Section 500.3715 - Information and documentation; retention at principal place of business.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.3715 Information and documentation; retention at principal place of business.
Sec. 3715.
(1) Each small employer carrier shall maintain at its principal place of business a complete and detailed description of its rating practices and renewal underwriting practices, including information and documentation that demonstrate that its rating methods and practices are based upon commonly accepted actuarial assumptions and are in accordance with sound actuarial principles.
(2) Each small employer carrier shall file each March 1 with the commissioner an actuarial certification, that the carrier is in compliance with this section and that the rating methods of the carrier are actuarially sound. A copy of the actuarial certification shall be retained by the carrier at its principal place of business.
(3) A small employer carrier shall make the information and documentation described in subsection (1) available to the commissioner upon request.
(4) This section is in addition to, and not in substitution of, the applicable filing provisions in this act and in the nonprofit health care corporation reform act, 1980 PA 350, MCL 550.1101 to 550.1704.
History: Add. 2003, Act 88, Eff. Jan. 23, 2004
Popular Name: Act 218