Michigan Gets Producer Licensing Law
By E.E. Mazier
NU Online News Service, Jan. 7, 9:44 a.m. EST? A new insurance producer licensing law will take effect in Michigan on March 1.
Designed to meet the reciprocity requirements of the federal Gramm-Leach-Bliley Act, the measure was signed by Gov. John Engler on Jan. 2.
The law's language follows the Model Uniform Insurance Producer Licensing Act of the National Association of Insurance Commissioners.
Laura Kotelman, counsel for the National Association of Independent Insurers, based in Des Plaines, Ill., noted that the move makes Michigan the 40th state to enact laws or to adopt regulations to address GLB.
"Modernizing the regulation of agent licensing continues to be a very important activity among the states," Ms. Kotelman stated. She added that much progress was made in this area in 2001 and that additional states will address the issue in 2002.
According to the NAII, only California, Florida, Massachusetts, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Vermont, West Virginia and Washington, D.C., have failed to pass legislation addressing producer licensing.
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