SB-1344, As Passed House, December 11, 2008
May 28, 2008, Introduced by Senators SANBORN, BARCIA, GLEASON, BISHOP, ALLEN and CROPSEY and referred to the Committee on Economic Development and Regulatory Reform.
A bill to amend 1956 PA 218, entitled
"The insurance code of 1956,"
by amending section 1205 (MCL 500.1205), as amended by 2001 PA 228.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
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 that is a ground for denial,
suspension,
or revocation under section 1239 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 that is
grounds
for denial, suspension, or revocation under section 1239
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.