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.