Senate Bill No. 196 Summary

• Appropriates $74,147,900 total for the Michigan Department of Insurance and Financial Services for fiscal year 2023-2024, with $72,398,700 from state restricted revenues and no state general fund contribution.

• Authorizes 390.5 full-time equated positions (6.0 unclassified and 384.5 classified) across departmental administration, insurance and financial services regulation, and information technology divisions.

• Establishes provisions requiring quarterly FTE reporting to legislature, maintenance of public spending databases, and annual reports on health insurance rate filings, out-of-state travel expenses, and media production expenditures.

• Appropriates contingency funds not to exceed $1,000,000 in federal revenues and $5,000,000 in state restricted revenues, available only upon legislative transfer authorization.

• Requires department guidance updates on banking services for marijuana-related businesses and mandates public disclosure of catastrophic claims association actuarial data, formulas, and premium calculations.