MI SB0543

Increases civil fine limits for insurers violating the insurance code from $1,000 per violation to $50,000 per violation, or up to $100,000 if the insurer knew or should have known of the violation

Raises the aggregate penalty cap for insurers from $50,000 to $500,000 for all violations

Creates separate, lower penalty tiers for non-insurer persons, maintaining existing limits of $1,000-$5,000 per violation with a $50,000 aggregate cap

Establishes new penalties for insurers engaging in unfair or deceptive practices: up to $50,000 per violation with $100,000 aggregate, or $500,000 aggregate if the insurer knew or should have known of violations within a 6-month period

Maintains the director's authority to suspend, limit, or revoke licenses and order refunds of overcharges as additional remedies