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Failure to file timely ORSA summary report; penalty.

MCL 500.1715
in effect
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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. Add. 2015, Act 245, Imd. Eff. Dec. 22, 2015 [PopularName] Act 218
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-500-1715Fetched: 10/20/2026

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