Effective 4/4/08, active producers holding Life will be granted a new variable annuities (includes variable life and variable annuities) qualification and this qualification will be available on the producer applications. A bulletin will be issued outlining the procedures and placed online as a Licensing Spotlight.

Resident applicants: As of 4/4/08, any resident producer applicant being issued the life line of authority will also be issued the VA line of authority. This new line is reflected on the FIS 0225 Online Application Individual Producer , FIS 0220 Michigan Application for Individual Resident Producer, and FIS 0202 Michigan Application for Resident Business Entity, with revision date 4/08.

Non-resident applicants: As of 4/4/08, any non-resident producer applicant who holds life and variable in their home state may apply for and be issued both lines in Michigan. Any non-resident producer applicant who holds variable life and/or variable annuities in their home state may apply for and be issued variable in Michigan. Any non-resident producer applicant from a state which issues life but does not issue variable may apply for and be issued VA in Michigan if they hold at least one active variable appointment in the home state. Until the NAIC uniform applications are revised, the individual completing the application should put a checkmark in the "V" box even though it is darkened.

Resident producers and agencies: On 4/4/08, the VA line of authority will be granted to any resident individual producers or agencies who hold an active life line of authority.

Non-resident producers and agencies: On 4/4/08, the VA line of authority will be granted to any non-resident individual producers or agencies with active variable contracts (VC) appointments.

FINRA Requirements:  A producer holding the variable annuities line of authority is responsible for assuring compliance with all federal and FINRA requirements prior to marketing variable products in Michigan.  When appointing a licensee for variable contracts, both the producer and the sponsoring insurer are certifying that all federal and FINRA conditions have been met. 

Appointments: They will continue to be referenced as VC appointments, as they are currently.

Licenses: New license documents are not being issued. A licensee may confirm the VA qualification online via the Licensee Locator or by requesting a duplicate license document, if needed.