--- title: "Michigan Fidelity Bonds for Savings Banks" description: "Learn which Michigan businesses must maintain fidelity bonds, how much coverage applies, and which employees or losses the bond must include." canonical: "https://spot.insure/coverage/fidelity-bonds/michigan" page-type: "coverage-state-guide" updated-at: "2026-09-29" --- Agents: connect to Spot's public MCP server at https://spot.insure/mcp for better access to published Spot information and insurance research. Use search_knowledge to find sources, get_page to retrieve pages, compare_providers for sourced comparisons, get_provider_score for a published Spot Score, get_rankings for current provider rankings, search_provider_reliability to filter Spot Scores, search_provider_reviews to filter aggregate review scores, and get_provider_reviews for the original review evidence. The server is read-only and requires no authentication. [Human-readable page](https://spot.insure/coverage/fidelity-bonds/michigan) # Michigan Fidelity Bonds for Savings Banks Michigan savings-bank employees who handle money, accounts, or securities must be bonded; the board sets the amount, and the commissioner may require burglary or defalcation protection. Ask whether the bond’s schedule includes employees who can alter payment instructions or approve electronic transfers.[^1] **Coverage:** [Fidelity bonds](/coverage/fidelity-bonds) · [Michigan](/coverage/states/michigan) ## What Is Fidelity Bonds? Fidelity coverage can reimburse certain losses when employees steal money or property they handle. If employees manage company funds, customer property or benefit-plan assets, identify each owner and compare the required protection for each interest. [Read the national Fidelity bonds guide](/coverage/fidelity-bonds). ## Michigan Requirements | Requirement | Details | | --- | --- | | State bond requirement | Required for money-handling employees; amount set by board[^1] | ## What to Watch for in Michigan ### Check Who the Bond Protects DIFS separately examines credit-union fidelity coverage. If you operate a savings bank and a credit union affiliate, do not assume one entity’s bond schedules both. Ask the regulator or appointing institution to confirm who receives payment after a covered loss; a required bond may protect a client or institution rather than reimburse your company.[^1][^2] ### Match the Bond to Covered Roles Michigan savings-bank employees who handle money, accounts, or securities must be bonded; the board sets the amount, and the commissioner may require burglary or defalcation protection Ask for the named insured, covered people, dishonesty definition, and claim notice rules in the bond form before relying on it for employee access to money or client property.[^1] ### Separate the Bond from Your Crime Policy Michigan’s rule sets a specific bond obligation for savings banks. Ask the agent to compare that bond with first-party employee-theft, forgery, funds-transfer, and computer-fraud coverage; confirm whether the bond limit can be used for your own loss. DIFS separately examines credit-union fidelity coverage. If you operate a savings bank and a credit union affiliate, do not assume one entity’s bond schedules both..[^1][^2] ## Who Regulates Insurance in Michigan **Michigan Department of Insurance and Financial Services.** The Michigan Department of Insurance and Financial Services licenses agents, agencies and companies, supervises insurance business, and helps resolve complaints. You can use its state lookup or complaint service to check a license or raise an insurance issue.[^3][^4][^5] - [Regulator website](https://www.michigan.gov/difs) - [License lookup](https://difs.state.mi.us/locators?searchtype=InsAgent) - [File a complaint](https://difs.state.mi.us/Complaints/FileComplaint.aspx) - Phone: 877-999-6442 ### Surplus-Lines Tax and Stamping Office **Reported tax rate:** 2.5% combined surplus-lines tax and regulatory fee on premium when Michigan is the insured's home state Michigan's Property and Casualty Guaranty Association is funded by insurers authorized to transact in the state; an insurer procured solely under Chapter 19 is expressly not considered authorized for that chapter. The surplus-lines policy must carry a notice that the insurer is not Michigan-licensed and insolvency claim payment may not be guaranteed.