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2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-17 CHAPTER 17 RISK MANAGEMENT AND OWN RISK AND SOLVENCY ASSESSMENT (500.1701...500.1715)
Section 500.1715 Failure to file timely ORSA summary report; penalty.
Universal Citation: MI Comp L § 500.1715 (2017)
500.1715 Failure to file timely ORSA summary report; penalty.
Sec. 1715.
An insurer that does not, without just cause, timely file an ORSA summary report as required in this chapter shall pay a civil fine of $1,000.00 for each day's delay, to be recovered by the director and paid into the general fund. The maximum civil fine under this section is $75,000.00. The director may reduce the penalty if the insurer demonstrates to the director that the penalty would cause a financial hardship to the insurer.
History: Add. 2015, Act 245, Imd. Eff. Dec. 22, 2015
Popular Name: Act 218
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