What Fees Can Insurance Agents Charge in Michigan
Insurance producers are not allowed to charge or pass a
service fee to consumers for insurance policies sold in the admitted market.
Michigan is a non-broker state; therefore, insurance producers act as agents on
behalf of their insurance companies instead of their clients.
The only exception applies to licensed surplus lines
producers who may charge a fee not exceeding the statutory limit for surplus
lines policies only.
Here is the link to a document on the Michigan rules...
https://www.michigan.gov/documents/difs/Market_Conduct_Agency_Audit_News_2017_560214_7.pdf
No comments:
Post a Comment