The board must keep an accounting for each benefit year of all:
(1) funds appropriated for reinsurance payments and administrative and operational expenses;
(2) requests for reinsurance payments received from eligible health carriers;
(3) reinsurance payments made to eligible health carriers; and
(4) administrative and operational expenses incurred for the plan.
The board must submit to the commissioner and make available to the public a report summarizing the plan operations for each benefit year by posting the summary on the Minnesota Comprehensive Health Association website and making the summary otherwise available by November 1 of the year following the applicable benefit year or 60 calendar days following the final disbursement of reinsurance payments for the applicable benefit year, whichever is later.
The Minnesota premium security plan is subject to audit by the legislative auditor. The board must ensure that its contractors, subcontractors, or agents cooperate with the audit.
(a) The board must engage and cooperate with an independent certified public accountant or CPA firm licensed or permitted under chapter 326A to perform an audit for each benefit year of the plan, in accordance with generally accepted auditing standards. The audit must at a minimum:
(2) identify any material weaknesses or significant deficiencies and address manners in which to correct any such material weaknesses or deficiencies.
(b) The board, after receiving the completed audit, must:
(1) provide the commissioner the results of the audit;
(2) identify to the commissioner any material weakness or significant deficiency identified in the audit and address in writing to the commissioner how the board intends to correct any such material weakness or significant deficiency in compliance with subdivision 5; and
(3) make public the results of the audit, to the extent the audit contains government data that is public, including any material weakness or significant deficiency and how the board intends to correct the material weakness or significant deficiency, by posting the audit results on the Minnesota Comprehensive Health Association website and making the audit results otherwise available.
(1) provide a written corrective action plan to the commissioner for approval within 60 days of the completed audit;
(2) implement the corrective action plan; and
(3) provide the commissioner with written documentation of the corrective actions taken.
(b) By December 1 of each year, the board must submit a report to the standing committees of the legislature having jurisdiction over health and human services and insurance regarding any finding of material weakness or significant deficiency found in an audit.