Bill > SB0543

This bill amends the Michigan Insurance Code to increase penalties for violations of insurance regulations. Specifically, the bill modifies the existing law to allow the insurance director to impose higher civil fines for insurers and other persons found in violation of the insurance code. For insurers, the maximum penalty is increased to $50,000 per violation (or $100,000 if the insurer knowingly violated the code), with a total cap of $500,000. For other individuals or entities, the maximum penalty remains $1,000 per violation (or $5,000 if knowingly violated), with a total cap of $50,000. The bill also updates language to be more gender-neutral and clarifies the director's authority to issue cease and desist orders, suspend or revoke licenses, and take other enforcement actions. The changes apply to various sections of the insurance code, including provisions related to unfair competition and deceptive practices. The goal appears to be strengthening the regulatory framework and providing the insurance director with more robust tools to enforce compliance with insurance regulations.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0543