Michigan Finance Licensing
Licenses are typically required for individuals and businesses that provide finance industry services in the United States. This guide contains information about professional finance licensing in Michigan.
Company Licenses
Michigan Financial Services Company Licenses
Michigan Collection Agency License
Initial Registration
| Instructions: | Collection Agency Non-Owner Managed Licensing Guide or Collection Agency Owner Managed Licensing Guide |
| Filing Method: | |
| Agency Fee: | $475 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $375 |
| Due: | Triennially |
Amendment
| Filing Method: | |
| Agency Fee: | $10 |
| Due: | Within 30 days of a change to agency name or address. |
Amendment
| Filing Method: | |
| Agency Fee: | $10 |
Reinstatement
| Filing Method: | |
| Agency Fee: | $495 |
Supplemental Reporting
Annual Report of Business and Operations
| Form: | |
| Agency Fee: | $0 |
| Due: | Annually by May 16. |
Michigan Insurance Agency License
| Agency: | Michigan Department of Insurance and Financial Services |
| Foreign Qualification is Prerequisite: | Not Set |
| Exam Required? | Not Set |
| Registered Agent (Special Agency) Required? | Not Set |
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: | |
| Agency Fee: | Varies by insurance type. Baseline of $15 |
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: | |
| 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. |
Renewal Not Required
Not required
Michigan Producer License - Non-Resident
| Agency: | Michigan Department of Insurance and Financial Services |
| Foreign Qualification is Prerequisite: | Not Set |
| Exam Required? | Not Set |
| Registered Agent (Special Agency) Required? | Not Set |
Initial Registration
| Filing Method: | |
| Agency Fee: | $10 |
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 Resident Producer License
| Agency: | Michigan Department of Insurance and Financial Services |
| Foreign Qualification is Prerequisite: | Not Set |
| Exam Required? | Not Set |
| Registered Agent (Special Agency) Required? | Not Set |
Initial Registration
| Filing Method: | |
| Agency Fee: | $10 |
Renewal Not Required
Not required
Resident business entity (agency) licenses are not required to renew as long as the license remains active and in good standing.
Michigan Resident Surplus Lines License
| Agency: | Michigan Department of Insurance and Financial Services |
| Foreign Qualification is Prerequisite: | Not Set |
| Exam Required? | Not Set |
| Registered Agent (Special Agency) Required? | Not Set |
Initial Registration
| Filing Method: | |
| Agency Fee: | $110 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $100 |
| Due: | Annually by March 31. |
Michigan Surplus Lines License - Non-Resident
| Agency: | Michigan Department of Insurance and Financial Services |
| Foreign Qualification is Prerequisite: | Not Set |
| Exam Required? | Not Set |
| Registered Agent (Special Agency) Required? | Not Set |
Initial Registration
| Filing Method: | |
| Agency Fee: | $110 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $100 |
| Due: | Annually by March 31. |
Michigan Third Party Administrator License
| Agency: | Michigan Department of Insurance and Financial Services |
| Foreign Qualification is Prerequisite: | No |
| Notes: | See checlkist here. |
| Exam Required? | Not Set |
| Registered Agent (Special Agency) Required? | No |
Initial Registration
| Form: | |
| Filing Method: | |
| Agency Fee: | $200 application fee + $25 ceritficate fee + $25 financial statement review fee |
| Required Attachments: | Third Party Administrator Application for Certifcate of Authority, Financial Statement, Consent to Service, Affiliation Statement, Article of Incorporation, other official filinjg, Bylaws or operating agreement of the TPA, chart showing all of TPA applicants controlling subsidiary entities, current organization chart, verification of TPA applicant's owners' respective ownership, copy of sample serice contract, and fee proccessing card. |
Registration Renewal
| Instructions: | In January, an invoice in the amount of $25.00, along with annual statement filing instructions, are emailed to the contact person on file for each TPA. |
| Filing Method: | Email DIFS-Licensing@michigan.gov |
| Agency Fee: | $25 |
| Law: | |
| Penalties: | Failure to file, late filing, or incorrect payment will result in a penalty, including termination of your certificate of authority as a TPA. If concerns result from review of the annual statement filing, DIFS staff will contact the TPA regarding those concerns and how they can be eliminated. The Certificate of Authority is perpetual as long as the TPA is compliant with the TPA Act. |
| Required Attachments: | FIS 0850 Financial Statement for Third Party Administrators FIS 0865 Third Party Administrator Jurat Page for Annual Renewal
|
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.
Individual Licenses
Michigan Individual Financial Services Licenses
Michigan Collection Agency Manager License
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $185 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $150 |
| Due: | Triennially |
Reinstatement
| Filing Method: | |
| Agency Fee: | $205 |
Michigan Counselor License - Non-Resident
| Agency: | Michigan Department of Insurance and Financial Services |
| Foreign Qualification is Prerequisite: | Not Set |
| Exam Required? | Not Set |
| Registered Agent (Special Agency) Required? | Not Set |
Initial Registration
| Filing Method: | |
| Agency Fee: | $20 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $10 |
| Due: | Annually by March 31. |
Michigan Individual Non-Resident Insurance Producer License
| Agency: | Michigan Department of Insurance and Financial Services |
| Foreign Qualification is Prerequisite: | Not Set |
| Exam Required? | Not Set |
| Registered Agent (Special Agency) Required? | Not Set |
Initial Registration
| Filing Method: | |
| Agency Fee: | $10 |
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 |
| Foreign Qualification is Prerequisite: | Not Set |
| Exam Required? | Not Set |
| Registered Agent (Special Agency) Required? | Not Set |
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 |
Michigan Resident Counselor License
| Agency: | Michigan Department of Insurance and Financial Services |
| Foreign Qualification is Prerequisite: | Not Set |
| Exam Required? | Not Set |
| Registered Agent (Special Agency) Required? | Not Set |
Initial Registration
| Filing Method: | |
| Agency Fee: | $20 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $10 |
| Due: | Annually by March 31. |
Michigan Surplus Lines Producer - Nonresident
Initial Registration
| Filing Method: | |
| Agency Fee: | $110 application/license fee + $6.18 transaction fee = 116.18 |
| Notes: | An application is good for six months from the date it was entered into the Department of Insurance and Financial Regulation (DIFS) database. |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $100 renewal fee + $5.00 NIPR service fee = 105 |
| Due: | Annually by March 31. The window opens February 1. |
| Law: | |
| Notes: | The non-resident Surplus Lines licensee must comply with his/her home state continuing education requirements and remain in good standing. The status of the license may be verified on the NAIC Producer Database (PDB). If the pre-empting Property and Casualty or Accident and Health license is inactivated for any reason, the Surplus Lines license will be inactivated |
Michigan Surplus Lines Producer - Resident
Initial Registration
| Filing Method: | |
| Agency Fee: | $110 application/license fee + $6.18 transaction fee = 116.18 |
| Notes: |
|
Registration Renewal
| Filing Method: | |
| Agency Fee: | $100 renewal fee + $5.00 NIPR service fee = 105 |
| Due: | Annually by March 31. The window opens February 1. |
Explore 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.
