MI SB0901

Property and casualty insurers doing business in Michigan must annually file a statement of actuarial opinion with the commissioner, prepared by an appointed actuary, unless exempted by the commissioner.

Insurers domiciled in Michigan must file an actuarial opinion summary annually with the commissioner; non-domiciled insurers must provide the summary upon request.

Insurers must prepare an actuarial report and underlying workpapers to support the statement of actuarial opinion, or the commissioner may engage a qualified actuary at the insurer's expense if materials are not provided.

Actuarial reports, workpapers, and opinion summaries are confidential and privileged, exempt from the Freedom of Information Act, subpoena, discovery, and civil court proceedings, though the commissioner may share them with regulatory agencies and law enforcement while maintaining confidentiality.

The act became effective January 1, 2010.