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MI HB5275
Bill
Status
11/28/2017
Primary Sponsor
Tom Cochran
Click for details
AI Summary
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Requires insurers transacting business in Michigan to disclose any security breach requiring notice to state residents in their annual statement filed with the insurance director
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Defines "security breach" according to the Identity Theft Protection Act (2004 PA 452, MCL 445.63)
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Annual statements must be filed on or before March 1, with the director able to grant extensions not exceeding 30 days for good cause
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Insurers failing to file annual statements or reply to director inquiries within 30 days face civil penalties of $1,000-$5,000 plus $50 per day of non-compliance
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Reports filed with the director must be made available to the public under the Freedom of Information Act
Legislative Description
Insurance; insurers; disclosure of security breach in annual statement to director; require. Amends sec. 438 of 1956 PA 218 (MCL 500.438).
Insurance: other
Last Action
Referred To Second Reading
2/22/2018