Licensing Requirements: Corporate Reinsurance Intermediary Manager

Licensing Requirements: Corporate Reinsurance Intermediary Manager

The laws relative to the licensing of reinsurance intermediaries are M.G.L. c. 175 § 177M § 177O. To become a corporate reinsurance intermediary manager in the Commonwealth, applicants must meet the following requirements:

1. 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
2. Each individual authorized to act as a reinsurance intermediary manager on the corporate license must be individually qualified as a reinsurance intermediary manager.
3. A complete and accurate Business Entity Reinsurance Intermediary Manager 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.

Pursuant to M.G.L. c. 175 § 177S, a reinsurance intermediary manager shall represent a reinsurer only pursuant to a written contract which shall be approved by the reinsurers board of directors. At least thirty (30) days before such reinsurer assumes or cedes business through the reinsurance intermediary manager, a true copy of the contract shall be filed with the Commissioner. The contract must contain, at a minimum, the provisions consistent with those set forth in M.G.L. c. 175 § 177S (a) through (n). Contracts must be filed with the Producer Licensing Department via the [e-mail].

 
The Division's Producer Licensing Department will verify only those officers, directors and employees (members) who are authorized to act as reinsurance intermediary managers 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 manager in the business entity's name.

 

 Questions may be directed to the Producer Licensing Department at [e-mail]