MI HB5544

Removes outdated racial language from Michigan's insurance code by eliminating references to "colored persons" and "white persons" and replacing with neutral language referring to "individuals based on race or color."

Prohibits life insurers from making distinctions or discrimination between individuals based on race or color in premiums, rates, rebates, diminutions, or discounts on life insurance policies.

Voids any policy conditions or stipulations that would require insured individuals to accept less than the full policy amount based on race or color.

Increases penalties for violations from a $500 forfeiture to a civil fine of $10,000 for each violation, enforceable by the attorney general.

Increases criminal penalties for officers or agents who violate the section from a fine of $50-$500 to $500-$10,000 and/or imprisonment in county jail for not more than 1 year.