REINSURANCE INTERMEDIARY BROKERS AND MANAGERS – INDIVIDUALS

• 00-61 Individual Resident Reinsurance Broker

• 00-62 Individual Resident Reinsurance Manager

• 00-63 Individual Non-resident Reinsurance Broker

• 00-64 Individual Non-resident 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 application for the 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.

  RIBs 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 non-resident "producer" in Florida.
  • Are licensed as a "producer" in a state with a substantially similar reinsurance intermediary law.

  RIMs 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 non-resident "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 non-resident 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

• RIMs 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).
• BROKERS are not required to provide errors and omissions insurance.
• RIMs 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.
• RIMs must list on the application for license an estimate of the premium volume for the first 12 months of licensure.
• NON-RESIDENTS 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.
• RESIDENT RIBs or RIMs are not required to file a "Consent and Agreement for Service of Process".