2019 House Bill 5243 / 2020 Public Act 17

Revise insurance regulation detail

Introduced in the House

Nov. 13, 2019

Introduced by Rep. Brad Paquette (R-78)

To require certain large insurers or “insurance groups” to have an “internal audit function providing independent, objective, and reasonable assurance…regarding the insurer's governance, risk management, and internal controls”.

Referred to the Committee on Insurance

Dec. 3, 2019

Reported without amendment

Refer to the Committee on Ways and Means with the recommendation that the substitute (H-2) be adopted.

Referred to the Committee on Ways and Means

Dec. 4, 2019

Reported without amendment

With the recommendation that the substitute (H-3) be adopted and that the bill then pass.

Passed in the House 103 to 2 (details)

Received in the Senate

Dec. 5, 2019

Referred to the Committee on Insurance and Banking

Jan. 9, 2020

Reported without amendment

With the recommendation that the bill pass.

Jan. 15, 2020

Passed in the Senate 36 to 0 (details)

To require certain large insurers or “insurance groups” to have an “internal audit function providing independent, objective, and reasonable assurance…regarding the insurer's governance, risk management, and internal controls”.

Signed by Gov. Gretchen Whitmer

Jan. 27, 2020