2010 Michigan Compiled Laws
Chapter 550 - GENERAL INSURANCE LAWS
Act 218 of 1984 - THIRD PARTY ADMINISTRATOR ACT (550.901 - 550.962)
Section 550.930 - Provision of administrative services pursuant to written service contract; maintenance of books and records; TPA and manager as fiduciary.
THIRD PARTY ADMINISTRATOR ACT (EXCERPT)Act 218 of 1984
550.930 Provision of administrative services pursuant to written service contract; maintenance of books and records; TPA and manager as fiduciary.
Sec. 30.
(1) A TPA may only provide administrative services pursuant to a written service contract. For the duration of the service contract, a TPA shall maintain at its principal administrative office the TPA's books and records of all transactions under the service contract in accordance with generally accepted accounting principles or as required by ERISA.
(2) A TPA and a manager are a fiduciary when collecting, expending, and maintaining money for the payment of claims pursuant to the service contract.
History: 1984, Act 218, Eff. Jan. 1, 1985
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
