™Your Policy Risk Impact Agent
1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.1201a Sale, solicitation, or negotiation of insurance; license required; applicability to excess and surplus lines agents and brokers.
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Sec. 1201a. (1) A person shall not sell, solicit, or negotiate insurance in this state for any line of insurance unless the person is licensed for that qualification in accordance with this chapter. (2) This chapter does not apply to excess and surplus lines agents and brokers li…
Mich. Comp. Laws § 500.1202 Insurance producer license; definitions.
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Sec. 1202. (1) This chapter does not require an insurer to obtain an insurance producer license. As used in this section, the term "insurer" does not include an insurer's officers, directors, employees, subsidiaries, or affiliates. (2) A license as an insurance producer is not re…
Mich. Comp. Laws § 500.1203 Authority of insurance producer for fraternal benefit society; authority of attorney-in-fact of reciprocal or inter-insurance exchange.
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Sec. 1203. (1) A person may act as an insurance producer only for a fraternal benefit society authorized to transact insurance in this state without being licensed as an insurance producer if less than 50% of his or her time is devoted to the solicitation and procurement of insur…
Mich. Comp. Laws § 500.1204 Applicant for insurance producer license; examination; registered program of study; waiver of examination or program of study requirements; administration of examinations; fee; reapplication.
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Sec. 1204. (1) A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to section 1206b. (2) Within a reasonable time after receipt of a properly completed application for examination, the commissioner shall subject…
Mich. Comp. Laws § 500.1204a Qualification as registered insurance producer program of study; criteria; conducting portion of minimum number of classroom hours of instruction; rules; recommendations for improvements in course materials; failure to maintain reasonable standards; refusal by director to approve insurance education instructor; probation, suspension, or revocation of approval.
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Sec. 1204a. (1) To qualify as a registered insurance producer program of study, the program of study must meet all of the following criteria: (a) Be conducted through an educational institution offering home study courses that has been in existence for not less than 5 years, by a…
Mich. Comp. Laws § 500.1204c Insurance producer's hours of study; review; continuing education requirements; program of study; approval; fee; hearing; revocation; filing certificate of attendance or instruction; waiver; reciprocal agreements; fees; grace period; sale of business and failure to meet continuing education requirements; cancellation of license; review date of applicable 2-year period; access to classroom; refusal to approve education instructor; probation, suspension, or revocation of approval; definitions.
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Sec. 1204c. (1) An insurance producer's hours of study accrued under this section must be reviewed for license continuance every 2 years under a schedule established by the director. The director may establish a schedule for license continuation that staggers license continuation…
Mich. Comp. Laws § 500.1204d Continuing education fund; creation; administration; disposition and reversion of funds; funding of shortfall.
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Sec. 1204d. (1) The continuing education fund is created as a separate, self-supporting fund and shall be administered by the commissioner. Money in the continuing education fund shall be used for the administration of the continuing education requirements in section 1204c. (2) M…
Mich. Comp. Laws § 500.1204e Nonresident license applicant; requirements.
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Sec. 1204e. (1) The commissioner shall waive any requirements for a nonresident license applicant with a valid license from his or her home state, except the requirements under section 1206a, if the applicant's home state awards nonresident licenses to residents of this state on …
Mich. Comp. Laws § 500.1204f Long-term care insurance; requirements for sale, solicitation, or negotiation by individual; delivery or issuance by insurer; 1-time training course; requirements.
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Sec. 1204f. (1) An individual shall not sell, solicit, or negotiate long-term care insurance unless the individual meets all of the following requirements: (a) The individual is licensed as an insurance producer for accident and health or life. (b) The individual has completed a …
Mich. Comp. Laws § 500.1205 Resident insurance producer license; filing; application; statement; requirements; business entity; verification of information; limited line credit insurance.
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Sec. 1205. (1) A person applying for a resident insurance producer license shall file with the director the uniform application required by the director and shall declare under penalty of refusal, suspension, or revocation of the license that the statements made in the applicatio…
Mich. Comp. Laws § 500.1206 Insurance producer license; issuance; qualification in line of insurance; duration; reinstatement; contents of license; change of name or address; ministerial functions.
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Sec. 1206. (1) Unless denied licensure under section 1239, persons who have met the requirements of sections 1204 and 1205 shall be issued an insurance producer license. An individual insurance producer may receive a license for a qualification in 1 or more of the following lines…
Mich. Comp. Laws § 500.1206a Nonresident insurance producer license; requirements; verification of status; change of address; nonresident surplus lines insurance producer license; nonresident limited lines insurance producer.
