Insurance: health insurers; timeframe to retrieve payment; limit. Amends sec. 2006 of 1956 PA 218 (MCL 500.2006).

HB 5478 requires health insurers to pay complete claims (claims with all necessary information) within 45 days of receipt. If payment is delayed beyond this deadline, insurers must pay 12% simple interest on the claim amount, accruing from 60 days after the claim was received. This applies to health plans paying health professionals, facilities, and providers for services, but excludes worker's compensation claims and Medicaid claims. The interest is paid in addition to the claim amount when settlement occurs.