{"id":1285,"date":"2013-06-26T02:41:49","date_gmt":"2013-06-26T02:41:49","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1285"},"modified":"2017-01-03T16:20:32","modified_gmt":"2017-01-03T16:20:32","slug":"michigan-premium-finance-company-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/michigan-premium-finance-company-bond\/","title":{"rendered":"Michigan Premium Finance Company Bond"},"content":{"rendered":"

A Michigan premium finance company bond<\/a><\/strong> is required along with certain capitalization minimums before the Department of Insurance will issue an insurance premium finance company license. \u00a0Pursuant to\u00a0\u00a7500.1502<\/a>, an \u201cinsurance premium finance company\u201d is defined as a person engaged in the business of entering into insurance premium finance agreements. \u00a0 \u201cInsurance premium finance agreement\u201d means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent in payment of premiums on an insurance contract together with a service charge. \u00a0The Michigan insurance premium finance company bond<\/strong>\u00a0is required by ALL parties engaged in these services except for insurance companies and banks chartered within the state. The license applicant must provide evidence to the Commissioner<\/a>\u00a0that he or she has paid-up capital and surplus of $50,000.00, if a corporation, or net worth if an individual or copartnership of $50,000.00 which must be maintained throughout the license period. The $10,000.00 Michigan premium finance company bond<\/a>\u00a0<\/strong>must run to the State Treasurer for the benefit of any or all borrowers, who may become creditors of the premium finance company. \u00a0The obligation is a very simple compliance form, stating that the licensee agrees not to directly or indirectly violate the provisions of P.A. 352 of 1968 and any amendments to the same. \u00a0The bond is not cumulative. \u00a0Although the surety bond states, “Surety is liable for any claims that accrue from the effective date of the bond until cancellation.”, there is limited language capping the aggregate at $10,000. \u00a0The Michigan insurance premium finance company surety bond<\/a><\/strong> may be canceled by surety by giving written notice to the Commissioner of Insurance at least sixty (60) days prior to the cancellation date. \u00a0In order to fully understand the nature of the obligation and surety’s full guarantee, a reading of the regulating statute is necessary. \u00a0The Department of Insurance and Financial Services website is an excellent source for instructions on preparation of the premium finance company license and bond applications, and contains a link to the statute for review. The contact for submission of the bond paperwork is DIFS – Consumer Finance, P.O. Box 30220, Lansing, MI \u00a048909.<\/p>\n

Michigan surety leader<\/strong>,\u00a0Surety One, Inc.<\/a>,\u00a0specializes in surety bonds for the insurance and financial services sector.\u00a0We offer terms to ALL applicants for this bond class regardless of temporary changes in applicant financial condition. \u00a0\u00a0We also offer broad\u00a0fidelity bond\u00a0coverages for finance company enterprises.\u00a0Visit\u00a0SuretyOne.com<\/a>, call\u00a0(787) 333-0222<\/span>\u00a0or\u00a0(800) 373-2804<\/span>, or email\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0Michigan premium finance company bond<\/strong>\u00a0application or information about\u00a0premium finance company bonding for any state where you wish to expand.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Michigan premium finance company bond is required along with certain capitalization minimums before the Department of Insurance will issue an insurance premium finance company license. \u00a0Pursuant to\u00a0\u00a7500.1502, an \u201cinsurance premium finance company\u201d is defined as a person engaged in… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1566,1568,1565,1567],"yoast_head":"\nMichigan Premium Finance Company Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/michigan-premium-finance-company-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Michigan Premium Finance Company Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"A Michigan premium finance company bond is required along with certain capitalization minimums before the Department of Insurance will issue an insurance premium finance company license. \u00a0Pursuant to\u00a0\u00a7500.1502, an \u201cinsurance premium finance company\u201d is defined as a person engaged in... 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