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Charge fee in addition to or in lieu of collecting commissions?
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Specific Disclosures or written agreements required to charge fees to a client?
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Admin fees for insurance placement?
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Charges for services unrelated to the placement of insurance?
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Additional licensing required?
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Agents may charge a fee in addition to or in lieu of receiving a commission for insurance placement. Agents may also charge a fee for counseling services. Mich. Comp. Laws Ann. § 500.1232; Mich. Comp. Laws Ann. § 500.1236; Mich. Comp. Laws Ann. §
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Yes. A written agreement for counseling services must set out the amount of fee and work to be performed. The agreement must also state that the fee cannot be waived, and that a commission will be received for insurance placed as an agent. Mich. Comp. Laws Ann. § 500.1236.
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Yes, see fees in lieu of commissions
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Yes, see fees in lieu of commissions
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Insurance agents that offer services in addition to the “customary advice offered by a licensed insurance agent” are required to be licensed as insurance counselors. Mich. Comp. Laws Ann. § 500.1232
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