After discussions with the Department of Commerce the MIIAB requested clarification on the New License Technology Fee they announced last week. As previously reported, the Department is raising the technology fee from $10 to $30 per license.
This fee will be
assessed only once upon license renewal
even if you have one or more additional lines of authority. Therefore, most MIIAB members will see their total two-year license renewal fee rise $20. The increased fee will take effect for a license renewal after July 1.
If you add an additional line of authority to your license after your renewal date, you will be assessed the new technology fee on that request. Again, unless you add a new line to your license, you will pay the $30 technology fee only once. We hope this helps MIIAB members to better understand the recent action by the Department.
Since 2009, the Commerce Department was given the authority to raise or lower this technology fee within a range of $10-$40 within the Technology Fee Statute. The department needs additional funding because of a significant increase in insurance, real estate and adjuster licenses and the increased requests for documentation from licensees. They also hope to update the technology behind the on-line system. This request did not need legislative approval.