REINSURANCE INTERMEDIARY BROKERS
AND MANAGERS – INDIVIDUALS*
TYPE AND
CLASSES:
-
00-61 Individual
Resident Reinsurance Broker
-
00-62 Individual
Resident Reinsurance Manager
-
00-63 Individual
Nonresident Reinsurance Broker
-
00-64 Individual
Nonresident Reinsurance Manager
_________________________________________________________________________________________________________
Florida Statutes 626.7492 defines a
“REINSURANCE INTERMEDIARY BROKER” (RIB) as a
person other than an officer or employee of
the ceding insurer, who solicits, negotiates,
or places reinsurance cessions or retro
cessions on behalf of a ceding insurer without
the authority or power to bind reinsurance on
behalf of the ceding insurer.
Florida Statutes 626.7492 defines a
“REINSURANCE INTERMEDIARY MANAGER” (RIM) as a
person who has authority to bind, or manages
all or part of the assumed reinsurance
business of a reinsurer, including the
management of a separate division, department,
or underwriting office, and act as an agent
for reinsurer whether known as a reinsurance
intermediary manager, manager, or other
similar term.
Qualifications:
-
Complete an online
application for License and submit
appropriate fees.
Application Link
-
Be fingerprinted on
cards provided by the Florida Department of
Financial Services. Two fingerprint cards
are mailed to the applicant.
The following
person are not considered RIMS:
-
Employee of the
insurer.
-
Manager of the U.S.
branch of an alien insurer.
-
Underwriting manager
who manages all the reinsurance operations
of the reinsurer, who is under common
control with the reinsurer subject to the
Holding Company Act and his compensation in
not based on premiums written.
-
Manager of a group,
association, pool, or organization of
insurers engaging in joint underwriting or
joint reinsurance which is subject to
examinations by the insurance regulatory
authority of the state in which the
manager’s principal business is located.
RIB’S do not
have to be licensed if they are one of the
following:
-
Have an office if
Florida and hold any “producer’s” license
issued by Florida. This would include any
resident agent license issued in Florida; or
-
Have an office outside
of Florida and they:
-
Are licensed by
Florida as a resident or nonresident
“producer” in Florida.
-
Are licensed as a
“producer” in a state with a substantially
similar reinsurance intermediary law.
RIM’S do not
have to be licensed if they are one of the
following:
-
A Reinsurer
domiciled in Florida if they are
licensed as a resident or nonresident
“producer” in Florida.
-
A Reinsurer
domiciled outside Florida if their
office is in Florida if they
are a licensed “producer” in Florida.
-
A Reinsurer
domiciled outside Florida if their
office is outside Florida if:
-
They are licensed by
Florida as a nonresident agent or
-
They are a licensed
“producer” in a state with a substantially
similar reinsurance intermediary law.
The definition of
“producer” is an agent, broker or reinsurance
intermediary licensed pursuant to applicable
provisions of the insurance code.
SPECIAL REQUIREMENTS
-
RIM’S must
maintain errors and omissions insurance in
an amount of 20% of the estimated premium
volume subject to a minimum of 10 million
dollars (the RIM must furnish a copy of
the declaration page of the policy).
-
RIM’S must
furnish character and credit reports for
each person who is applying for a license
for the first time for a 5-year period
immediately prior to the date of application
for license. The report must be completed
by an established and reputable reporting
service.
-
RIM’S must list
on the application for license an estimate
of the premium volume for the first 12
months of licensure.
-
FIRMS are
required to file a “Consent and Agreement
In – Re Service of Process” under the
laws of Florida and the “Resolution Form”
A Fingerprint Card and Resume are
required for each officer, partner and
director of the firm.
