Michigan Laws 550.58 – Organization subject to enabling act; financial records
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(1) An organization which provides or administers health care benefits or coverage under a prudent purchaser agreement shall remain subject to all of the provisions of its enabling act.
(2) An organization shall maintain financial records for its prudent purchaser agreements and activities in a form separate or separable from the financial records of other operations and activities carried on by the organization.
Terms Used In Michigan Laws 550.58
- Organization: means an insurer, a dental care corporation, hospital service corporation, medical care corporation, health care corporation, or third party administrator. See Michigan Laws 550.52
- Prudent purchaser agreement: means an agreement between an organization and a health care provider under section 3. See Michigan Laws 550.52