The bill amends the existing law regarding the assessment imposed on certain insurance providers in Michigan, specifically updating sections 7, 11, and 17 of 2018 PA 175. It establishes an annual assessment based on the number of member months for each insurance provider, with different rates for various tiers of health plans. The assessment rates are set at $1.20 per member month for Medicaid contracted health plans supported by federal funds, $2.40 for health insurers not supported by federal funds, and $1.20 for specialty prepaid health plans. The bill also outlines the process for notifying insurance providers of their assessments and the payment schedule, which includes quarterly payments.

Additionally, the bill clarifies that the assessment is considered a tax for administrative purposes and allows the department to promulgate rules for its implementation. It mandates annual reporting on the revenue collected and the costs incurred for administration. Furthermore, it provides the director of the department of insurance and financial services with the authority to suspend or revoke the licenses of insurance providers that fail to pay their assessments, interest, or penalties. The enactment of this bill is contingent upon the passage of three other specified bills from the 103rd Legislature.

Statutes affected:
Substitute (H-1): 550.1757
House Introduced Bill: 550.1761, 550.1767, 550.1757
As Passed by the House: 550.1757
As Passed by the Senate: 550.1757
House Concurred Bill: 550.1757
House Enrolled Bill: 550.1757
Public Act: 550.1757