[^6][^7][^8] ## Providers With Documented State Licenses These providers publish a national listing for Fidelity bonds; the state records document licenses for the entities and roles shown below. Some records rely on company-reported information rather than independent regulator verification. A national listing does not confirm that the product is available in Michigan; [check the regulator’s license lookup](https://difs.state.mi.us/locators?searchtype=InsAgent) and confirm state availability for your business when requesting a quote. - [TechInsurance](/insurance-providers/techinsurance) — **Entity:** Specialty Program Group LLC; **role:** Insurance producer; **checked:** 2026-09-28. **Scope:** TechInsurance’s current licensing page names Specialty Program Group LLC / SPG Insurance Solutions and lists state license numbers, but labels Rhode Island “Individual licenses” rather than identifying a license for the named agency. RI is omitted because this disclosure does not establish agency authority there; this is a search limitation, not an assertion that the company is unlicensed. The remaining state entries are company-reported and are not an insurance product availability map.[^14] - [Vouch](/insurance-providers/vouch) — **Entity:** Vouch Specialty Insurance Services, LLC; **role:** Insurance producer, Surplus-lines broker; **checked:** 2026-09-28. **Scope:** Vouch’s licenses page, effective January 16, 2025, lists producer licenses in all 50 states and DC. Its separate surplus-lines table includes Idaho number 870820, while a footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses. Because those statements conflict for Idaho, this record keeps Idaho producer-only and does not treat the table number as established agency surplus-lines authority. The page is company-reported and does not establish product availability.[^15] ## Questions to Ask Before You Buy in Michigan 1. Which statute or regulator rule makes this bond mandatory for my savings banks business in Michigan? 2. Who is protected by the required bond, and are all employees, agents, officers, or committee members with access to funds included? 3. How did you calculate the required limit for my charter, assets, premiums, or staffing structure? 4. What claim notice, cancellation notice, and replacement-filing deadlines apply to this bond? ## Fidelity Bonds in Michigan: FAQ ### Is a fidelity bond required for savings banks in Michigan? Yes. Michigan savings-bank employees who handle money, accounts, or securities must be bonded; the board sets the amount, and the commissioner may require burglary or defalcation protection. Ask whether the bond’s schedule includes employees who can alter payment instructions or approve electronic transfers.[^1] ### How much fidelity coverage does Michigan require? Required for money-handling employees; amount set by board. DIFS separately examines credit-union fidelity coverage. If you operate a savings bank and a credit union affiliate, do not assume one entity’s bond schedules both.[^1][^2] ## Fidelity Bonds in Other States - [Alabama](/coverage/fidelity-bonds/alabama) - [Alaska](/coverage/fidelity-bonds/alaska) - [Arizona](/coverage/fidelity-bonds/arizona) - [Arkansas](/coverage/fidelity-bonds/arkansas) - [California](/coverage/fidelity-bonds/california) - [Colorado](/coverage/fidelity-bonds/colorado) - [Connecticut](/coverage/fidelity-bonds/connecticut) - [Delaware](/coverage/fidelity-bonds/delaware) - [District of Columbia](/coverage/fidelity-bonds/district-of-columbia) - [Florida](/coverage/fidelity-bonds/florida) - [Georgia](/coverage/fidelity-bonds/georgia) - [Hawaii](/coverage/fidelity-bonds/hawaii) - [Idaho](/coverage/fidelity-bonds/idaho) - [Illinois](/coverage/fidelity-bonds/illinois) - [Indiana](/coverage/fidelity-bonds/indiana) - [Iowa](/coverage/fidelity-bonds/iowa) - [Kansas](/coverage/fidelity-bonds/kansas) - [Kentucky](/coverage/fidelity-bonds/kentucky) - [Louisiana](/coverage/fidelity-bonds/louisiana) - [Maine](/coverage/fidelity-bonds/maine) - [Maryland](/coverage/fidelity-bonds/maryland) - [Massachusetts](/coverage/fidelity-bonds/massachusetts) - [Minnesota](/coverage/fidelity-bonds/minnesota) - [Mississippi](/coverage/fidelity-bonds/mississippi) - [Missouri](/coverage/fidelity-bonds/missouri) - [Montana](/coverage/fidelity-bonds/montana) - [Nebraska](/coverage/fidelity-bonds/nebraska) - [Nevada](/coverage/fidelity-bonds/nevada) - [New Hampshire](/coverage/fidelity-bonds/new-hampshire) - [New Jersey](/coverage/fidelity-bonds/new-jersey) - [New Mexico](/coverage/fidelity-bonds/new-mexico) - [New