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Marketing Essentials: The Deca Connection1st EditionCarl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese 1,600 solutions An insurer may cancel a producer appointment "for cause" by notifying the commissioner in writing of the termination within 30 days following the effective date. The termination must be one or more of the reasons listed in Section 1239 of the Michigan Insurance Code, MCL 500.1239, or the insurer has knowledge that the producer was found by a legal regulatory agency or organization (court, government, self-regulatory organization) to have engaged in any of the activities listed in this section of the code. Information reported by the insurer will be absent of malice. If malice is determined by a court, after a notice of hearing, the commissioner may take regulatory action to suspend, revoke and/or fine the insurer. Within 15 days after notification to the commissioner, the insurer will notify the producer by certified mail, return receipt, or by overnight delivery service. All mailing costs are pre-paid by the insurer. Within 30 days, the producer may simultaneously file written comments with the commissioner and the insurer, concerning the termination notification. All information submitted by the insurer will become part of the producer's file held by the commissioner; upon request, the insurer will submit additional written documentation pertaining to the termination. All documentation must be clearly stamped "confidential", and is not subject to the Freedom of Information Act, subpoena, discovery, or admissible in evidence in any private civil action. The commissioner is authorized to use the submitted information in the furtherance of any regulatory action, and may share the information with the NAIC via the NIPR gateway and PDB, and other regulatory agencies upon agreement that the information will remain confidential. No waiver of privilege or confidentiality will be signed by the commissioner upon disclosure due to receipt of the information or other documents. A termination for cause will appear on the Insurance Licensee Locator as a cancellation of appointment. Appointments and TerminationsAppointments are required of those producers or business entities who are acting in the capacity of an "agent of the insurer." Electronic notification of appointment/termination will be sent to the business partner submitting the information. An agent of the insurer is any insurance producer who is compensated directly or indirectly by an insurer and sells, solicits or negotiates any insurance product of that insurer. An agent of the insurer must hold an appointment with that insurer. An agent of the insured is any insurance producer or person who secures compensation from an insured or insurance customer only and receives no compensation directly or indirectly from an insurer for a transaction with that insured or insurance customer. An agent of the insured is not required to hold an appointment with the insurer with which coverage is placed on behalf of the insured. An insurer must appoint a producer or business entity as its agent within fifteen (15) days from the date the agency contract is executed, or the first insurance application is submitted to the insurance company by the producer or business entity. The termination of a producer's final appointment will not terminate that producer's license. The producer may not act as an agent of an insurer until he/she is appointed by that insurer. Appointments become effective the day they are processed by the Division. All appointments are renewed on an annual basis. The division processes all appointments and terminations through March 31 of each year. Each insurer is provided with a list of all appointed producers along with a billing statement which is due back to the Division of Insurance by April 30 or appointments will terminate. New and renewal appointment fees are $10 for resident producers and $20 for non-resident producers. Appointments may be terminated by electronic appointment termination through the National Association of Insurance Commissioners (NAIC) Producer Information Network (PIN) or Sircon (Vertafore). Insurers must provide the Division with a reason for the termination. Insurers are required to notify the producer within fifteen (15) days of the date a notice of appointment termination is sent to the Division of Insurance. return to Topics list Contact the Division of Insurance |
Who is required to notify the Commissioner in the event of a producers appointment termination
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