Reinsurance Intermediary Broker/Manager • License Types • Idaho Department of Insurance

A reinsurance Intermediary broker or manager act as an intermediary between reinsurers and ceding companies. For the reinsurer, intermediaries operate as an outside sales force. They also act as advisers to ceding companies in assessing and locating markets that meet their reinsurance needs.

Idaho Code

41-5101 SHORT TITLE

41-5102 DEFINITIONS

41-5103 LICENSURE

41-5104 REQUIRED CONTRACT PROVISIONS

41-5105 BOOKS AND RECORDS

41-5106 DUTIES OF INSURERS UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY – BROKER.

41-5107 REQUIRED CONTRACT PROVISIONS -REINSURANCE INTERMEDIARY -MANAGERS.

41-5108 PROHIBITED ACTS.

41-5109 DUTIES OF REINSURERS UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY — MANAGER

41-5110 EXAMINATION AUTHORITY

41-5111 PENALTIES AND LIABILITIES

Definitions

List is not all inclusive. Please see Chapter 51 for complete list

Actuary: person who is a member in good standing of the American academy of actuaries.

Controlling person: any person, firm, association, or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control or activities of the reinsurance intermediary.

Insurer: a person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer.

Reinsurance intermediary-manager (RM): any person, firm, association, or corporation who has authority to bind or manage all or part of the assumed reinsurance business of a reinsurer (including the management of a separate division, department or underwriting office) and acts as an agent for such reinsurer whether known as a RM, manager or other similar term.

Reinsurer: any person, firm, association, or corporation duly licensed or authorized to do business in this state pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance

To be in violation: the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provision of this chapter.

For a full list of insurance licensing terms please click here.

How to Apply

Step1: Complete the applicable application packet. Reinsurance Intermediary Manager Application P acket or the Reinsurance Intermediary-Broker Application Packet

Step 2: Obtain a check or money order for the non-refundable $80 application fee.

Step 3: Mail the completed application packet and the non-refundable application fee to:

Attn: Producer Licensing
Idaho Department of Insurance
700 W State Street,3rd Floor
PO Box 83720
Boise ID 83720-0043

How to Renew

Reinsurance Intermediary licenses renew every two years on the last day of the month the initial license was issued. The timely renewal of a license is solely the responsibility of the licensee.

Step1: Complete the applicable renewal packet. Reinsurance Intermediary Manager Renewal Packet or the Reinsurance Intermediary Broker Renewal Packet

Step 2: Obtain a check or money order for the non-refundable $80 renewal fee.

Step 3: Mail the completed packet and the non-refundable renewal fee to:

Attn: Producer Licensing
Idaho Department of Insurance
700 W State Street,3rd Floor
PO Box 83720
Boise ID 83720-0043

Application for Exemption

An Entity may qualify for an exemption if they meet the following criteria Per Idaho Code 41-5103:

Licensure. – No person, firm, association, or corporation shall act as an RB in this state if the RB maintains an office either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation:

(a)In this state, unless such RB is a licensed producer in this state; or

(b) In another state, unless such RB is a licensed producer in this state or another state having a law substantially similar to this law or such RB is licensed in this state as a nonresident reinsurance intermediary.

Non-residents, if your laws are similar to Idaho law and you are licensed as a Reinsurance Intermediary or producer in your domicile state or jurisdiction, you may be exempt from licensure in Idaho. States/jurisdictions listed below have code regarding reinsurance intermediaries similar to Idaho:

Alaska	Maine	Oklahoma
Arizona	Massachusetts	Oregon
California	Minnesota	Pennsylvania
Colorado	Missouri	Rhode Island
Connecticut	Montana	South Carolina
Delaware	Nebraska	South Dakota
District of Columbia	New Hampshire	Texas
Florida	New Jersey	Utah
Georgia	New York	Virginia
Illinois	North Carolina	Washington
Iowa	North Dakota	West Virginia
Kansas	Ohio	Wyoming
Louisiana