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Sec. 1206a. (1) Unless denied licensure under section 1239, a nonresident person shall receive a nonresident insurance producer license if he or she meets all of the following: (a) Is currently licensed as a resident and in good standing in his or her home state. (b) Has submitte…
Mich. Comp. Laws § 500.1206b Nonresident insurance producer license; prelicensing education or examination; exemption; application as resident licensee.
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Sec. 1206b. (1) An individual who applies for an insurance producer license in this state who was previously licensed for the same qualifications in another state is not required to complete any prelicensing education or examination. This exemption is only available if the person…
Mich. Comp. Laws § 500.1206c Life and health insurance producer examinations; summary of statistical information; report.
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Sec. 1206c. By not later than 6 months after the effective date of this section and by April 30 of each year thereafter, the commissioner or a designee of the commissioner shall prepare and publish a report that summarizes statistical information relating to life and health insur…
Mich. Comp. Laws § 500.1207 Agent as fiduciary; separate accounts; examination of records; remuneration of person acting as agent; placing refused coverage; use of intimidation, threats, or unlawful inducements; agent as party to contract.
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Sec. 1207. (1) An agent is a fiduciary for all money received or held by the agent in the agent's capacity as an agent. (2) An agent shall treat all premiums and return premiums as fiduciary money and segregate the premiums from the agent's own money. Except as otherwise provided…
Mich. Comp. Laws § 500.1208 Insurance effected by agent on certain risks; limitation.
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Sec. 1208. An agent, during any 12-month period, may not effect insurance upon his own property, life or other risk and the property, life or other risk of his employees, employer or business associates, in excess of 15% of the total premium which he effected during that period.
Mich. Comp. Laws § 500.1208a Appointment of producer as agent; notice of appointment; filing; verification of eligibility; fee.
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Sec. 1208a. (1) An insurance producer shall not act as the agent of an insurer unless the insurance producer becomes an appointed agent of that insurer. An insurance producer who is not acting as an agent of the insurer is not required to become appointed. (2) An insurance produc…
Mich. Comp. Laws § 500.1208b Termination of business relationship with insurance producer; notice to commissioner; format; liability for disclosure of information or statement.
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Sec. 1208b. (1) An insurer or authorized representative of the insurer that terminates the appointment, employment, contract, or other insurance business relationship with an insurance producer shall notify the commissioner using a format prescribed by the commissioner of the ter…
Mich. Comp. Laws § 500.1209 Termination of insurance producer's authority to represent insurer; responsibility and authority of insurance producer following notice of termination; exceptions; condition of insurer's authority to transact business in state; construction of subsection (2); “automobile insurance” and “home insurance” defined.
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Sec. 1209. (1) If an insurance producer's authority to represent an insurer is terminated, the responsibility of an insurance producer having property rights in the renewal shall continue until the existing policies of insurance are canceled, replaced, or have expired. The insura…
Mich. Comp. Laws § 500.121 Surety; rights; remedies; relief.
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Sec. 121. (1) A person and a surety may agree to deposit any asset that the surety may be held responsible for into a financial institution that is authorized to transact business in this state in such manner as to prevent the withdrawal of the asset or any part of the asset exce…
Mich. Comp. Laws § 500.1210 Accident and health insurance agent as health benefit agent.
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Sec. 1210. An accident and health insurance agent who is a health benefit agent pursuant to the health benefit agent act shall be subject to the health benefit agent act when selling health benefits. As used in this section, "health benefits" and "health benefit agent" means thos…
Mich. Comp. Laws § 500.1211 Solicitation and collection on behalf of licensed insurance producer; authorization; contract; agent of the insured; agent of the insurer.
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Sec. 1211. (1) A natural person may solicit applications for insurance and collect premiums on behalf of a licensed insurance producer resident in this state if he or she is so authorized to act by a written contract with the insurance producer, and the contract specifies the ext…
Mich. Comp. Laws § 500.1211a Assumed name; use.
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Sec. 1211a. An insurance producer doing business under any name other than the producer's legal name shall notify the commissioner prior to using the assumed name.
Mich. Comp. Laws § 500.1211b Temporary license.
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Sec. 1211b. (1) The commissioner may issue a temporary insurance producer license for a period not to exceed 180 days without requiring an examination if the commissioner considers that the temporary license is necessary for the servicing of an insurance business in the following…
Mich. Comp. Laws § 500.1212 Persons acting as solicitors; contract with agent; license; notice of appointment.
