Michigan Compiled Laws
218-1956-19 - Chapter 19 (500.1901...500.1955)
Section 500.1916 - Compensation of Licensee and Licensed Resident Agent; Collection of Premiums; Effect of Premium Payment Made to Agent.

Sec. 1916.
A licensee may be compensated by an unauthorized insurer and the licensee may compensate a licensed resident agent in this state for obtaining surplus lines insurance business. The licensed resident agent authorized by the licensee may collect a premium on behalf of a surplus lines licensee and, as between the insured and the licensee, the licensee shall be considered to have received the premium if the premium payment has been made to the agent.
History: Add. 1980, Act 341, Eff. June 23, 1981 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)

218-1956-19 - Chapter 19 (500.1901...500.1955)

Section 500.1901 - Short Title.

Section 500.1902 - Liberal Construction and Application.

Section 500.1903 - Definitions; Conflicting Provisions.

Section 500.1903a - Contract of Insurance.

Section 500.1904 - Rates and Forms Used by Unauthorized Insurers.

Section 500.1905 - License Required to Act as Agent or Broker in Transaction of Surplus Lines Insurance; Compliance; Requirements for Obtaining Surplus Lines License; Permissible Acts of Surplus Lines Licensee; Conditions to Placement of Insurance Wi...

Section 500.1906 - Books and Records of Surplus Lines Licensee; Examination; Access.

Section 500.1910 - Prohibited Placement of Insurance With Unauthorized Insurer; Rebuttable Presumption as to Availability of Coverages; List of Unavailable Lines of Insurance; Additions to or Deletions From List; Publication, Revision, and Availabili...

Section 500.1911 - Issuing Evidence of Placement of Insurance With Eligible Unauthorized Insurer; Conditions; Identification of Entities Directly Assuming Risk of Loss; Specifying Obligation as Joint or Several; Specifying Proportion of Obligation As...

Section 500.1912 - Delivery of Written Evidence of Insurance to Insured or Insured's Representative; Time; Conditions.

Section 500.1913 - Separate Account of Each Transaction; Filing Certified Evidence of Transactions.

Section 500.1915 - Charging Fees; Conditions; Excessive or Discriminatory Fee Prohibited; Documentation and Evidence of Disclosure of Fees; Exclusion of Fees in Computation of Premium Taxes.

Section 500.1916 - Compensation of Licensee and Licensed Resident Agent; Collection of Premiums; Effect of Premium Payment Made to Agent.

Section 500.1917 - Liability if Risk Assumed and Premium Received by Licensee.

Section 500.1920 - Recognition as Eligible Surplus Lines Insurer; Application; Recommendations; Conditions; Information; Examination; Removal of Insurer From List.

Section 500.1921 - Recognition as Eligible Unauthorized Insurer; Deposit; Trust Fund, Marketable Securities, or Equivalent Instruments; Provisions Inapplicable to Certain Unincorporated, Alien Insurers; Commissioner as Resident Agent for Service of P...

Section 500.1922 - Notice on Face of Instrument Evidencing Surplus Lines Insurance.

Section 500.1930 - Association of Licensees; Registration; Purposes; Required Filings by Association; Reasons for Refusal to Register Association; Reasons for Suspension or Revocation of Registration; Denial of Membership.

Section 500.1932 - Servicing Facility; Establishment; Reimbursement for Expenses and Payments; Functions; Approval; Member Licensee as Servicing Facility.

Section 500.1933 - Suits by or Against Association; Assertion or Defense of Rights.

Section 500.1934 - Filing Certified Audit of Books, Records, and Trust Funds.

Section 500.1940 - Reports and Recommendations Regarding Financial Condition of Eligible Unauthorized Insurer; Reports and Recommendations Not Considered Public Documents; Liability for Statements.

Section 500.1946 - Repealed. 2000, Act 486, Imd. Eff. Jan. 11, 2001.

Section 500.1950 - Placement of Insurance With Insurer Which Is Neither an Authorized Insurer nor an Eligible Unauthorized Insurer; Duties of Licensee.

Section 500.1951 - Procuring, Continuing, or Renewing Insurance With Unauthorized Insurer; Report; Tax on Premiums; Regulatory Fee.

Section 500.1952 - Violation as Misdemeanor; Penalty.

Section 500.1955 - Rules Implementing Chapter; Declaratory Rulings.