Mich. Comp. Laws § 500.1715
Failure to file timely ORSA summary report; penalty.
Michigan · Michigan Compiled Laws — THE INSURANCE CODE OF 1956 (Act 218 of 1956) · Status: effective
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- Mich. Comp. Laws § 500.1715, Failure to file timely ORSA summary report; penalty, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1367549
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Full text
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.