Sec. 1631.
An insurer that violates an order of the commissioner under this chapter shall be afforded a hearing before the commissioner under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. If the commissioner finds a violation has occurred, the commissioner may order either or both of the following:
(a) Payment of a monetary penalty of not more than $1,000.00 for each violation, but not to exceed an aggregate penalty of $100,000.00, unless the violation was committed in a conscious and flagrant disregard of this chapter, in which case the commissioner may order the payment of a monetary penalty of not more than $25,000.00 for each violation, but not to exceed an aggregate penalty of $250,000.00.
(b) Suspension or revocation of the insurer's license.
History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-16. - Chapter 16. Creditor-Placed Insurance (500.1601...500.1631)
Section 500.1601 - Insurer or Producer Transacting Creditor-Placed Insurance; Scope.
Section 500.1603 - Private Cause of Action Not Created.
Section 500.1605 - Definitions.
Section 500.1607 - Dates on Which Insurance Effective or Terminated.
Section 500.1609 - Premiums; Calculation; Limitation; Charges Creating Balloon Payment Prohibited.
Section 500.1611 - Exclusions.
Section 500.1613 - Evidence of Insurance Coverage.
Section 500.1617 - Refund of Unearned Premium or Other Charges; Statement of Refund; Amount.
Section 500.1621 - Insurance on Collateral; Conditions.
Section 500.1623 - Rebates or Inducements; Prohibitions.
Section 500.1629 - Judicial Review; Court Order.
Section 500.1631 - Violation of Order of Commission; Penalty.