Section R. 408.43h - Group self-insurance; reports and filingsRule 13h.
(1) The group shall make all reports and filings required of carriers by the act. In addition, the group fund shall comply with all of the following provisions: (a) The financial position of the group fund shall be reported, by the trustees or their designated representative, on a quarterly basis for each open fund year. The report is due within 30 days after the quarter ends. The format for the report may be prescribed by the agency. A fund year is considered open as long as there are unsettled claims. The annual financial statements must be audited by a certified public accountant and filed with the agency within 180 days after the fund year ends.
If a fund ceases to provide coverage on an ongoing basis, annual audited financial statements must be provided to the agency within 180 days of the end of the fund's fiscal year.
(b) The fund shall file summary loss data, in a manner prescribed by the agency, on each fund year within 30 days after the evaluation date. Losses must be evaluated on a monthly basis or as required by the agency.(c) The fund shall file a copy of the minutes of all trustee meetings with the agency within 30 days after the meeting.(d) The fund shall provide reports or filings on payroll audits, investments, experience rating, or any other information concerning the group fund upon specific request of the agency.(e) An authorized representative of the fund shall sign all financial reports and minutes submitted.(2) A fund that fails or refuses to file the reports specified in this rule within the time limits prescribed may be notified that its authority to be self-insured will be terminated. If a fund's authority is terminated, then the fund must be notified of the grounds for termination. The fund may request a hearing in accordance with R 408.43n.Mich. Admin. Code R. 408.43h
1980 AACS; 1984 AACS; 1996 AACS; 1997 AACS; 2021 MR 23, Eff. 12/10/2021