§ 550.1763 — Insurance provider fund; establishment; creation; deposit; transfer of money.

Michigan § 550.1763

• Jurisdiction: Michigan
• Ch. 550: GENERAL INSURANCE LAWS
• Act 175 of 2018: INSURANCE PROVIDER ASSESSMENT ACT (550.1751-550.1767)

Text

INSURANCE PROVIDER ASSESSMENT ACT (EXCERPT) Act 175 of 2018 550.1763 Insurance provider fund; establishment; creation; deposit; transfer of money. Sec. 13. (1) All money received and collected under this act shall be deposited by the department in the insurance provider fund established in this section. (2) The insurance provider fund is created within the state treasury and shall be administered by the department for auditing purposes. (3) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments. (4) The department shall expend money from the fund, upon appropriation, only for 1 or more of the following purposes: (a) Beginning in the 2018-2019 state fiscal year, the first $14,000,000.00 to be appropriated for the payment of actuarially sound capitation rates to Medicaid managed care organizations, and each state fiscal year thereafter, the amount necessary to continue to support the payment of actuarially sound capitation rates to Medicaid managed care organizations. (b) For the 2018-2019 state fiscal year, to appropriate an amount not to exceed $315,000,000.00 to offset the net revenue lost under the health insurance claims assessment act, 2011 PA 142, MCL 550.1731 to 550.1741. (c) For the 2019-2020 state fiscal year, to appropriate an amount not to exceed $240,000,000.00 to offset the net revenue lost under the health insurance claims assessment act, 2001 PA 142, MCL 550.1731 to 550.1741. (d) To pay administrative and compliance costs in accordance with section 15. (e) The balance of the fund remaining after the appropriations described in subdivisions (a), (b), (c), and (d) shall be transferred to a separate restricted account within the insurance provider fund and only used as appropriated by the legislature. (5) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.

Legislative History

2018, Act 175 , Imd. Eff. June 11, 2018