50-State Financial Services Licensing Compliance Guide
An overhead view of a laptop and calculator

Michigan Finance Licensing

Someone pointing to a stock chart displayed on a laptop

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.

Filter LicensesClear Filters
Company Licenses
(1)
(1)
(2)
(2)
(1)
(1)
Individual Licenses
(1)
(4)
(1)
(1)
(5)
(3)

Company Licenses

Michigan Financial Services Company Licenses

Michigan Collection Agency License

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

MCL § 339.904

Foreign Qualification is Prerequisite:Not Set
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.

Exam Required?Not Set
Registered Agent (Special Agency) Required?Not Set

Registration Renewal

Filing Method:

Online

Agency Fee:

$375

Due:

Triennially

Amendment

Filing Method:

Online

Agency Fee:

$10

Due:

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

Amendment

Filing Method:

Online

Agency Fee:

$10

Reinstatement

Filing Method:

Online

Agency Fee:

$495

Supplemental Reporting
Annual Report of Business and Operations

Form:

Annual Report of Business and Operations

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:

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

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:

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.

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:

Online

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:

Online

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:

Online

Agency Fee:

$110

Registration Renewal

Filing Method:

Online

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:

Online

Agency Fee:

$110

Registration Renewal

Filing Method:

Online

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:

TPA Registration Application Procedures 

Filing Method:

Mail 

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:

MCL 550.936

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

Agency:Michigan Department of Licensing and Regulatory Affairs (LARA) - Bureau of Professional Licensing
Foreign Qualification is Prerequisite:Not Set
Exam Required?Not Set
Registered Agent (Special Agency) Required?Not Set

Initial Registration

Instructions:

Collection Agency Non-Owner Manager Licensing Guide

Filing Method:

Online

Agency Fee:

$185

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Triennially

Reinstatement

Filing Method:

Online

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:

Online

Agency Fee:

$20

Registration Renewal

Filing Method:

Online

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:

Online

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 Non-Resident Adjuster for Insured 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:

Online

Agency Fee:

$15

Michigan Non-Resident Insurance Adjuster 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:

Online

Agency Fee:

$15

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:

Online

Agency Fee:

$10

Renewal Not Required

Not required



Michigan Resident Adjuster for Insured 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:

Online

Agency Fee:

$15

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:

Online

Agency Fee:

$20

Registration Renewal

Filing Method:

Online

Agency Fee:

$10

Due:

Annually by March 31.

Michigan Resident Insurance Adjuster 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:

Online

Agency Fee:

$15

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:

Online

Agency Fee:

$10

Renewal Not Required

Not required



Michigan Solicitor 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:

Online

Agency Fee:

$20

Michigan Solicitor License - 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:

Online

Agency Fee:

$20

Michigan Surplus Lines Producer - Nonresident

Agency:Michigan Department of Insurance and Financial Services
Foreign Qualification is Prerequisite:No
Exam Required?Not Set
Registered Agent (Special Agency) Required?No
Requirement Notes:

Only a person licensed for Surplus Lines in his or her home state may obtain a Michigan Non-resident Surplus Lines license.


It is further required that the individual hold an active Michigan non-resident property and casualty producer license as a  prerequisite to the Surplus Lines license. 


The property and casualty producer license may be applied for prior to applying for the Non-resident Surplus Lines license or done simultaneously.

Initial Registration

Filing Method:

Online

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:

Online

Agency Fee:

$100 renewal fee + $5.00 NIPR service fee = 105

Due:

Annually by March 31. The window opens February 1. 

Law:

 MCL 500.240(1)(i)

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

Agency:Michigan Department of Insurance and Financial Services
Foreign Qualification is Prerequisite:No
Exam Required?Not Set
Registered Agent (Special Agency) Required?No
Requirement Notes:

Only a person licensed for Surplus Lines may solicit insurance, or bind coverage, or in any other manner act as an agent or broker in the transaction of surplus lines insurance pursuant to Chapter 12 and Chapter 19 of the Michigan Insurance Code.


To be eligible for a resident Surplus Lines license, an individual must hold an active property and casualty producer license as a prerequisite to the Surplus Lines license.

Initial Registration

Filing Method:

Online

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.
  • You must successful complete the Surplus Lines examination. If the examination is not passed within six months, the applicant must submit a new license application, fee, and reschedule their examination. Visit our Examination Information page for information specific to the examination.

Registration Renewal

Filing Method:

Online

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.

Financial Services License Service  Need help with your licensing? We help finance professionals manage their  licenses and registrations. Learn More. View License Services