MI HB5527

Creates the insurance whistleblower protection fund within the state treasury to receive money and assets from any source.

Designates the state treasurer to invest the fund and credit it with interest and earnings, with funds remaining in the account at fiscal year-end rather than lapsing to the general fund.

Authorizes the Department of Insurance and Financial Services to administer the fund and expend money for: administration costs (up to 10% of annual deposits), consumer information and education on insurance practices (up to 50% of annual deposits), and employee whistleblower rewards (remaining balance).

Allows rewards from the fund for full-time or part-time insurer employees who report unfair or deceptive insurance practices violating the Insurance Code, with reward amounts determined by the department based on offense severity, information importance, case outcome, and fund balance.

Takes effect only upon enactment of House Bill 5526.