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Health Insurance Claims Assessment Fund; Establishment; Creation; Deposit; Money Remaining in Fund; Transfer of Money - Mich. Comp. Laws Section 550.1737

Legal Research Home > Michigan Laws > General Insurance Laws > Health Insurance Claims Assessment Fund; Establishment; Creation; Deposit; Money Remaining in Fund; Transfer of Money - Mich. Comp. Laws Section 550.1737

Sec. 7.

(1) All money received and collected under this act shall be deposited by the department in the health insurance claims assessment fund established in this section.

(2) The health insurance claims assessment fund is created within the department.

(3) The state treasurer may receive money or other assets from any of the following sources for deposit into the fund:

(a) Money received by the department under this act.

(b) Interest and earnings from fund investments. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.

(c) Donations of money made to the fund from any source.

(4) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund and shall remain available after this act is repealed January 1, 2014 to pay any remaining credits or refunds due under section 3(6) until all pending appeals and claims are resolved.

(5) Except as otherwise provided in this act, the department shall transfer money from the fund, upon appropriation in the respective departments, only for the following:

(a) To finance the expenditures of medicaid managed care organizations that include medicaid contracted health plans and specialty prepaid health plans.

(b) To pay any credits or refunds due under section 3(6).

History: 2011, Act 142, Imd. Eff. Sept. 20, 2011

Last modified: March 17, 2013