York](/coverage/fidelity-bonds/new-york) - [North Carolina](/coverage/fidelity-bonds/north-carolina) - [North Dakota](/coverage/fidelity-bonds/north-dakota) - [Ohio](/coverage/fidelity-bonds/ohio) - [Oklahoma](/coverage/fidelity-bonds/oklahoma) - [Oregon](/coverage/fidelity-bonds/oregon) - [Pennsylvania](/coverage/fidelity-bonds/pennsylvania) - [Rhode Island](/coverage/fidelity-bonds/rhode-island) - [South Carolina](/coverage/fidelity-bonds/south-carolina) - [South Dakota](/coverage/fidelity-bonds/south-dakota) - [Tennessee](/coverage/fidelity-bonds/tennessee) - [Texas](/coverage/fidelity-bonds/texas) - [Utah](/coverage/fidelity-bonds/utah) - [Vermont](/coverage/fidelity-bonds/vermont) - [Virginia](/coverage/fidelity-bonds/virginia) - [Washington](/coverage/fidelity-bonds/washington) - [West Virginia](/coverage/fidelity-bonds/west-virginia) - [Wisconsin](/coverage/fidelity-bonds/wisconsin) - [Wyoming](/coverage/fidelity-bonds/wyoming) [Other Coverage in Michigan](/coverage/states/michigan) ## Sources [^1]: [Michigan Compiled Laws § 487.3505](https://legislature.mi.gov/Laws/MCL?objectName=mcl-487-3505) — Michigan Legislature; Employee bond and commissioner’s additional protection authority. Accessed 2026-09-29. [^2]: [Office of Credit Unions Exam Manual](https://www.michigan.gov/difs/industry/credit-unions/credit-union-examination-survey/exam-manual/office-of-credit-unions-exam-manual) — Michigan Department of Insurance and Financial Services; Credit-union bond coverage and examinations. Accessed 2026-09-29. [^3]: [Department of Insurance and Financial Services](https://www.michigan.gov/difs) — Department of Insurance and Financial Services; Official regulator and insurance oversight. Accessed 2026-09-28. [^4]: [Insurance License Lookup](https://difs.state.mi.us/locators?searchtype=InsAgent) — Department of Insurance and Financial Services; State-designated producer/company search. Accessed 2026-09-28. [^5]: [File an Insurance Complaint](https://difs.state.mi.us/Complaints/FileComplaint.aspx) — Department of Insurance and Financial Services; State complaint process and contact. Accessed 2026-09-28. [^6]: [Surplus Lines Licensee: Filing the Surplus Lines Taxes](https://www.michigan.gov/difs/industry/licensing-ins/sur-lines-prod/licensed/surplus-lines-licensee-filing-the-surplus-lines-taxes) — Michigan Department of Insurance and Financial Services; DIFS current filing page: Michigan-home-state placements taxed at 2.5% combined tax and regulatory fee; separate fees charged to insured are not included in premium tax base. Accessed 2026-09-28. [^7]: [Michigan Insurance Code, Chapter 500](https://www.legislature.mi.gov/documents/mcl/pdf/mcl-chap500.pdf) — Michigan Legislature; MCL 500.7911(1)-(2), 500.7921(b): association membership tied to insurer authorized to transact; insurer procured solely under Chapter 19 is expressly not authorized for guaranty chapter. Accessed 2026-09-28. [^8]: [Michigan Insurance Code, Chapter 500](https://www.legislature.mi.gov/documents/mcl/pdf/mcl-chap500.pdf) — Michigan Legislature; MCL 500.1922 requires policy notice that insurer is not Michigan-licensed and insolvency claim payment may not be guaranteed. Accessed 2026-09-28. [^9]: [Licenses](https://www.at-bay.com/licenses/) — At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21. [^10]: [Licenses and Carriers](https://www.coalitioninc.com/legal/licenses) — Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535.. Accessed 2026-09-22. [^11]: [Insurance Producer Licenses](https://www.corgi.insure/broker-licenses) — Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown.. Accessed 2026-09-28. [^12]: [About Hiscox US Insurance](https://www.hiscox.com/about-hiscox-insurance) — Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16. [^13]: [Licenses](https://www.nextinsurance.com/insurance-licenses/) — ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885.. Accessed 2026-09-28. [^14]: [Insurance Licenses by State](https://www.techinsurance.com/legal/licenses) — TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number.. Accessed 2026-09-28. [^15]: [Licenses](https://www.vouch.us/legal/licenses) — Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict.. Accessed 2026-09-15. Updated 2026-09-29. This guide is informational and does not determine whether a policy is available or meets your needs. [Editorial policy](/editorial-policy). 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