The bill amends the existing insurance law in Michigan, specifically focusing on prohibiting discrimination by life insurers based on race or color. It establishes that life insurers cannot charge different premiums or rates, demand higher premiums, or impose any conditions that would result in a lesser payout on life insurance policies due to an individual's race or color. Any such stipulations included in a policy are deemed void, reinforcing the commitment to equitable treatment in the insurance sector.

Additionally, the bill outlines penalties for violations of this provision. Insurers found in violation will face a civil fine of $1,000 for each infraction, which can be pursued by the attorney general in court. Furthermore, individual officers or agents who breach this law may be charged with a misdemeanor, facing potential imprisonment of up to one year, fines ranging from $500 to $1,000, or both. This legislative change aims to enhance fairness and accountability within the life insurance industry in Michigan.

Statutes affected:
House Introduced Bill: 500.2082
As Passed by the House: 500.2082
As Passed by the Senate: 500.2082
House Concurred Bill: 500.2082
House Enrolled Bill: 500.2082