Showing posts with label michigan insurance agency fees. Show all posts
Showing posts with label michigan insurance agency fees. Show all posts

Monday, August 6, 2018

Insurance Agency Fees in Michigan

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