MI HB5149

Creates an insurance whistleblower protection fund within the state treasury administered by the Office of Financial and Insurance Regulation.

State treasurer may accept money and assets from any source for deposit into the fund and shall direct fund investments and credit interest and earnings to the fund.

Fund monies must be expended only for: administration costs (not more than 10% of annual deposits), consumer education on insurance practices and rights (not more than 50% of annual deposits), and whistleblower rewards.

Rewards may be paid to full-time or part-time insurer employees who report unfair or deceptive insurance practices that violate the Insurance Code, if their information aids in administrative or judicial action against their employer; reward amounts determined by severity of offense, information importance, case outcome, and fund balance.

Bill takes effect only if HB 4846 and HB 5144 are enacted into law.