Section 500.1205 - Resident insurance producer license; filing; application; statement; requirements; business entity; verification of information; limited line credit insurance.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.1205 Resident insurance producer license; filing; application; statement; requirements; business entity; verification of information; limited line credit insurance.
Sec. 1205.
(1) A person applying for a resident insurance producer license shall file with the commissioner the uniform application required by the commissioner and shall declare under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the individual's knowledge and belief. An application for a resident insurer producer license shall not be approved unless the commissioner finds that the individual meets all of the following:
(a) Is at least 18 years of age.
(b) Has not committed any act listed in section 1239(1).
(c) As required under section 1204(2), has completed a prelicensing course of study for the qualifications for which the person has applied.
(d) Has paid the fees applicable to the individual under section 240.
(e) Has successfully passed the examination required for each qualification for which the person has applied.
(2) A business entity acting as an insurance producer shall obtain an insurance producer license. A business entity applying for an insurance producer license shall file with the commissioner the uniform business entity application required by the commissioner. An application for an insurance producer license under this subsection shall not be approved unless the commissioner finds all of the following:
(a) The business entity has paid the fees under section 240(1)(d).
(b) The business entity has designated an individual licensed producer responsible for the business entity's compliance with this state's insurance laws, rules, and regulations.
(c) The business entity has not committed any act listed in section 1239(1).
(3) The commissioner may require the production of any documents reasonably necessary to verify the information contained in an application.
(4) Each insurer that sells, solicits, or negotiates any form of limited line credit insurance shall provide to each individual whose duties will include selling, soliciting, or negotiating limited line credit insurance a program of instruction that may be approved by the commissioner.
History: Add. 1972, Act 133, Eff. Mar. 30, 1973 ;-- Am. 2001, Act 228, Eff. Mar. 1, 2002 ;-- Am. 2008, Act 422, Imd. Eff. Jan. 6, 2009
Popular Name: Act 218