MI SB0178

Appropriates $78,051,600 gross ($77,287,800 adjusted) for the Michigan Department of Insurance and Financial Services for fiscal year ending September 30, 2026, funded entirely from state restricted revenues and federal funds with $0 from general fund

Authorizes 407 full-time equated positions (6 unclassified, 401 classified) across departmental administration, insurance and financial services regulation, and information technology

Allocates $63,593,000 for insurance and financial services regulation, including $18.4 million for consumer services and protection, $23.1 million for financial institutions evaluation, and $22.1 million for insurance evaluation

Requires $600,000 and up to 3 FTEs specifically for consumer outreach and education on financial services and insurance, with at least one position dedicated to assisting catastrophic accident survivors

Mandates multiple reporting requirements including automobile insurance rate filings, health insurance rate changes, federal policy impacts, and quarterly staffing reports to legislative committees