| The laws relative to the licensing of Reinsurance Intermediaries are M.G.L. c. 175 § 177M § 177O. To become a licensed reinsurance intermediary manager in the Commonwealth, applicants must meet the following requirements: |
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- Resident applicants must be licensed as an insurance producer for the lines for which you intend to transact business as a reinsurance intermediary manager 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 manager.
- Non-resident applicants must be actively licensed as reinsurance intermediary manager in your home state and licensure must be verifiable through the PDB;
- A complete and accurate reinsurance intermediary manager application submitted through NIPR.com with the fee of $200.00. Please note the fee is non-refundable.
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 at producerupdate.mailbox@mass.gov .
The individual reinsurance intermediary manager license will expire three years from the date of issue unless it is sooner revoked or suspended.
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 manager. Non-Resident applicants must have licensure verifiable through PDB in their home state.
Questions may be directed to the Producer Licensing Department at producerupdate.mailbox@mass.gov