Michigan Compiled Laws § 500.2923 Agents Writing Insurance On Behalf Of Pool; Commissions; Losses.

500.2923 Agents writing insurance on behalf of pool; commissions; losses.

Sec. 2923.

(1) The pool, by its plan of operation, may provide that any agent licensed to write a kind of insurance included in the definition of basic property insurance or home insurance set forth in section 2901 on behalf of any participating member, may write that kind of insurance on behalf of the pool without obtaining an additional license to represent the pool.

(2) The pool, as part of its plan of operation, shall adopt reasonable and adequate commissions to be paid to agents who write and service policies on behalf of the pool.

(3) Losses incurred by an agent relative to policies written under the provisions of this chapter shall not be used by an insurer in determining the loss ratio of its agents.

History: Add. 1971, Act 74, Eff. Aug. 1, 1971 ;-- Am. 1979, Act 145, Eff. Mar. 1, 1980
Popular Name: Act 218
Popular Name: Essential Insurance

Section: Previous  500.2901  500.2910  500.2912  500.2920  500.2921  500.2923  500.2924  500.2925  500.2925a  500.2925b  500.2925c  500.2926-500.2929  500.2930  500.2930a  500.2931  Next

Last modified: October 10, 2016