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Sec. 1212. (1) An agent may not appoint, employ or in any manner receive the benefit of business done or services rendered in this state by a person acting as a solicitor unless that person is so authorized to act by a written contract with the agent, he is licensed as a solicito…
Mich. Comp. Laws § 500.1214 Solicitor; application for license and notice of appointment; forms; examination required; program of study as condition to examination; waiver of examination or program of study; investigations and interrogatories; decision; issuance of license; qualifications; disclosures; acting on behalf of sponsoring agent; contents of license; person licensed as solicitor for casualty insurance permitted to act as solicitor for legal expense insurance; duration and surrender of license; reexamination; notice.
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Sec. 1214. (1) An application for a license to act as a solicitor shall be made to the commissioner and shall be accompanied by a notice of appointment from the sponsoring licensed insurance producer. The application and the notice of appointment shall be on forms prescribed by t…
Mich. Comp. Laws § 500.1216 Solicitor as fiduciary; accounting methods; examination of records; remuneration of person acting as agent or solicitor.
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Sec. 1216. (1) A solicitor shall be a fiduciary for all moneys received or held by him in his capacity as a solicitor. Failure by a solicitor in a timely manner to turn over the moneys which he holds in a fiduciary capacity to the persons to whom they are owed is prima facie evid…
Mich. Comp. Laws § 500.1218 Termination of solicitor's authority to represent agent; notice; disclosure; liability of agent.
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Sec. 1218. An agent shall immediately notify the commissioner of the termination of a solicitor's authority to represent the agent. The notice shall include full disclosure, with supporting evidence, of acts or omissions by the solicitor which reasonably may be construed to be a …
Mich. Comp. Laws § 500.122 Applicability of Michigan antitrust reform act.
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Sec. 122. Transactions or conduct authorized, prohibited, or permitted under a regulatory scheme under this code shall not be subject to the Michigan antitrust reform act, Act No. 274 of the Public Acts of 1984, being sections 445.771 to 445.788 of the Michigan Compiled Laws. The…
Mich. Comp. Laws § 500.1222 Adjuster's license required; exemptions.
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Sec. 1222. (1) A person shall not adjust loss or damage under a policy of insurance or advertise, solicit business, or hold himself or herself out to the public as an adjuster unless he or she is licensed as an adjuster. (2) The following are exempt from licensure under subsectio…
Mich. Comp. Laws § 500.1224 Adjuster; application for license; forms; examination; investigations and interrogatories; waiver; decision; issuance of license; qualifications; additional restrictions; licenses to certain persons prohibited; "home state" defined.
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Sec. 1224. (1) An application for a license to act as an adjuster shall be made to the commissioner on forms prescribed by the commissioner. (2) Within a reasonable time after receipt of a properly completed application form under subsection (1), the commissioner may subject the …
Mich. Comp. Laws § 500.1226 Persons aiding adjuster; representation by adjuster; procedure for soliciting loss; schedule of rates; limitation on charges; contract.
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Sec. 1226. (1) An adjuster for an insured shall not employ a person to aid, directly or indirectly, in soliciting or adjusting a loss and shall not offer or pay a fee, commission, or other valuable consideration to a person to aid, directly or indirectly, in soliciting or adjusti…
Mich. Comp. Laws § 500.1227 Conduct of adjuster; prohibitions.
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Sec. 1227. (1) An adjuster for an insured shall not solicit or attempt to solicit a loss during progress of a loss-producing occurrence nor while the fire department or its representatives are engaged at the damaged premises. (2) An adjuster for an insured shall not collect or at…
Mich. Comp. Laws § 500.1228 Records of adjuster.
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Sec. 1228. (1) An adjuster for an insured shall maintain a complete record of each of his transactions as an adjuster for the insured. The record shall include: (a) the name of the insured, (b) the date, location and amount of the loss, (c) a copy of the contract between the adju…
Mich. Comp. Laws § 500.1232 Insurance counselor; license required; use of designation “certified insurance counselor” or “fraternal insurance counselor”; exceptions.
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Sec. 1232. A person shall not audit or abstract policies of insurance or annuities, provide advice, counsel, or opinion with respect to benefits promised, coverage afforded, terms, value, effect, advantages, or disadvantages of a policy of insurance or annuity, nor advertise, sol…
Mich. Comp. Laws § 500.1234 Insurance counselor; application for license; forms; examination; investigations and interrogatories; decision; issuance of license; qualifications.
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Sec. 1234. (1) An application for a license to act as an insurance counselor shall be made to the commissioner on forms prescribed by the commissioner. (2) Within a reasonable time after receipt of a properly completed application form, the commissioner shall subject the applican…
Mich. Comp. Laws § 500.1236 Written agreement between insurance counselor and client.
