Reinsurance Intermediary Requirements
|
Definition
|
| Reinsurance Intermediary - broker -
Any person, other than an officer or employee of the ceding insurer, firm,
association, or business entity who solicits, negotiates, or places reinsurance
cessions or retrocessions on behalf of a ceding insurer without the authority
or power to bind reinsurance on behalf of such insurer. |
| Reinsurance Intermediary - manager
- Any person, firm, association, or business entity who has authority to bind
or manages all or part of the assumed reinsurance business of a reinsurer and
acts as an producer for such reinsurer whether known as a reinsurance
intermediary-manager, manager or other similar term. |
A Reinsurance intermediary - manager must submit an original
copy of a fidelity bond in the amount of $100,000 (NOTE: A separate bond
must be filed for each reinsurer represented) and a copy of the Reinsurance
Intermediary's errors and omissions policy.
|
| The total fee is $170.00, representing an
application fee of $30.00 and a license fee of $140.00. |
| Annual renewal requires an application and a
$100.00 license fee. |
|
|
