What are the responsibilities of a Resident Business Entity Producer sponsor?
The Designated Responsible Licensed Producer (DRLP) that signs the FIS 2353 Michigan Licensed Business Entity Producer Sponsor Affidavit must maintain his or her individual resident producer license in good standing.
The business entity producer must maintain its license in good standing with DIFS.
The business entity producer is responsible for ensuring that the scope of the temporary producer’s duties will not exceed the authority granted through issuance of the temporary license.
Ensure the temporary producer will only sell, solicit, or negotiate on behalf of insurers with which they hold an appointment and, if that appointment is terminated, the business entity producer will immediately notify the Director.
Ensure that the temporary producer continues to meet the requirements for the temporary license, including maintaining an insurer appointment.
Give written notice to the Director, immediately, if the temporary producer is no longer under its direct supervision.
The business entity producer accepts full responsibility for the temporary producer’s actions while under its supervision and will be held accountable for any misconduct or violation of the Michigan Insurance Code or related regulation committed by the temporary producer.
Sign and submit the FIS 2353 Michigan Licensed Business Entity Producer Sponsor Affidavit.