Per MCL 500.936, a TPA must prove financial viability each year.  In January, an invoice is mailed for the financial statement review of $25.00.  Either a FIS 0850 Financial Statement or independent financial form plus the FIS 0850 page 1 must be submitted. The FIS 0865 Jurat Page reporting pertinent demographic information and the company’s current officers, directors and stockholders must also be submitted. The completed financial statement, invoice stub, payment and jurat page must be received in our office by the March 1 deadline. This deadline is mandated by law. An extension may be granted if requested in writing, but the extension can be made only until April 1.

Note that failure to file, late filing, or incorrect payment will result in penalty, including termination of your certificate of authority as a TPA. If a concern results from the financial review, our office will contact the TPA with those concerns and how they can be eliminated. The certificate of authority is perpetual as long as the TPA is compliant with the TPA Act.