Mich. Admin. Code R. 501.157 – Limited licenses. | Midpage
Rule 501.157
Mich. Admin. Code R. 501.157
Limited licenses.
(By authority conferred on the commissioner of insurance by section 210 of Act No. 218 of the Public Acts of 1956, as amended, being S500.210 of the Michigan Compiled Laws)Insurance
(1) The commissioner of insurance may issue a limited license to an agent who will be limiting his or her business to certain specified lines of insurance.
(2) An agent may receive a limited license upon qualifying to write the lines of insurance desired under procedures established by the commissioner of insurance.
(3) The insurer's request for licensing and the application of the prospective agent shall conspicuously indicate that the request is for a limited license. An explanation of the reasons for the limitation shall accompany the documents.
(4) An agent issued a limited license shall not submit, and an insurer shall not accept from that agent, any business written for lines of insurance not specifically authorized under the agent's license.