The bill amends the Worker's Disability Compensation Act of 1969 by updating sections 625 and 835. It introduces new requirements for insurers issuing workers' compensation policies in Michigan, mandating that they file a notice of policy issuance with the director within 30 days of the policy's effective date. The bill also allows for electronic submission of notices regarding insurance issuance, termination, and changes to an employer's address or name. Additionally, it stipulates that no payment shall be required for the use of agency-approved electronic filing standards and establishes that the director will set rules for filing fees related to these notices.

In section 835, the bill modifies the process for redeeming liability resulting from personal injuries, specifying that a lump sum payment can be agreed upon not less than six months after the injury date, subject to approval by a workers' compensation magistrate. It requires carriers to notify employers of proposed redemption agreements at least 10 business days before a hearing, detailing the agreement's conditions and the employer's rights. The bill also establishes that each party to a proposed redemption agreement is liable for a fee, which will be used to support the administrative costs of the workers' compensation system. The agency is tasked with promulgating rules to determine the fee amount and collection system.

Statutes affected:
Senate Introduced Bill: 418.625, 418.835