MI HB6520

Requires all insurers domiciled in Michigan to submit a Corporate Governance Annual Disclosure (CGAD) to the director no later than June 1, 2020 and annually thereafter, with a signature from the chief executive officer or corporate secretary attesting to implementation of corporate governance practices.

CGAD documents are classified as confidential and proprietary containing trade secrets, exempt from freedom of information requests, subpoenas, discovery, and private civil litigation, though the director may use them in regulatory actions.

Permits the director to share CGAD information with other state and federal regulators, the NAIC, and third-party consultants under written agreements requiring confidentiality maintenance and prohibiting permanent database storage.

Imposes civil fines of $1,000 per day for late CGAD filings without just cause, with a maximum penalty of $75,000, though the director may reduce or waive penalties for financial hardship or just cause; allows 90-day extensions on written request.

Prohibits Michigan courts from applying principles from the American Law Institute's "Restatement of the Law, Liability Insurance" unless clearly expressed in Michigan statute, common law, or case law precedent.