Protecting the Insurance-Buying Public by Licensing Competent and Trustworthy
Individuals and Entities and Expeditiously Investigating Alleged Violations
of the Florida Insurance Code
Licensure & Compliance
REINSURANCE INTERMEDIARY BROKERS AND MANAGERS – FIRMS
TYPE AND CLASSES:
-
00-65 Firm Resident Reinsurance Broker
-
00-66 Firm Resident Reinsurance Manager
-
00-67 Firm Nonresident Reinsurance Broker
-
00-68 Firm Nonresident Reinsurance Manager
Florida Statutes 626.7492 defines a “REINSURANCE INTERMEDIARY BROKER
FIRM” (RIB) is a person of the firm 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
FIRM” (RIM) is a person of the firm 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.
Application Qualifications:
- Complete an application for License and submit appropriate
fees.
Application
Link
- Each majority owner, partner, officer and director of the agency
must be fingerprinted on cards provided by the Florida Department
of Financial Services. Two fingerprint cards are mailed to the applicant
for each majority owner, partner, officer or director.
- Each majority owner, partner, officer and director of the agency
must submit a resume`.
- Requirements for applicants with prior criminal history
(Click Here)
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.
