Oversight

• The MCCA files annual financial statements with the Department of Insurance and Financial Services (DIFS)
• An independent auditor audits the MCCA’s financial statements on an annual basis
• DIFS conducts financial audits of the MCCA every three years.
• DIFS engages an independent actuary to review the work of MCCA’s actuaries and issues a report
• DIFS has the right to examine any and all of the MCCA’s operations and the Director and/or his designated representative attends all Board meetings
• The MCCA completes an Annual Financial Reporting Model Audit Regulation compliance audit on an annual basis which reviews internal financial controls and files a report of internal controls with DIFS
• MCCA engages an independent actuary to estimate the sufficiency of reserves
• The MCCA Actuarial Committee, comprised of nine credentialed actuaries, reviews the report and recommendation by the independent actuary
• The MCCA has implemented a Premium Audit Program to audit and verify assessable exposure information submitted by member companies
• The MCCA has retained an investment consultant to review the economic assumptions used by the MCCA independent actuary on an annual basis

Oversight Document