

MI Insurance Regulations
Flashcard
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Other
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Vocational training
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Practice Problem
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Easy
trish kamer
Used 1+ times
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28 questions
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1.
FLASHCARD QUESTION
Front
DIFS
Back
(MI) Department of Insurance & Financial Services-oversees all insurance in MI
2.
FLASHCARD QUESTION
Front
DIRECTOR OF INSURANCE
Back
CEO of DIFS (each state has own director, all part of NAIC National Association of Insurance Commissioners). 1. Direct DIFS 2. Create rules to enforce insurance laws in MI 3. Can investigate anyone in insurance
3.
FLASHCARD QUESTION
Front
DIRECTOR OF INSURANCE DUTIES
Back
hold hearings, levy fines, suspend a license, issue cease & desist (stop activity danger to public), issue subpoena (not enforce), refer criminal activity to AG
4.
FLASHCARD QUESTION
Front
TRANSACTING INSURANCE
Back
soliciting, negotiating, selling insurance-receiving commission
5.
FLASHCARD QUESTION
Front
(BECOME) RESIDENT PRODUCTER
Back
at least 18, pre-licensing course & pass exam within 1 year, apply for license through National Insurance Producer Registry (NIPR), pay application fee, pass exam, no acts for denial/suspension/revocation of license, reside in MI (not necessarily US citizen)
6.
FLASHCARD QUESTION
Front
AGENCY (Business entity license)
Back
act as insurance producer-complete application, pay fee, name individual with resident producer license as DRLP (designated responsible licensed producer)
7.
FLASHCARD QUESTION
Front
RESIDENT PRODUCER LICENSE
Back
only one allowed-if move to MI, show licensed and apply within 90 days of terminating other license-then apply for non-resident producer license in other states (no course, fee, exam)
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