MI HB5525

Requires property or casualty insurers found to have acted in bad faith by failing to timely pay benefits to send letters to the 3 largest national consumer reporting agencies.

Letters must state that any payment delinquency by the insured resulting from the insurer's bad faith is the insurer's fault, not the insured's, and request that credit history be amended accordingly.

Insurers failing to comply are liable to the insured for the greater of $10,000 or 3 times the damages sustained, plus reasonable attorney fees.

Defines "bad faith" as failure to timely pay benefits involving reasons listed in section 2027a(2) and applies to home, automobile, commercial property, and worker's compensation insurers.

Bill takes effect only if all companion bills (HB 5518, 5519, 5520, 5521, 5522, and 5523) are also enacted into law.