Mich. Admin. Code R. 500.558
Oversee service provider arrangements; example.
(By the authority conferred on the Office of Financial and Insurance Services by Section 547 of 1956 PA 215, MCL 500.547, by Section 210 of 1956 PA 218, MCL 500.210, and E.R.O. No. 2003-1, and pursuant to 15 U.S.C. 6801, 6805(a)(6), 6805(b), 6805(c))Insurance
To oversee service provider arrangements, a licensee may do both of the following:
- (a) Exercise appropriate due diligence in selecting its service providers.
- (b) Require its service providers to implement appropriate measures designed to meet the objectives of these rules, and, where indicated by the licensee's risk assessment, take appropriate steps to confirm that its service providers have satisfied these obligations.
History: 2004 AACS.