# Mich. Comp. Laws § 550.1010: Health benefit agent as fiduciary; evidence of violation of fiduciary responsibility; use of reasonable accounting methods; records required; examination of records; prohibited conduct > Michigan · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1010 ## Section - **Citation:** Mich. Comp. Laws § 550.1010 - **Heading:** Health benefit agent as fiduciary; evidence of violation of fiduciary responsibility; use of reasonable accounting methods; records required; examination of records; prohibited conduct - **Jurisdiction:** Michigan - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** MI Code / Chapter 550 / Act Act-252-of-1986 / Section 550.1010 ## Text Sec. 10. A health benefit agent shall be a fiduciary for all money received or held by him or her in his or her capacity as an agent. Failure by an agent in a timely manner to turn over the money which he or she holds in a fiduciary capacity to the persons to whom they are owed is prima facie evidence of violation of the agent's fiduciary responsibility. An agent shall use reasonable accounting methods to record funds received in his or her fiduciary capacity including the receipt and distribution of all premiums due each of his or her health benefit corporations. An agent shall record return premiums received by or credited to him or her which are due a subscriber on certificates reduced or canceled or which are due a prospective purchaser of health benefits as a result of a rejected or declined application. Records required by this section shall be open to examination by the commissioner. An agent shall not reward or remunerate any person for procuring or inducing business in this state, furnishing leads or prospects, or acting in any other manner as an agent. A person may not sell or attempt to sell health benefits by means of intimidation or threats, whether express or implied. Except as otherwise provided by law, a person may not induce the purchase of health benefits through a particular agent or from a particular health benefit corporation by means of a promise to sell goods, to lend money, to provide services, or by a threat to refuse to sell goods, to refuse to lend money, or to refuse to provide services. History: 1986, Act 252, Eff. Mar. 31, 1987 ## Nearby sections - [Mich. Comp. Laws § 550.1001 Short title.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1001.md) - [Mich. Comp. Laws § 550.1002 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1002.md) - [Mich. Comp. Laws § 550.1003 Persons authorized to sell health benefits; packaging health benefits with insurance; notify agent of record; annual appointment fee; "agent of record" defined.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1003.md) - [Mich. Comp. Laws § 550.1004 Influencing agent prohibited.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1004.md) - [Mich. Comp. Laws § 550.1004a Applicability of certain statutory provisions.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1004a.md) - [Mich. Comp. Laws § 550.1005 Compensation of health benefit agents.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1005.md) - [Mich. Comp. Laws § 550.1006 Authorized agents; requirements, duties, and restrictions; powers of commissioner.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1006.md) - [Mich. Comp. Laws § 550.1008 Contracts or other arrangements for packaging of health benefits with insurance; policy supplementing health benefits of health maintenance organization.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1008.md) - [Mich. Comp. Laws § 550.1009 Licensing affiliate of health benefit corporation as insurance agent prohibited.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1009.md) - [Mich. Comp. Laws § 550.1010 Health benefit agent as fiduciary; evidence of violation of fiduciary responsibility; use of reasonable accounting methods; records required; examination of records; prohibited conduct.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1010.md) - [Mich. Comp. Laws § 550.1012 Notice of termination of agent's authority; liability; duration of agent's responsibility; cancellation or refusal to renew certificate of subscriber; certain referrals or communications prohibited; records, names of subscribers, and expiration dates of certificates and contracts as property of agent; copies of written communications between health benefit corporations and subscribers; grounds for cancellation of agent's contract or termination of agent's authority; authorizing licensed accident and health insurance agent to sell health benefits.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1012.md) - [Mich. Comp. Laws § 550.1014 Suspension, revocation, refusal to grant, or refusal to renew accident and health insurance license; grounds; notice; hearing; summary suspension; subpoenas.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1014.md) - [Mich. Comp. Laws § 550.1016 Violation of act; orders; penalties for violation of cease and desist order; injunction.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1016.md) - [Mich. Comp. Laws § 550.1018 Construction of act.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1018.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MI_C550_AAct-252-of-1986_S550.1010. Check the current official text before relying on it. Not legal advice.