MI HB5241

Amends Michigan's insurance code (1956 PA 218) to modify section 836b regarding valuation manual requirements for insurers

Establishes operative date for valuation manual as January 1 of the first calendar year following July 1 when NAIC adoption and state enactment thresholds are met (42+ NAIC members, 75% of direct premiums written, and 42 of 55 U.S. jurisdictions)

Requires companies to establish reserves using principle-based valuation for policies specified in the valuation manual, incorporating company experience, risk analysis methods, and margins for uncertainty

Designates certain information as confidential and privileged, including actuarial memorandums, principle-based valuation reports, internal control certifications, and experience data, with limited exceptions for director use and professional disciplinary proceedings

Takes immediate effect upon enactment on January 27, 2020