The Michigan Group Self-Insurer Application (fill-in form) is a form used by employers in the state of Michigan to apply for group self-insurance. This type of insurance allows employers to provide their own coverage for workers' compensation and/or liability insurance. The form must be completed and submitted to the Michigan Department of Licensing and Regulatory Affairs (LARA) in order to be approved as a group self-insurer. The form includes sections for information about the employer, the type of coverage being requested, and details about the plan and the coverage offered. There are two versions of the Michigan Group Self-Insurer Application (fill-in form): one for employers applying for workers' compensation coverage and one for employers applying for liability coverage.
Michigan Group Self-Insurer Application (fill-in form)
Description Application Fill Form
How to fill out Michigan Group Self-Insurer Application (fill-in Form)?
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FAQ
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.
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.
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.
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.
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.
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.