Michigan SB0548 amends insurance laws to mandate insurers pay for market conduct exams.

Michigan SB0548 amends the Michigan insurance code to introduce Chapter 4A, which mandates insurers to cover the costs of market conduct exams. The bill outlines procedures for exams, including desk examinations and on-site examinations, and specifies timelines for report delivery and insurer responses. It also details the qualifications for market conduct surveillance personnel and the conditions under which exams can be conducted. The bill emphasizes the use of NAIC guidelines and the sharing of information with other regulatory bodies.

Michigan SB0548 amends insurance laws to mandate insurers pay for market conduct exams.

Michigan SB0548 amends the Michigan insurance code to introduce Chapter 4A, which mandates insurers to cover the costs of market conduct exams. The bill outlines procedures for exams, including desk examinations and on-site examinations, and specifies timelines for report delivery and insurer responses. It also details the qualifications for market conduct surveillance personnel and the conditions under which exams can be conducted. The bill emphasizes the use of NAIC guidelines and the sharing of information with other regulatory bodies.