The Michigan Insurance Premium Finance Company Corporate Bond is required by the Department of Insurance and Financial Services in the amount of $10,000. The bond states that the bondholder agrees not to, directly or indirectly, or by his employee or agent, violate the provisions of P.A. 352 of 1968, as amended. The bond assures the state of Michigan that the company will conduct their business professionally and that should any violation be made, anyone who suffers a loss will be properly reimbursed.
What requirements need to be fulfilled?
The following forms must be completed, along with a cover letter to the DIFS Insurance Licensing Division.
- Premium Finance Company License Fee Card
- Annual Statement for Insurance Premium Finance Company
- Premium Finance Company Balance Sheet
- Application for Insurance Premium Finance Company License
- Statement of Owners, Officers, and Directors of a Premium Finance Company
- Insurance Premium Finance Company Corporate Surety Bond
Why should I get my Michigan Insurance Premium Finance Company Bond at Surety1?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.