Michigan Compiled Laws
218-1956-12 - Chapter 12 Agents, Solicitors, Adjusters, and Counselors (500.1200...500.1247)
Section 500.1216 - Solicitor as Fiduciary; Accounting Methods; Examination of Records; Remuneration of Person Acting as Agent or Solicitor.

Sec. 1216.
(1) A solicitor shall be a fiduciary for all moneys received or held by him in his capacity as a solicitor. Failure by a solicitor in a timely manner to turn over the moneys which he holds in a fiduciary capacity to the persons to whom they are owed is prima facie evidence of violation of the solicitor's fiduciary responsibility.
(2) A solicitor shall use reasonable accounting methods to record funds received in his fiduciary capacity. The records required by this section shall be open to examination by the commissioner.
(3) A solicitor shall not reward or remunerate a person for procuring or inducing business in this state, furnishing leads or prospects or acting in any other manner as an agent or solicitor.
History: Add. 1972, Act 133, Eff. Mar. 30, 1973 Popular Name: Act 218

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 500 - Insurance Code of 1956

Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)

218-1956-12 - Chapter 12 Agents, Solicitors, Adjusters, and Counselors (500.1200...500.1247)

Section 500.1200 - “Good Moral Character” Defined.

Section 500.1201 - Definitions.

Section 500.1201a - Sale, Solicitation, or Negotiation of Insurance; License Required; Applicability to Excess and Surplus Lines Agents and Brokers.

Section 500.1202 - Insurance Producer License; Definitions.

Section 500.1203 - Authority of Insurance Producer for Fraternal Benefit Society; Authority of Attorney-in-Fact of Reciprocal or Inter-Insurance Exchange.

Section 500.1204 - Applicant for Insurance Producer License; Examination; Registered Program of Study; Waiver of Examination or Program of Study Requirements; Administration of Examinations; Fee; Reapplication.

Section 500.1204a - Qualification as Registered Insurance Producer Program of Study; Criteria; Conducting Portion of Minimum Number of Classroom Hours of Instruction; Rules; Recommendations for Improvements in Course Materials; Failure to Maintain Re...

Section 500.1204b - Repealed. 2017, Act 67, Imd. Eff. June 30, 2017.

Section 500.1204c - Insurance Producer's Hours of Study; Review; Continuing Education Requirements; Program of Study; Approval; Fee; Hearing; Revocation; Filing Certificate of Attendance or Instruction; Waiver; Reciprocal Agreements; Fees; Grace Peri...

Section 500.1204d - Continuing Education Fund; Creation; Administration; Disposition and Reversion of Funds; Funding of Shortfall.

Section 500.1204e - Nonresident License Applicant; Requirements.

Section 500.1204f - Long-Term Care Insurance; Requirements for Sale, Solicitation, or Negotiation by Individual; Delivery or Issuance by Insurer; 1-Time Training Course; Requirements.

Section 500.1205 - Resident Insurance Producer License; Filing; Application; Statement; Requirements; Business Entity; Verification of Information; Limited Line Credit Insurance.

Section 500.1206 - Insurance Producer License; Issuance; Qualification in Line of Insurance; Duration; Reinstatement; Contents of License; Change of Name or Address; Ministerial Functions.

Section 500.1206a - Nonresident Insurance Producer License; Requirements; Verification of Status; Change of Address; Nonresident Surplus Lines Insurance Producer License; Nonresident Limited Lines Insurance Producer.

Section 500.1206b - Nonresident Insurance Producer License; Prelicensing Education or Examination; Exemption; Application as Resident Licensee.

Section 500.1206c - Life and Health Insurance Producer Examinations; Summary of Statistical Information; Report.

Section 500.1207 - Agent as Fiduciary; Accounting Methods; Examination of Records; Remuneration of Person Acting as Agent; Placing Refused Coverage; Use of Intimidation, Threats, or Unlawful Inducements; Agent as Party to Contract.

Section 500.1208 - Insurance Effected by Agent on Certain Risks; Limitation.

Section 500.1208a - Appointment of Producer as Agent; Notice of Appointment; Filing; Verification of Eligibility; Fee.

Section 500.1208b - Termination of Business Relationship With Insurance Producer; Notice to Commissioner; Format; Liability for Disclosure of Information or Statement.

Section 500.1209 - Termination of Insurance Producer's Authority to Represent Insurer; Responsibility and Authority of Insurance Producer Following Notice of Termination; Exceptions; Condition of Insurer's Authority to Transact Business in State; Con...

Section 500.1210 - Accident and Health Insurance Agent as Health Benefit Agent.

Section 500.1211 - Solicitation and Collection on Behalf of Licensed Insurance Producer; Authorization; Contract; Agent of the Insured; Agent of the Insurer.

Section 500.1211a - Assumed Name; Use.

Section 500.1211b - Temporary License.

Section 500.1212 - Persons Acting as Solicitors; Contract With Agent; License; Notice of Appointment.

Section 500.1214 - Solicitor; Application for License and Notice of Appointment; Forms; Examination Required; Program of Study as Condition to Examination; Waiver of Examination or Program of Study; Investigations and Interrogatories; Decision; Issua...

Section 500.1216 - Solicitor as Fiduciary; Accounting Methods; Examination of Records; Remuneration of Person Acting as Agent or Solicitor.

Section 500.1218 - Termination of Solicitor's Authority to Represent Agent; Notice; Disclosure; Liability of Agent.

Section 500.1222 - Adjuster's License Required; Exemptions.

Section 500.1224 - Adjuster; Application for License; Forms; Examination; Investigations and Interrogatories; Waiver; Decision; Issuance of License; Qualifications; Additional Restrictions; Licenses to Certain Persons Prohibited; "Home State" Defined...

Section 500.1226 - Persons Aiding Adjuster; Representation by Adjuster; Procedure for Soliciting Loss; Schedule of Rates; Limitation on Charges; Contract.

Section 500.1227 - Conduct of Adjuster; Prohibitions.

Section 500.1228 - Records of Adjuster.

Section 500.1232 - Insurance Counselor; License Required; Use of Designation “Certified Insurance Counselor” or “Fraternal Insurance Counselor”; Exceptions.

Section 500.1234 - Insurance Counselor; Application for License; Forms; Examination; Investigations and Interrogatories; Decision; Issuance of License; Qualifications.

Section 500.1236 - Written Agreement Between Insurance Counselor and Client.

Section 500.1238 - Reporting Mailing and Electronic Mail Address of Agent, Solicitor, Counselor, or Adjuster; Notice of Change in Address; Maintaining Address on File; Mailing of Notice of Hearing or Process.

Section 500.1239 - Probation, Suspension, or Revocation of Insurance Producer's License; Refusal to Issue or Reissue; Causes; Civil Fine; Notice of License Denial; Hearing; License of Business Entity; Penalties and Remedies.

Section 500.1240 - Payment or Acceptance of Commission, Service Fee, or Valuable Consideration.

Section 500.1242 - Refusal, Suspension, or Revocation of License; Notice; Hearings; Summary Suspension; Subpoenas.

Section 500.1243 - Definitions; Sale of Insurance by Lender.

Section 500.1244 - Violation of Chapter; Hearing; Serving Copy of Findings and Cease and Desist Order; Additional Orders; Reopening, Altering, Modifying, or Setting Aside Order; Violation of Cease and Desist Order; Notice and Hearing; Civil Fine; Sus...

Section 500.1246 - Confidentiality; Use of Documents, Materials, or Other Information.

Section 500.1247 - Report of Administrative Action.