Industry experts for workers compensation data collection and assigned risk placement in Michigan
In accordance with the Michigan Workers' Compensation Statistical Plan, every insurance company licensed to write workers’ compensation insurance within the state of Michigan shall file with CAOM an acknowledgement form and complete year-end aggregate financial data calls.
Aggregate financial data is used in the following services:
Note: Data calls are subject to fines as outlined in the Financial Calls Fining Program
All aggregate financial data and forms required in the Michigan Workers’ Compensation Statistical Plan must be submitted to CAOM electronically. The only option for creating aggregate financial data is electronically via MIFDRA.
All aggregate financial data submissions received by CAOM are subject to editing to evaluate the reported data for timeliness, accuracy, completeness, and reasonability. Some edit errors received are the result of errors in data submission, while others are the result of non- standard circumstances. Edit errors may require the resubmission of corrected data or in some situations, for example of non-standard data, explanations may be approved.
Data reporters are made aware of failed edits for a submission via:
MIFDRA has a RunEdits function that produces a failed edit listing and is required prior to submission of call data. Data reporters can correct data errors and create edit notes to explain a non-standard situation before the call is sent through MIFDRA. After the initial submission of a call, data reporters are also expected to monitor all submissions with a status of Criticism. Refer to section VI of the MIFDRA User Guide & Instructions.
Email notifications from CAOM will be sent to data reporters, as needed, for situations that are not handled by MIFDRA.
Data reporters may send edit explanations to explain non-standard data. All explanations must adequately explain the reason for the edit failure and are subject to CAOM approval process. Edit Notes can be added to edit errors prior to a call’s initial submission to the CAOM. Explanations can also be directed to the staff member that sent a criticism via email.
Note: Aggregate financial edits are subject to fines in accordance with the Financial Calls Fining Program.
Questions relating to MIFDRA should be addressed to email@example.com