Mich. Comp. Laws § 500.1765

Failure to file corporate governance annual disclosure; civil fine; waiver.

Michigan · Michigan Compiled Laws — THE INSURANCE CODE OF 1956 (Act 218 of 1956) · Status: effective

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Citation: Mich. Comp. Laws § 500.1765, Failure to file corporate governance annual disclosure; civil fine; waiver, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1367557
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(1) An insurer or insurance group that does not, without just cause, timely file the CGAD as required in this chapter, after written notice and hearing, 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 of this state. The maximum civil fine under this section is $75,000.00. The director may reduce or waive the penalty if the insurer demonstrates to the director that either of the following applies: (a) The penalty would cause a financial hardship to the insurer. (b) There is just cause for the delayed filing. (2) On written request, the director may grant a 90-day extension for filing the CGAD.