MI SB0548

Establishes a new framework for market conduct examinations of insurers in Michigan, requiring the Director of Insurance to conduct ongoing market analysis to identify patterns or practices that deviate from norms or pose risks to consumers

Requires market conduct actions to follow a continuum of less intrusive steps before on-site examinations, including correspondence, interviews, desk examinations, and policy reviews, with preference for cost-effective approaches

Mandates specific timelines for examinations: 60-day advance notice before on-site exams, draft reports within 60 days of completion, and 30 days for insurers to respond before final reports are issued

Authorizes the director to assess reasonable and necessary examination costs against insurers, with itemized monthly billing, and requires protocols for oversight of examination costs including dispute resolution mechanisms

Protects examination documents, working papers, and third-party models as confidential and privileged, not subject to subpoena or admissible in private civil actions, while allowing information sharing with other regulatory agencies and the NAIC

Takes effect January 1, 2026