What is the maximum fine for rebating in insurance?

The maximum fine for rebating in insurance is $100. Rebating refers to the practice of returning a portion of the premium to the policyholder as an inducement to purchase the insurance policy. This practice is often regulated to maintain fair competition and ensure that all consumers are treated equally in the insurance market.

In many jurisdictions, including Michigan, there are strict rules against rebating because it can lead to unfair practices and disrupt the integrity of the insurance market. The $100 fine serves as a regulatory measure to discourage this behavior and uphold the standards within the insurance industry. Recognizing the importance of maintaining these standards is crucial for both insurers and policyholders.