MI HB5740

Requires all insurers doing business in Michigan to include a disclosure of any security breach requiring notice to state residents under the Identity Theft Protection Act (2004 PA 452, MCL 445.72) in their annual statement filed with the insurance director by March 1.

Defines "security breach" according to section 3 of the Identity Theft Protection Act (2004 PA 452, MCL 445.63).

Changes references throughout the section from "commissioner" to "director" to reflect updated regulatory terminology.

Updates statutory language from "shall" to "must" and makes minor grammatical changes for clarity and consistency.

Maintains existing penalties for insurers that fail to file annual statements or respond to inquiries: civil penalties of $1,000 to $5,000 plus $50 per day of non-compliance, and potential proceedings under section 436.