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Reinsurance Intermediary Broker/Manager

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.

Application Checklist

Reinsurance Intermediary application packet

The completed packet can be e-mailed to agent@doi.idaho.gov or mailed 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:

AlaskaMaineOklahoma
ArizonaMassachusettsOregon
CaliforniaMinnesotaPennsylvania
ColoradoMissouriRhode Island
ConnecticutMontanaSouth Carolina
DelawareNebraskaSouth Dakota
District of ColumbiaNew HampshireTexas
FloridaNew JerseyUtah
GeorgiaNew YorkVirginia
IllinoisNorth CarolinaWashington
IowaNorth DakotaWest Virginia
KansasOhioWyoming
Louisiana

To apply for exemption from licensure in Idaho as a Reinsurance Intermediary, please click here.

Reinsurance Intermediary Exemption List

To find an up to date list of Reinsurance Intermediaries who are exempt click here.

Have more questions?
Contact the Licensing Team

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