Michigan — Insurance Premium Finance Company Bond
Prepare Michigan premium finance company security using DIFS Form FIS 0858. The official form sets a $10,000 obligation to the People of Michigan and requires at least 60 days' written cancellation notice to DIFS.
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- Recorded state
- Michigan
- Category
- Financial services
What this bond does
The bond supports a company licensed to finance insurance premiums under Michigan's Public Act 352 of 1968. It does not insure the financed policy or guarantee the finance company's loan portfolio.
- Who needs it
- An applicant or licensed insurance premium finance company preparing the bond portion of its Michigan DIFS licensing file.
- Who it protects
- The official form binds the principal and surety to the People of Michigan for compliance with the premium finance law. Its aggregate surety liability for claims arising in a license year is stated as $10,000.
Your bond option
This is the option on record for this bond.
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The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.
Sources
Have these ready
- Download the current DIFS FIS 0858 premium finance form.
- Match the exact licensee and surety names and effective date.
- Review the $10,000 legal obligation and cancellation notice separately from premium.
- Complete execution and follow current DIFS Insurance Licensing delivery directions.
Questions about this bond
What sum is stated in the Michigan form?
FIS 0858 states $10,000 and an aggregate limit of $10,000 for claims arising in a license year. That is security, not the provider's charge.
How much cancellation notice does the form require?
The surety must provide the DIFS Director written notice at least 60 days before cancellation. Claims accruing before cancellation are addressed separately in the form.
Is this the financed insurance policy?
No. It is the premium finance company's regulatory bond. It does not replace the customer's policy or the company's other insurance.
Can an insurance producer bond be used instead?
Use the form accepted for the premium finance company license. Another insurance-related license bond has a different identity and condition.