Licensing Requirements: Surplus lines brokers are required to be licensed under Michigan law. Mich. Comp. Laws § 500.1905; Surplus Lines Coverage FAQs. To be eligible for a resident surplus lines
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. An agent shall be a
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Agents may charge a fee in addition to receiving
A written agreement for counseling services must set out the amount of fee and work to be performed. The agreement must also state that the fee cannot be waived, and
What entities are covered? “[A] person or agency that owns or licenses data that are included in a database that discovers a security breach, or receives notice of a security
