are qualified and free from conflicts of interest, and requires coordination with national insurance regulatory bodies like the National Association of Insurance Commissioners (NAIC). The legislation aims to create a more systematic, fair, and efficient approach to monitoring insurance companies' compliance with laws and regulations, with the ultimate goal of protecting consumers. The bill is set to take effect on January 1, 2026.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0548