Under Section 500.1503(2) of the Michigan Insurance Code (Code), being MCL 500.1503(2), an insurance premium finance company (PFC) license must be renewed each year as of April 1.
Each February, an invoice in the amount of $200.00, along with renewal instructions, will be emailed to the contact person on file for each licensed PFC.
The following items must be submitted in addition to the payment:
- FIS 0854 – Annual Statement for Insurance Premium Finance Company
- FIS 0855 – Premium Finance Company Balance Sheet
- Independent audited financial statements along with an opinion prepared by a Certified Public Accountant (CPA) may be submitted in lieu of pages 1 and 2. Page 3 must accompany the independent audited financial statements.
The completed forms may be emailed to DIFS-LicensingORE@michigan.gov. All required documentation and payment must be received by DIFS by the April 1 renewal deadline. Failure to submit a renewal, late submission of a renewal, or submission of an incorrect payment may result in penalties, including termination of the PFC license.
Note: A PFC license remains in effect subject to compliance with the annual renewal requirements and other applicable provisions of the Code.