SB1088 — Insurance: other; penalties for late payment of claims; increase. Amends secs. 2006 & 3142 of 1956 PA 218 (MCL 500.2006 & 500.3142).

SB1088 — Insurance: other; penalties for late payment of claims; increase. Amends secs. 2006 & 3142 of 1956 PA 218 (MCL 500.2006 & 500.3142). · Informed CitizenrySB1088 amends the insurance code of 1956 to modify the rules and interest rates for late insurance claim payments. The bill establishes a tiered interest rate for late payments: 1.5% per month for…Open in Informed Citizenry