Michigan Laws 500.1211b – Temporary license
Current as of: 2023 | Check for updates
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(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 cases:
(a) To the surviving spouse or court-appointed personal representative of a licensed insurance producer who dies or becomes mentally or physically disabled to allow adequate time for the sale of the insurance business owned by the producer or for the recovery or return of the producer to the business or to provide for the training and licensing of new personnel to operate the producer’s business.
Terms Used In Michigan Laws 500.1211b
- Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See Michigan Laws 500.1201
- Commissioner: means the director. See Michigan Laws 500.102
- Insurance: means any of the lines of authority in chapter 6. See Michigan Laws 500.1201
- Insurance producer: means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Michigan Laws 500.1201
- Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
- License: means a document issued by the director authorizing a person to act as an insurance producer for the qualifications specified in the document. See Michigan Laws 500.1201
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) To a member or employee of a business entity licensed as an insurance producer, upon the death or disability of an individual designated in the business entity application or the license.
(c) To the designee of a licensed insurance producer entering active service in the armed forces of the United States of America.
(d) In any other circumstance where the commissioner considers that the public interest will best be served by the issuance of this license.
(2) The commissioner may by order limit the authority of any temporary licensee if he or she considers it necessary to protect insureds and the public. The commissioner may require the temporary licensee to have a suitable sponsor who is a licensed producer or insurer and who assumes responsibility for all acts of the temporary licensee and may impose other similar requirements designed to protect insureds and the public. The commissioner may by order revoke a temporary license if the interest of insureds or the public is endangered. A temporary license may not continue after the owner or the personal representative disposes of the business.