Michigan Laws 500.1765 – Failure to file corporate governance annual disclosure; civil fine; waiver
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.1765
- CGAD: means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this chapter. See Michigan Laws 500.1755
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- Insurance group: means insurers and affiliates included within an insurance holding company system. See Michigan Laws 500.1755
- Insurer: means that term as defined in section 1701. See Michigan Laws 500.1755
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(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.