The laws relative to the licensing of Reinsurance Intermediaries are M.G.L. c. 175 § 177M § 177O. To become a corporate reinsurance intermediary broker in the Commonwealth, applicants must meet the following requirements:
- All business entities must complete name approval and registration with the Massachusetts Secretary of State as outlined on Licensing Requirements: General Requirements for All Business Entity Types | Mass.gov
- Each individual authorized to act as a reinsurance intermediary broker on the corporate license must be individually qualified as a reinsurance intermediary broker.
- A complete and accurate Business Entity Reinsurance Intermediary Broker Application submitted through NIPR.com with the fee of $66.66 per officer, director or employee (member). Please note the fee is non-refundable.
Massachusetts does not allow exemptions to licensing under the reinsurance intermediary licensing law. If you are acting as a reinsurance intermediary in Massachusetts, you must be licensed to do so.
The Division's Producer Licensing Department will verify only those officers, directors and employees (members) who are authorized to act as reinsurance intermediary brokers on the business entity license have been licensed for at least three years as insurance producers, and that upon renewal, only these particular officers, directors and employees (members) continue to hold insurance producer licenses in the lines of authority for which they intent to transact business as a reinsurance intermediary broker in the business entity's name.
Questions may be directed to the Producer Licensing Department at producerupdate.mailbox@mass.gov