Reinsurance Intermediary (Broker & Manager)
Definition
REINSURANCE INTERMEDIARY – Any Individual, legal entity, or business trade name, other than an officer or employee of the ceding insurer, who or which solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer, without the authority to bind reinsurance on behalf of such insurer. (REF: C.G.S. §38a-760)
REINSURANCE INTERMEDIARY MANAGER – Any person, firm, association, or corporation who has authority to bind or manage all parts 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 reinsurance intermediary-manager, manager, or other similar term. (§38a-760)
Applicable Statutes
C.G.S. §38a-760 – see Laws and Regulations
Fees
Initial: $675.00
Reinstatement: $675.00
Renewal: $625.00
No pro-rating, non-refundable $50.00 application fee.
Duration
Two (2) years – Expires December 31st every EVEN year.
How to Apply
Residents:
- There is no pre-licensing course required.
- There is no examination required.
- Must have a Producer license.
- Apply by going to the National Insurance Producer Registry (NIPR). Under Licensing Center, select “Apply for a New License.”
Non-Residents:
- Connecticut will grant reciprocity with a Producer or Reinsurance Intermediary license in your resident state.
- Apply by going to the National Insurance Producer Registry (NIPR). Under Licensing Center, select “Apply for a New License.”
Non-Residents ONLY must also submit the following:
- Power of Attorney form (see Important Information section below to obtain correct form)
- Email the document to the Department at: cid.licensing@ct.gov, Attn: Reinsurance Intermediary application. Be sure to include the applicant's name and the NIPR transaction number.
How to Renew
- Renewal notices are EMAILED about 90 days before the expiration date.
- Apply by going to National Insurance Producer Registry (NIPR). Under Licensing Center, select “Renew an Existing License.”
How to Amend Lines of Authority
Not applicable.
How to Reinstate a License
Reinstate the license by going to the National Insurance Producer Registry (NIPR). Under Licensing Center, select “Apply for a New License.”
How to change License information (ie.: demographics)
Update your License Information
Print a copy of the license
Initial Education Requirements
Not applicable.
Waivers due to Designations
Not applicable.
Renewal Continuing Education (CE) Requirements
Not applicable.
Cancel License
License Voluntary – Surrender Request
Important Information
- Non-Resident Corporation: Power of Attorney Form
- Non-Resident Non-Corporation: Power of Attorney Form
- Non-Resident Individual: Power of Attorney Form