HB 5513 Summary

• Changes annual financial reporting period for the self-insurers' security fund from calendar year to fiscal year basis, with reports due by March 31 each year starting in 2015.

• Modifies language regarding "direct premiums written" reporting to be authorized under the Insurance Code section 2407, adjusting how data is compiled and submitted.

• Requires annual financial reports to include detailed statements of assets, liabilities, revenues, expenses, cash flow, future liability estimates, and claims management metrics, prepared according to generally accepted accounting principles with independent auditor certification.

• Mandates a separate annual report on the self-insurers' security fund's claims management including cost per claim, indemnity costs, medical costs, redemption rates, and loss adjustment expenses without personally identifiable information.

• Takes effect 90 days after enactment into law.