Reinsurance Intermediary License Info

IMPORTANT NOTICE: Reinsurance Intermediary licenses expire on a common expiration date of March 31 of Even years. If you apply for a license now, you will pay the initial license and application fee for a license that expires on March 31, 2016. You will also receive an invoice for the license renewal fee prior to the expiration date of that license. All applications received at the Insurance Department AFTER March 1st, 2016 will not be issued effective until April 1st, 2016, unless a specific request is made.

Information about licensing requirements, how to apply for a license and FAQs. Vermont Law defines a Reinsurance Intermediary Broker to mean any person, other than an officer or employee of the ceding insurer, who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer. A Reinsurance intermediary-manager to mean any 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 acts as an agent for such reinsurer whether known as a reinsurance intermediary-manager, manager or other similar term.

License Requirements

In order to obtain a Reinsurance Intermediary license an applicant must be at least 18 years of age; must be deemed to be competent, trustworthy and financially responsible; be currently licensed as a Vermont Insurance Producer; submit a license application and fees.


How to Apply for A License

Nonresident and Resident Electronic Application

  1. Non Resident Reinsurance Intermediaries who hold a Resident Reinsurance Intermediary license in their Resident State AND;
  2. Resident Reinsurance Intermediary Applicants can apply electronically using NIPR. (The site should open in a new window. To return to this page, close the new window.)
  • Be currently licensed as a Vermont Insurance Producer.
  • Complete the online application process and pay the relevant fees. Attachment #2 is no longer required for electronic submissions.
  • If your application is routine, and does not require any additional information, the license is generally issued within 48 hours.
  • If your application is not routine, you will be notified on-line that additional information must be submitted directly by you to the Department. All additional information that must be submitted is outlined on the application, and can be faxed to (802) 828-1633. Your license application will be reviewed after all required information has been received.

Resident - Paper Submission

An applicant must submit to the Department the following:

  1. NAIC Uniform Individual Application (This application is used for ALL license types, though they are not all specified on the form);
  2. Be currently licensed as a Vermont Insurance Producer.
  3. A license application fee of $30.00 and license fee of $200.00. Checks should be made payable to VT Dept. of Financial Regulation.

Attachment #2 Certification print a hard copy, fill in; and,

Attachment #1 Social Security Disclosure is for your information.


FAQs

What is a Reinsurance Intermediary Broker?

A Reinsurance intermediary-broker is any person, other than an officer or employee of the ceding insurer, who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer. See Title 8, §4815.

What is the license term?

The license term is April 1st to March 31st of even years.  The Department will send out renewal notices for existing licensees at the beginning of the even year.   Note, license fees are not prorated and the license term is fixed, regardless of time of application.

Are there specific duties and requirements of Reinsurance Intermediary Brokers and Insurers using Reinsurance Intermediary Brokers?

Yes.  Applicants should review Subchapter 2 of Chapter 131 of Title 8 for the requirements of Reinsurance Intermediary Brokers. In particular, applicants should review §4818, addressing contract requirements; Section §4819, addressing duties of insurers utilizing Reinsurance Intermediary Brokers; Section §4821 regarding maintenance of books and records; and Section §4823, setting out other requirements.

What is a Reinsurance Intermediary Manager?

A Reinsurance Intermediary Manager is any 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 acts as an agent for such reinsurer whether known as a Reinsurance Intermediary Manager, manager or other similar term.

The following persons shall not be considered a Reinsurance Intermediary Manager, with respect to such reinsurer, for the purposes of this subchapter:

(i) An employee of the reinsurer;

(ii) A United States manager of the United States branch of an alien reinsurer;

(iii) An underwriting manager who, pursuant to contract, manages all the reinsurance operations of the reinsurer, is under common control with the reinsurer, and whose compensation is not based on the volume of premiums written; and

(iv) The manager of a group, association, pool or organization of insurers which engage in joint underwriting or joint reinsurance and who are subject to examination by the insurance commissioner of the state in which the manager's principal business office is located. See Title 8, §4815.

What is the license term?

The license term is April 1st to March 31st of even years.  The Department will send out renewal notices for existing licensees at the beginning of the even year.   Note, license fees are not prorated and the license term is fixed, regardless of time of application.

Are there specific duties and requirements of Reinsurance Intermediary Managers and Insurers using Reinsurance Intermediary Managers?

Yes.  Applicants should review the requirement of Subchapter 2 of Chapter 131 of Title 8 for the requirements of Reinsurance Intermediary Managers.  In particular, applicants should review Section §4818, addressing contract requirements; Section §4819, addressing duties of insurers utilizing Reinsurance Intermediary Managers, Section §4821 regarding maintenance of books and records; and Section §4823, setting out “other” requirements.


For further information about Reinsurance Intermediaries, applicants should refer to Subchapter 2 of Chapter 131 of Title 8, §4817 for licensing requirements.

For answers to additional questions that have not been addressed in the FAQs above, send an email to sandra.fraser@vermont.gov please be sure to provide a telephone number where we can contact you.

Vermont Department of Financial Regulation
Insurance Division – Producer Licensing
89 Main Street
Montpelier, VT 05620-3101
(802) 828-3303 Telephone
(802) 828-1633 Fax

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Form_Attachment_1.pdf115.92 KB
Fee_Chart_REI_INITIAL_2014.pdf27.78 KB