Michigan Administrative Code
Department - Insurance and Financial Services
Insurance
Life Insurance Contracts On Variable Basis
Section R. 500.866 - Qualification of agents for the sale of variable life insurance
Current through Vol. 24-04, March 15, 2024
Rule 26. The following apply to qualifications of agents for the sale of variable life insurance:
(a) No person shall sell or offer for sale in this state any variable life insurance policy unless such person is an agent and has filed with the commissioner, in a form satisfactory to the commissioner, evidence that such person holds any license or authorization which may be required for the solicitation or sale of variable life insurance by any federal or state securities law.
(b) Any examination conducted by the commissioner for the purpose of determining the eligibility of any person for licensing as an agent shall, after the effective date of these rules, include such questions concerning the history, purpose, regulation, and sale of variable life insurance as the commissioner deems appropriate.
(c) Any person qualified in this state under this rule to sell or offer to sell variable life insurance shall immediately report to the commissioner all of the following:
(d) The commissioner may reject any application or suspend or revoke or refuse to renew any agent's qualification under this rule to sell or offer to sell variable life insurance upon any ground that would bar such applicant or such agent from being licensed to sell other life insurance contracts in this state. The rules governing any proceeding relating to the suspension or revocation of an agent's license shall also govern any proceeding for suspension or revocation of an agent's qualification to sell or offer to sell variable life insurance.