Mich. Admin. Code R. 500.3

Current through Vol. 24-21, December 1, 2024

Section R. 500.3 - Property , casualty, or personal lines insurance producers and solicitors; curriculum and final examination requirements

Rule 3.

(1) To qualify as a registered insurance producer/solicitor program of study on the subjects of property or casualty insurance, a course must provide a minimum of 20 hours of instruction for a property program, 20 hours of instruction for a casualty program, 20 hours of instruction for a personal lines program, or 40 hours of instruction for a program of study combining property and casualty curricula.

(2) The 20 hours of instruction and final examination for a property program must include all of the following areas, but may be taught in any order or combination the instructor chooses:

(a) Fourteen hours on the principles of property insurance, including the following subjects and their definitions, characteristics, and application:

(i) Fire insurance.

(ii) General property form.

(iii) Home insurance.

(iv) Personal and commercial automobile insurance.

(v) Inland marine insurance.

(vi) Commercial package policies.

(vii) Boiler and machinery insurance.

(viii) Rates and rate changes, including coinsurance.

(ix) Business interruption insurance.

(b) Six hours on professional ethics and the requirements of the insurance laws of Michigan, including, but not limited to, the following chapters of the Michigan insurance code:

(i) Chapter 12 of the code, MCL 500.1200 to 500.1247.

(ii) Chapter 20 of the code, MCL 500.2001 to 500.2093.

(iii) Chapter 21 of the code, MCL 500.2101 to 500.2131.

(iv) Chapter 31 of the code, MCL 500.3101 to 500.3179.

(v) Chapter 45 of the code, MCL 500.4501 to 500.4511.

(3) The 20 hours of instruction and final examination for a casualty program must include all of the following areas, but may be taught in any order or combination the instructor chooses:

(a) Fourteen hours on the principles of liability insurance, including the following subjects and their definitions, characteristics, and application:

(i) Basic principles of liability.

(ii) On-premises insurance.

(iii) Off-premises insurance.

(iv) Products and completed operations insurance.

(v) Contractual liability insurance.

(vi) Comprehensive general liability insurance.

(vii) Personal liability insurance as contained in home, auto, and personal umbrella policies.

(viii) Workers' compensation insurance.

(b) Six hours on professional ethics and the requirements of the insurance laws of Michigan, including, but not limited to, the following chapters of the Michigan insurance code:

(i) Chapter 12 of the code, MCL 500.1200 to 500.1247.

(ii) Chapter 20 of the code, MCL 500.2001 to 500.2093.

(iii) Chapter 21 of the code, MCL 500.2101 to 500.2131.

(iv) Chapter 31 of the code, MCL 500.3101 to 500.3179.

(v) Chapter 45 of the code, MCL 500.4501 to 500.4511.

(4) The 40 hours of instruction and final examination for a combined property and casualty program must include all of the following areas, but may be taught in any order or combination the instructor chooses:

(a) Thirty-four hours on all of the topics listed in subrules (2)(a) and (3)(a) of this rule.

(b) Six hours on the topics listed in subrule (3)(b) of this rule.

(5) A program of study completed under subrule (4) of this rule satisfies the program of study requirements for personal lines producers and solicitors.

Mich. Admin. Code R. 500.3

1988 AACS; 2020 MR 23, Eff. 12/12/2019