Form FIS0255 Report of Insurance Purchased From an Unauthorized Insurer - Michigan

What Is Form FIS0255?

This is a legal form that was released by the Michigan Department of Insurance and Financial Services - a government authority operating within Michigan. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form FIS0255?
A: Form FIS0255 is a report of insurance purchased from an unauthorized insurer in the state of Michigan.

Q: Who needs to file Form FIS0255?
A: Any person or entity that has purchased insurance from an unauthorized insurer in Michigan needs to file Form FIS0255.

Q: What is an unauthorized insurer?
A: An unauthorized insurer is an insurance company that is not licensed or approved by the state of Michigan to provide insurance coverage.

Q: What information is required on Form FIS0255?
A: Form FIS0255 requires the policyholder to provide information about the insurance policy, including the name of the unauthorized insurer, the policy number, and the amount of coverage.

Q: When is Form FIS0255 due?
A: Form FIS0255 is due within 30 days of the effective date of the insurance policy.

Q: What are the consequences of not filing Form FIS0255?
A: Failure to file Form FIS0255 may result in penalties or other enforcement actions by the state of Michigan.

Q: Do I need to file Form FIS0255 every year?
A: Form FIS0255 must be filed for each insurance policy purchased from an unauthorized insurer, but it does not need to be filed annually if the policy remains in effect.