HB 4785 Summary

• Amends the Insurance Code to revise the Catastrophic Claims Association's governance, membership requirements, and operational oversight procedures.

• Increases the board from 5 to 6 directors and changes the insurance commissioner from an ex officio non-voting member to a voting member of the board.

• Requires the board to conduct business at public meetings in compliance with the Open Meetings Act (1976 PA 267) and subjects board writings to the Freedom of Information Act (1976 PA 442).

• Mandates annual audits by an independent certified public accountant appointed by the commissioner, with audit results delivered to the commissioner and standing committees on insurance.

• Makes the association subject to commissioner approval of premium amounts and establishes that the commissioner may disapprove any total premium considered excessive.

• Adds a public member to the board and requires that board members represent at least 40% of total premiums charged under the association's plan.