Michigan Compiled Laws
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.

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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Structure Michigan Compiled Laws

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 500.1701 - Definitions.

Section 500.1703 - Risk Management Framework.

Section 500.1705 - Orsa; Conduct.

Section 500.1707 - Orsa Summary Report.

Section 500.1709 - Exemptions; Waiver; Requirement to Maintain Risk Management Framework, Conduct Orsa, and File Orsa Summary Report; Compliance by Insurer No Longer Qualifying for Exemption.

Section 500.1711 - Orsa Summary Report; Preparation; Maintenance and Availability; Review by Director.

Section 500.1713 - Documents, Materials, or Other Information; Confidentiality; Sharing and Use of Information; Written Agreement With Naic or Third-Party Consultant; Administration, Execution, and Enforcement of Chapter by Director; Inadmissibility...

Section 500.1715 - Failure to File Timely Orsa Summary Report; Penalty.