Increases penalties for insurance code violations in Michigan.

The bill amends sections 150 and 2038 of the Michigan insurance code to increase penalties for violations. It allows for civil fines of up to $50,000 for each violation, with a maximum aggregate penalty of $500,000 for all violations committed in a 6-month period. The bill also permits the suspension, limitation, or revocation of a person's license or certificate of authority for violations. Fines collected must be turned over to the state treasurer and credited to the general fund.

Increases penalties for insurance code violations in Michigan.

The bill amends sections 150 and 2038 of the Michigan insurance code to increase penalties for violations. It allows for civil fines of up to $50,000 for each violation, with a maximum aggregate penalty of $500,000 for all violations committed in a 6-month period. The bill also permits the suspension, limitation, or revocation of a person's license or certificate of authority for violations. Fines collected must be turned over to the state treasurer and credited to the general fund.