The Office of Self-Insurance Plans (OSIP) has adopted new regulations pertaining to annual reporting requirements for self-insured public agencies. These new Regulations are effective July 1, 2020. As such, the annual reporting due October 1, 2020, for the fiscal year end data for 19/20, will need to comply with the new reporting requirements. OSIP’s official announcement can be found here.
As part of the new Regulations and reporting requirements, two new forms were created and one was amended. These are as follows:
- Aggregate Claims Information (Form AR-2 Addendum)
- This is similar to the prior form; however it requires more detailed claim activity information.
- Example: Previously all medical payments were aggregated as one entry for “Medical Costs” by each fiscal year. The new form breaks down the medical activity by payment type (e.g. physician visits, physical therapy, pharmaceutical, etc.), still by fiscal year.
- Self-Insurer’s Profile and Financial Summary Report (Form P-1)
- This new form requires more robust information regarding the employer’s information, financial information, demographics, etc.
- Examples: Employee demographics broken down by classification type (public safety, non-safety, schools: classified vs certified), financial audits, funding levels, actuarial analysis, etc.
- Joint Powers Authority Self-Insurer’s Profile and Financial Summary Report (Form J-1)
- Similar to the P-1, this new form requires comparable information, but for the JPA and its membership as a whole.
PRISM will be providing a training session in the near future to review these forms and new reporting requirements. Stay tuned for more information on this!