SB546 — Insurance: other; penalties for late payment of claims; increase. Amends secs. 2006 & 3142 of 1956 PA 218 (MCL 500.2006 & 500.3142).

SB546 — Insurance: other; penalties for late payment of claims; increase. Amends secs. 2006 & 3142 of 1956 PA 218 (MCL 500.2006 & 500.3142). · Informed CitizenryThis bill amends the Insurance Code of 1956 to modify the rules and interest rates for late insurance claim payments. It establishes that insurers must pay benefits on a timely basis or pay 12% ann…Open in Informed Citizenry