Michigan Laws 390.1128 – Information to be filed with state insurance bureau

At the end of each year, the university shall file the following information with the state insurance bureau:

(a) The annual expected loss for the next accident year, which shall be computed together with an accounting of the indemnification reserve fund.

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Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o

(b) The status of the indemnification reserve fund, which shall be computed as the sum of the following:

(i) All previous payments from the university.

(ii) All previous payments from third party reimbursers.

(iii) Any balance due from third party reimbursers.

(i) Aggregate incurred loss reserves.

(ii) Aggregate incurred but not reported loss reserves.

(iii) Aggregate paid loss from all past periods, including current year.

(iv) Actual expenses paid or incurred with respect to the indemnification program.