MEWA FINANCIAL STATEMENTS; AUDIT                                            S.B. 1085:

                                                                                         SUMMARY OF BILL

                                                                         REPORTED FROM COMMITTEE

Senate Bill 1085 (as reported without amendment)

Sponsor:  Senator Kimberly LaSata

Committee:  Health Policy and Human Services

CONTENT

The bill would amend the Insurance Code to require a multiple employer welfare arrangement (MEWA) transacting business in the State to file with the Director of the Department of Insurance and Financial Services financial statements audited by a certified public accountant within 180, rather than 90, days after the end of each fiscal year.

The Code specifies that an actuarial opinion regarding reserves for known claims and associated expenses and incurred but not reported claims and associated expenses should be included in the audited financial statement. The bill would require the actuarial opinion to be included in the audited financial statement.

MCL 500.7040                                       Legislative Analyst:  Stephen P. Jackson

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed:  9-22-22                                 Fiscal Analyst:  Joe Carrasco, Jr.

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.