Insurance Licensing Compliance Guide

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Michigan Insurance License

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Licensing requirements for Michigan insurance professionals and companies.

This page provides an overview of insurance licensing in Michigan for individuals and companies. You will find state requirements, application fees, filing instructions, and more. For assistance with licensing, please contact us to learn about our software and managed license services.

Companies that provide insurance producer services in Michigan must apply for a license prior to doing business. Depending on the lines of authority offered by the entity and the types of services offered, multiple firm licenses may be required.

Before applying, firms should ensure that the licensed individual to be appointed agent in charge has the necessary licenses. Firms should also gather proof of incorporation, or foreign qualification for out-of-state firms, in anticipation of application requirements.

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Company Licenses

Michigan Financial Services Company Licenses

Michigan Collection Agency License

Agency:Michigan Department of Licensing and Regulatory Affairs (LARA) - Bureau of Professional Licensing
Bond Requirements:

Between $5,000 and $50,000.

Notes:

Michigan does not issue branch office licenses, but agencies with multiple locations will each need an agency license.

Fact Checked:1/8/19

Initial Registration

Form:

Collection Agency License Application

Agency Fee:

$225

Fact Checked:1/8/19

Registration Renewal

Filing Method:

Online

Agency Fee:

$125

Due:

Annually by June 30.

Fact Checked:1/8/19

Amendment

Form:

Collection Agency Non-Owner Manager Change Application

Agency Fee:

$10

Fact Checked:1/8/19

Amendment

Form:

Request for Name and/or Address Update

Agency Fee:

$10

Due:

Within 30 days of a change to agency name or address.

Fact Checked:1/8/19

Reinstatement

Form:

Reinstatement Application

Agency Fee:

$100

Fact Checked:1/8/19

Supplemental Reporting
Annual Report of Business and Operations

Form:

Annual Report of Business and Operations

Agency Fee:

$0

Due:

Annually by May 16.

Fact Checked:1/8/19

Michigan Insurance Agency License

Agency:Michigan Department of Insurance and Financial Services
Fact Checked:1/8/16

Initial Registration

This section applies to insurance firms that are applying for a license in Michigan for the first time.

Agency:Michigan Department of Insurance and Financial Services
Form:

http://www.michigan.gov/difs/0,5269,7-303-22535---,00.html

Agency Fee:

Varies by insurance type. Baseline of $15

Fact Checked:1/8/16

Registration Renewal

This section applies to insurance firms that are already licensed in Michigan and need to renew their license.

Agency:Michigan Department of Insurance and Financial Services
Form:

http://www.michigan.gov/difs/0,5269,7-303-22535---,00.html

Agency Fee:

Varies by insurance type. Baseline of $15

Due:

Annually

Notes:

Resident and Non-Resident individual and business entity producers do not receive an invoice for license renewal annually.

Surplus Lines individual and business entity producers are required to complete the annual renewal process as indicated on the Renewal Information web page.

Fact Checked:1/8/16

Renewal Not Required

Fact Checked:11/1/19

Michigan Utilization Review License

Not required



Utilization Review licensure is not required on the State level in Michigan.

There is no license for utilization review in Michigan, however, employers and insurers are required to follow state guidelines regarding the review process.

Initial Registration

Not required



Registration Renewal

Not required



Individual Licenses

Michigan Individual Financial Services Licenses

Michigan Collection Agency Manager License

Agency:Michigan Department of Licensing and Regulatory Affairs (LARA) - Bureau of Professional Licensing
Fact Checked:1/8/19

Initial Registration

Form:

Collection Agency Manager Application

Agency Fee:

$85

Fact Checked:1/8/19

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Annually by June 30.

Fact Checked:1/8/19

Reinstatement

Form:

Reinstatement Application

Agency Fee:

$35

Fact Checked:1/8/19

Michigan Individual Non-Resident Insurance Producer License

Agency:Michigan Department of Insurance and Financial Services
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No
Fact Checked:4/30/20

Initial Registration

Filing Method:

Online

Agency Fee:

$10

Fact Checked:4/30/20

Renewal Not Required

Not required



Non-Resident individual and business entity (agency) producer licenses are perpetual as long as the home state license remains active and in good standing.

Michigan Insurance Agent License

Agency:Michigan Department of Insurance and Financial Services

Initial Registration

This section applies to insurance agents that are applying for a license in Michigan for the first time.

Agency Fee:

From $10 to $110 depending on license type

Fact Checked:6/1/17

Learn about insurance licensing in other states:

Adjuster - A person or firm that is paid to adjust, investigate, and negotiate claim settlements. There are 3 categories of adjusters: company, independent, and public. Company adjusters work for insurance companies and investigate claims on behalf of the company. Independent adjusters investigate claims on a contractual basis for insurance companies. Public adjusters investigate claims on behalf of claimants, usually to determine the amount of money that can be claimed.

Agent in Charge - A licensed individual responsible for the supervision of all individuals within an insurance agency. The agent in charge must be licensed in the same lines as the agency.

Insurance Agent - Insurance agents act as intermediaries between the insurance company and policyholders. Agents can be either captive or independent. Captive agents represent a single insurance company, while independent agents represent multiple insurers.

Insurance Broker - Individuals who sell insurance policies while representing the interests of the buyer. Brokers are typically independent intermediaries without an insurance company affiliation.

Insurance Producer - May be used to refer to either individual insurance agents and brokers or insurance agencies and brokerages.

Managing General Agent - An agent or broker that is involved in underwriting and has other areas of authority normally handled by insurers. MGAs are typically involved in unusual lines of coverage or in geographically prohibitive areas.

Surplus Lines Insurer - An insurance carrier that takes on risks that a licensed carrier is unwilling to insure. Surplus lines insurers do not have access to state guaranty funds and are less tightly regulated by state governing bodies.

Third Party Administrator - An organization that manages group insurance policies and works with the employer and insurance carrier to process claims, handle loss control, and provide risk management and consulting services.

Title Agent - Title agents sell insurance that protects real estate owners against loss of ownership of a property due to a legal claim.

Viatical Settlement Provider - A company that purchases life insurance policies at a discount from individuals seeking immediately available funds.

Independent Insurance Agents and Brokers of America (Big “I”)
Advocacy group of independent insurance brokers and agents.

National Association of Insurance and Financial Advisors (NAIFA)
Professional association that advocates for favorable regulatory conditions for insurance agents and financial advisors.

National Association of Insurance Companies (NAIC)
A standard setting and regulatory support organization that is governed by state insurance regulators.

National Association of Professional Insurance Agents (PIA)
Professional association that provides education and advocacy for insurance agents throughout the United States.

National Insurance Producer Registry (NIPR)
An affiliate of the NAIC that provides streamlined and uniform producer licensing processes.

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