What are the responsibilities of an Authorized Insurer Sponsor?
Accept full responsibility for the temporary producer’s actions while under its supervision and the Sponsoring Insurer will be held accountable for any misconduct or violation of the Michigan Insurance Code or related regulation committed by the temporary 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.
Shall submit an electronic appointment for the temporary producer upon notice from DIFS that the temporary license has been issued.
Must maintain a record of all producers operating under a temporary license and business transacted by each temporary producer being sponsored.
Must immediately give written notice to the Director if the temporary producer’s appointment is terminated.
Immediately give written notice to the Director if the temporary producer is no longer under sponsoring insurer’s direct supervision.
Ensure that the temporary producer will limit their producer activities to the state of Michigan only and will ensure sales activities and training are coordinated by a licensed insurance producer in good standing with DIFS or where applicable, a FINRA-licensed registered principal.
Sign and submit the FIS 2352 Michigan Authorized Insurer Sponsor Affidavit.