Sec. 1204a.
(1) To qualify as a registered insurance agent program of study, the program of study shall meet all of the following criteria:
(a) Be conducted through an educational institution offering home study courses that has been in existence for not less than 5 years, by an insurance trade association, by an authorized insurer as provided in subsection (2), or by an educational institution listed in the state board of education directory of institutions of higher learning.
(b) Except as provided in subsection (2), provide for a minimum number of hours of classroom instruction or its equivalent in home study or online courses as follows:
(i) For a program of study for health insurance producers, 20 hours of instruction.
(ii) For a program of study for life insurance producers, 20 hours of instruction.
(iii) For a combined program of study for life and health insurance producers, 40 hours of instruction.
(iv) For a program of study for property insurance producers and solicitors, 20 hours of instruction.
(v) For a program of study for casualty insurance producers and solicitors, 20 hours of instruction.
(vi) For a program of study for personal lines producers, 20 hours of instruction.
(vii) For a program of study for property and casualty producers and solicitors, 40 hours of instruction. A program of study completed under this subparagraph satisfies the program of study requirements for personal lines producers and solicitors.
(c) Include instruction in ethical practices in the marketing and selling of insurance.
(d) Instruction shall be given only by individuals who meet the qualifications required by the commissioner. The commissioner, after consulting the insurance agent education advisory council, shall promulgate rules prescribing the criteria that must be met by a person in order to render instruction in a registered insurance agent program of study.
(2) An authorized insurer may conduct that portion of the minimum number of hours of instruction under subsection (1) as the commissioner considers appropriate. Any combination of classroom, online, or self-study hours may be used in satisfying the minimum number of hours of instruction under subsection (1).
(3) The commissioner shall promulgate rules prescribing the subject matter that a program of study must possess to qualify for registration under this section.
(4) The commissioner may make recommendations for improvements in course materials as considered necessary by the commissioner. The commissioner may, after notice and opportunity for a hearing, withdraw the registration of a program of study that does not maintain reasonable standards as determined by the commissioner for the protection of the public.
History: Add. 1986, Act 173, Imd. Eff. July 7, 1986 ;-- Am. 1987, Act 64, Imd. Eff. June 25, 1987 ;-- Am. 2006, Act 442, Imd. Eff. Oct. 19, 2006 ;-- Am. 2008, Act 575, Eff. July 16, 2009
Popular Name: Act 218
Last modified: October 10, 2016