Licensing Requirements: Individual Reinsurance Intermediary Broker

Licensing Requirements: Individual Reinsurance Intermediary Broker

The laws relative to the licensing of Reinsurance Intermediaries are M.G.L. c. 175 § 177M § 177O.

Individual Reinsurance Intermediary Broker License

If you are acting as a reinsurance intermediary broker in Massachusetts and you maintain an office in Massachusetts, you must be licensed as a Massachusetts resident reinsurance intermediary broker. If you are acting as a reinsurance intermediary broker in Massachusetts and maintain an office in another state you must be licensed as a nonresident reinsurance intermediary broker in Massachusetts.

The individual reinsurance intermediary broker license will expire three years from the date of issue unless it is sooner revoked or suspended.

Massachusetts does not allow exemptions to licensing under the reinsurance intermediary licensing law. If you are doing business in Massachusetts, you must be licensed as a reinsurance intermediary.

Pursuant to M.G.L. c 175 § 177O, a reinsurance intermediary manager shall represent a reinsurer only pursuant to a written contract which shall be approved by the reinsurer's 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 § 177O (a) through (n). Contracts must be filed with the Producer Licensing Department, Division of Insurance, 1000 Washington St, Suite 810, Boston, MA 02118-6200.

Questions may be directed to the Producer Licensing Department at 617-521-7794 x 2

Individual Resident Reinsurance Intermediary Broker Licensee

In order to be licensed as a resident reinsurance intermediary broker, you must be licensed as an insurance producer for the lines for which you intend to transact business as a reinsurance intermediary broker for a period of at least three years prior to applying for such a license. You must maintain your insurance producer license in order to maintain your license to act as a reinsurance intermediary broker. You must submit the following in order for your resident reinsurance intermediary broker application to be reviewed:   A completed application form; A check made payable to the Commonwealth of Massachusetts, Division of Insurance, in the amount of $200.00, unless you are claiming an exemption from the license fee as a Massachusetts Veteran or blind individual pursuant to question #26 on the application. Please note the fee is non-refundable. The Division's Producer Licensing Department will verify that new applicants have been licensed for at least three years as an insurance producer and that renewal applicants continue to hold an insurance producer license in the lines for which they intend to transact business as a reinsurance intermediary broker.

Individual Nonresident Reinsurance Intermediary Broker License

You must submit the following in order for your nonresident reinsurance intermediary broker application to be reviewed:   A completed application form; A Certificate of Good Standing from your home state indicating you are licensed in good standing as a reinsurance intermediary broker or licensure must be verifiable through the PDB; A check made payable to the Commonwealth of Massachusetts, Division of Insurance, in the amount of $200.00. Please note the fee is non-refundable.