Michigan HB4716 increases penalties for fraudulent insurance acts.

Michigan HB4716 amends the state's insurance laws to increase penalties for fraudulent insurance acts. The bill specifies various felony and misdemeanor penalties based on the amount of fraudulent claims and the number of claims involved. It also mandates restitution for victims and requires courts to notify licensing authorities of adjudications involving fraudulent insurance acts. The penalties range from fines up to $50,000 and imprisonment up to 20 years, depending on the severity of the fraud.

Michigan HB4716 increases penalties for fraudulent insurance acts.

Michigan HB4716 amends the state's insurance laws to increase penalties for fraudulent insurance acts. The bill specifies various felony and misdemeanor penalties based on the amount of fraudulent claims and the number of claims involved. It also mandates restitution for victims and requires courts to notify licensing authorities of adjudications involving fraudulent insurance acts. The penalties range from fines up to $50,000 and imprisonment up to 20 years, depending on the severity of the fraud.