Adoption of the National Association of Insurance Commissioners Practices and Procedures Manual Effective January 1, 2001 ("Codification")

Issued and entered February 12, 2001 by Frank M. Fitzgerald, Commissioner of Financial and Insurance Services 
 

Pursuant to Section 438 of the Michigan Insurance Code of 1956, as amended (the Code), MCL 500.438, MSA 24.1438, and the Administrative Procedures Act of 1969, as amended, MCL 24.201 et. seq., MSA 3.560(101) et seq., the Commissioner prescribes the format and content of statements that are suitable and adaptable to each kind of insurer authorized or eligible to transact business in Michigan.  A statement filed by the insurer shall be prepared in accordance with instruction provided by, and accounting practices and procedures designated by, the Commissioner.

By Order 00-086-M dated November 15, 2000 the Commissioner adopted the NAIC Accounting Practices and Procedures Manual effective January 1, 2001, including appendices A – F and excluding Actuarial Guideline XXXV in Appendix C.  This order applies to fire and casualty insurers, life, accident and health insurers, non-U.S. insurers, title insurers and fraternal benefit societies.  For health maintenance organizations and alternative financing and delivery systems and dental service corporations, the Commissioner has delayed adoption of the NAIC Accounting Practices and Procedures Manual with an effective date of January 1, 2001.  These entities will continue to follow previous statutory accounting practices and procedures until the Commissioner officially adopts the new manual for these entities.

Filings submitted for reporting periods beginning after January 1, 2001 shall comply with the NAIC Accounting Practices and Procedures Manual effective January 1, 2001, to the extent that the accounting practices, procedures, and reporting standards are not modified by Michigan law, rules, orders, or the 2000 Forms and Instructions for Required Filings in Michigan.

This bulletin supersedes Bulletin 97-10.

Any questions regarding this bulletin should be directed to:

Office of Financial and Insurance Services
Division of Insurance
Financial Evaluation
611 West Ottawa Street
P.O. Box 30220
Lansing, Michigan 48909-7720

Phone: (517) 373-0246
Toll Free (877) 999-6442