Sec. 1765.
(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.
History: Add. 2018, Act 520, Eff. Jan. 1, 2020 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)
218-1956-17A - Chapter 17a Corporate Governance Annual Disclosure (500.1751...500.1767)
Section 500.1751 - Limitation of Chapter in Accordance With Other Applicable State Laws; Exception.
Section 500.1753 - Applicability of Chapter.
Section 500.1755 - Definitions.
Section 500.1759 - Corporate Governance Policies; Information Made Available to Director.
Section 500.1765 - Failure to File Corporate Governance Annual Disclosure; Civil Fine; Waiver.