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Michigan Group Self-Insurer Application Packet

Michigan Group Self-Insurer Application Packet

Name: Michigan Group Self-Insurer Application Packet
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.61 (483 reviews)

Category:

Michigan Workers Compensation - Official

State:

Michigan

Control #:

MI-BWC-402G

Format:

Instant download

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Public form

Description

Group Self-Insurer Application Packet Michigan Group Self-Insurer Application Packet is a set of documents and forms that employers in the state of Michigan must complete in order to be approved as a self-insurer. The packet includes forms and documents such as the Application for Group Self-Insurance, a Summary of Plan of Operations, an Agreement of Self-Insurance, a Financial Statement, a Statement of Loss Experience, and a Statement of Assets and Liabilities. The packet also requires employers to provide proof of financial stability, such as surety bonds, letters of credit, or other forms of collateral. There are two different types of Michigan Group Self-Insurer Application Packet: one for new employers, and one for existing employers who are renewing their application.

Michigan Group Self-Insurer Application Packet is a set of documents and forms that employers in the state of Michigan must complete in order to be approved as a self-insurer. The packet includes forms and documents such as the Application for Group Self-Insurance, a Summary of Plan of Operations, an Agreement of Self-Insurance, a Financial Statement, a Statement of Loss Experience, and a Statement of Assets and Liabilities. The packet also requires employers to provide proof of financial stability, such as surety bonds, letters of credit, or other forms of collateral. There are two different types of Michigan Group Self-Insurer Application Packet: one for new employers, and one for existing employers who are renewing their application.

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FAQ

You may self-insure by assuming the entirety of a financial risk, or a portion of it. For example, the deductibles you have on your insurance policies are an expression of the portion of financial risk you are willing to assume. If you want to self-insure, you should consider two action steps.

A. A self-insured group health plan (or a 'self-funded' plan as it is also called) is one in which the employer assumes the financial risk for providing health care benefits to its employees.

For example, the owners of a building situated atop a hill adjacent to a floodplain may opt against paying costly annual premiums for flood insurance. Instead, they choose to set aside money for repairs to the building if in the relatively unlikely event floodwaters rose high enough to damage their building.

Being self-insured means that rather than paying an insurance company to pay medical, dental and vision claims, we pay the claims ourselves, using a third-party administrator to process the claims on our behalf.

Self-insurance is also called a self-funded plan. This is a type of plan in which an employer takes on most or all of the cost of benefit claims. The insurance company manages the payments, but the employer is the one who pays the claims.

Type of plan usually present in larger companies where the employer itself collects premiums from enrollees and takes on the responsibility of paying employees' and dependents' medical claims.

More info

WORKERS' COMPENSATION SELF-INSURANCE APPLICATION- GROUP. The undersigned on behalf of a homogenous group of employers intends to pay direct the.INFORMATION AND MATERIAL WHICH MUST BE SUBMITTED: 1) Completed Form LS-271, Application for Self-Insurance. All required information must be submitted with the application form to: OSIP, 11050 Olson Drive. Private Group Application. Self-insurers must complete an updated application form sixty days prior to the expiration date of the current certificate. Superintendent and pay the appropriate application fee. The following examples and information are provided to help employers complete the self-insurance renewal application. Self-Insurer Applicant: Application for workers' disability compensation self-insured authority is made on Form WC-402. Questions 1through 10 must be completed.

Michigan Group Self-Insurer Application Packet

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