Overview
What is Michigan Workers' Compensation Placement Facility?
Michigan Workers' Compensation Placement Facility is a vital entity focused on administering responsibilities associated with the state's workers' compensation residual market, serving as a market of last resort. Their primary role involves reviewing potential insurance applicants and assigning them to suitable servicing carriers based on their established quota share. This process is aided by external resources, which help in selecting servicing carriers, evaluating their performance, and setting experience modifiers. Additionally, the facility prepares the annual facility rate filing and maintains pool reserves to cover potential liabilities. In essence, the Michigan Workers' Compensation Placement Facility plays a crucial role in offering an alternative coverage source for businesses unable to procure workers' compensation insurance coverage in the voluntary market.
Official website here: www.caom.com
Is Michigan Workers' Compensation Placement Facility legitimate?
Michigan Workers' Compensation Placement Facility is a legitimate nonprofit organization registered as a 501(c)(6) entity. Michigan Workers' Compensation Placement Facility submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $304,343
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,178,674
For more financial information, click here
Official website here: www.caom.com
What is the mission statement of Michigan Workers' Compensation Placement Facility?
The Michigan Workers' Compensation Placement Facility, often referred to as the Facility, is responsible for managing administrative duties associated with supporting the Michigan Workers' Compensation residual market, which serves as a last resort for businesses unable to procure workers' compensation insurance coverage in the voluntary market. The Facility's mission is to provide an alternative coverage source by processing applications according to established eligibility guidelines, appointing servicing carriers to issue policies, and handling subsequent claim activity. Additionally, they establish viable outside vendors or suitable internal resources to manage various pool administration responsibilities.
Official website here: www.caom.com
Who is the CEO of Michigan Workers' Compensation Placement Facility?
Dave Brueckman is the Board Member of Michigan Workers' Compensation Placement Facility.
Official website here: www.caom.com
What is the revenue of Michigan Workers' Compensation Placement Facility?
Michigan Workers' Compensation Placement Facility's revenue in 2022 was $2,833,657.
Official website here: www.caom.com
Who are the executives of Michigan Workers' Compensation Placement Facility and what are their salaries?
Here are 16 key members and their salaries:
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- Related: $112,340
- Other: $3,727
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- Related: $117,903
- Other: $1,569
Official website here: www.caom.com
Where can I find the form 990 for Michigan Workers' Compensation Placement Facility?
Michigan Workers' Compensation Placement Facility's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.caom.com
Learn more at the official website: www.caom.com
Mission Statement of Michigan Workers' Compensation Placement Facility
The Michigan Workers' Compensation Placement Facility, often referred to as the Facility, plays a crucial role in addressing all administration duties associated with supporting the Michigan Workers' Compensation residual market. This market, also known as the market of last resort, caters to businesses that find it challenging to procure workers' compensation insurance coverage in the voluntary market. The Facility's mission is to offer an alternative coverage source by carrying out various plan and pool administration responsibilities.
In detail, the Facility is responsible for processing applications in accordance with established eligibility guidelines. It then appoints servicing carriers to issue policies, handle any subsequent claim activity, and manage various pool administration responsibilities. The Facility also establishes an outside vendor or suitable internal resources to ensure the efficient execution of these duties. By providing this service, the Michigan Workers' Compensation Placement Facility helps businesses that struggle to obtain workers' compensation insurance coverage in the voluntary market secure the necessary protection.
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Impact
October, 2024
The Michigan Workers' Compensation Placement Facility (MWCPF) plays a crucial role in providing a safety net for businesses that are unable to secure workers' compensation insurance coverage in the voluntary market. By serving as a market of last resort, the MWCPF ensures that companies, particularly those deemed high-risk, still have access to necessary insurance protections, which is vital for their operation and the well-being of their employees.
The facility is responsible for the comprehensive review of potential insurance applicants, assigning them to appropriate servicing carriers based on established quota shares. This targeted approach helps streamline the process for businesses seeking coverage, ensuring that those in need are efficiently and effectively serviced.
Furthermore, the MWCPF conducts annual evaluations of the performance of these servicing carriers using established performance standards. This monitoring not only helps maintain high standards of service but also promotes accountability among carriers, ensuring that businesses receive quality support in managing their workers' compensation needs.
In its mission to address the plan and pool administration duties, the MWCPF also handles the preparation of annual rate filings and maintenance of reserves to cover its ultimate liabilities. This financial diligence safeguards the facility's operations and helps ensure its long-term viability.
Overall, the Michigan Workers' Compensation Placement Facility significantly enhances the safety and stability of the business community by ensuring that all companies, regardless of risk level, have access to essential workers' compensation insurance, thereby contributing to community improvement and economic resilience.
This information is meant to be a general summary of Michigan Workers' Compensation Placement Facility. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $2,833,657
- Gross Receipts: $2,833,657
Assets and Liabilities:
- Total Assets: $2,370,177
- Total Liabilities: $2,009,001
- Net Assets: $361,176
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBER ASSESSMENTS
Revenue
$2,833,657
Organization Details
Founding Year
1983
Phone
(734) 462-9600Principal Officer
Dave Brueckman
Main Address
17197 N LAUREL PARK DRIVE, LIVONIA, MI, 48152
Website
www.caom.comNTEE Category
Code: S40 - Community improvement
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