Insurance: other; penalties for violations of the insurance code; increase. Amends secs. 150 & 2038 of 1956 PA 218 (MCL 500.150 & 500.2038).

SB 1087 increases the maximum civil fines that state officials can impose on insurance companies and other entities for violating Michigan's insurance code. The bill raises penalties for insurers from $50,000 to $100,000 per violation and for non-insurers from $1,000 to $5,000 per violation, while also adjusting the total caps on fines for repeat or intentional offenses. These changes apply to violations such as failing to file required documents correctly or engaging in unfair or deceptive business practices. The legislation ensures that any fines collected are turned over to the state treasurer and credited to the general fund.