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Sec. 1236. In advance of rendering any service set forth in section 1232, a written agreement shall be prepared by a counselor, and shall be signed by both the counselor and the client. The agreement shall outline the nature of the work to be performed by the counselor and shall …
Mich. Comp. Laws § 500.1238 Reporting mailing and electronic mail address of agent, solicitor, counselor, or adjuster; notice of change in address; maintaining address on file; mailing of notice of hearing or process.
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Sec. 1238. (1) When applying for a license to act as an agent, solicitor, counselor, or adjuster, the applicant shall report his or her mailing and electronic mail address to the commissioner. An agent, solicitor, counselor, or adjuster shall notify the commissioner of any change…
Mich. Comp. Laws § 500.1239 Probation, suspension, or revocation of insurance producer's license; refusal to issue or reissue; causes; civil fine; notice of license denial; hearing; license of business entity; penalties and remedies.
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Sec. 1239. (1) In addition to any other powers under this act, the director may place on probation, suspend, or revoke an insurance producer's license or may levy a civil fine under section 1244 or any combination of actions, and the director shall not issue a license under secti…
Mich. Comp. Laws § 500.124 Exceptions.
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Sec. 124. This code shall not apply to: (a) Domestic farmers' and other special risk mutual property insurers, as identified in chapter 68, except as stated in chapter 68. (b) Fraternal benefit societies, except as stated in chapter 81a. (c) A multiple employer welfare arrangemen…
Mich. Comp. Laws § 500.1240 Payment or acceptance of commission, service fee, or valuable consideration.
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Sec. 1240. (1) An insurer or insurance producer shall not pay a commission, service fee, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under this chapter and is not so licensed…
Mich. Comp. Laws § 500.1242 Refusal, suspension, or revocation of license; notice; hearings; summary suspension; subpoenas.
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Sec. 1242. (1) The commissioner shall refuse to grant a license to act as a solicitor, an insurance counselor, or an adjuster to an applicant who fails to meet the requirements of this chapter. Notice of the refusal shall be in writing and shall set forth the basis for the refusa…
Mich. Comp. Laws § 500.1243 Definitions; sale of insurance by lender.
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Sec. 1243. (1) As used in this section: (a) "Act" means the insurance code of 1956, 1956 PA 218, MCL 500.100 to 500.8302. (b) "Affiliate" means a person that directly or indirectly or through 1 or more intermediaries, controls or is controlled by another or is under common contro…
Mich. Comp. Laws § 500.1244 Violation of chapter; hearing; serving copy of findings and cease and desist order; additional orders; reopening, altering, modifying, or setting aside order; violation of cease and desist order; notice and hearing; civil fine; suspension or revocation of license; disposition of fine; court of claims.
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Sec. 1244. (1) If the director finds that a person has violated this chapter, after an opportunity for a hearing under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, the director shall reduce the findings and decision to writing and shall issue and …
Mich. Comp. Laws § 500.1246 Confidentiality; use of documents, materials, or other information.
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Sec. 1246. (1) Any documents, materials, or other information in the control or possession of the office of financial and insurance services that is furnished by an insurer, an insurance producer, or an employee or representative acting on behalf of the insurer or insurance produ…
Mich. Comp. Laws § 500.1247 Report of administrative action.
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Sec. 1247. (1) An insurance producer shall report to the commissioner any administrative action taken against the insurance producer in another jurisdiction or by another governmental agency in this state within 30 days after the final disposition of the matter. This report shall…
Mich. Comp. Laws § 500.125 Service contract not subject to act; "consumer product" and "service contract" defined.
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Sec. 125. (1) A service contract is not insurance or the business of insurance and is not subject to this act. (2) As used in this section: (a) "Consumer product" means any tangible personal property that is distributed in commerce and is normally used for personal, family, or ho…
Mich. Comp. Laws § 500.126 Waiver of customer liability agreement; definitions.
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Sec. 126. (1) A waiver of customer liability agreement is not insurance or the business of insurance and is not subject to this act. (2) As used in this section: (a) "Service provider" means a public or private provider of electricity, natural gas, water, sewer, solid waste colle…
Mich. Comp. Laws § 500.1261 Definitions.
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Sec. 1261. As used in this chapter: (a) "Affordable care act" means the patient protection and affordable care act, Public Law 111-148, as amended by the health care and education reconciliation act of 2010, Public Law 111-152. (b) "Business entity" means a corporation, associati…
Mich. Comp. Laws § 500.1262 Navigator; certification; application; funding from exchange prohibited; duties; determination by director that program to certify and train navigators protects personally identifiable information.
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Sec. 1262. (1) Beginning June 30, 2015, an individual shall not act as a navigator unless he or she has filed an application under section 1263(1) and is certified with this state as a navigator. (2) Unless certified as a navigator, an individual shall not receive funding from an…