MI HB5901

Resident individuals applying for an insurance producer license must pass a written examination unless exempt under section 1206b.

Applicants must complete a registered program of study and file a certificate of completion with the commissioner, with the course completed no more than 12 months before the examination application is received.

Examination may be waived for applicants who: apply for a limited license, were licensed as a producer within the preceding 12 months, hold specified professional insurance designations, or have an associate's, bachelor's, or master's degree with an insurance concentration.

The producer licensing examination must be entry-level, fair, non-discriminatory, and have a targeted pass rate of 70%; if the annual pass rate falls below 70%, the commissioner must review the examination and report findings to the legislature by the first quarter of the following calendar year.

Applicants must remit a nonrefundable examination fee as prescribed in section 240, and individuals who fail to appear or do not pass must reapply and pay all required fees to be rescheduled.