Wisconsin law defines a reinsurance intermediary-broker as any person, other than an officer or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cession or retrocessions on behalf of a ceding insurer.
No person may act as a reinsurance intermediary-broker:
- In this state unless the reinsurance intermediary-broker is a licensed reinsurance intermediary-broker in this state.
- In another state unless the reinsurance intermediary-broker is a licensed reinsurance intermediary-broker in this state or for that function in another state having a law or rule substantially similar to Wisconsin.
A reinsurance intermediary-manager means any person who has authority to bind, manages a separate division, department or underwriting office with responsibility for, or manages all or part of, assumed reinsurance business of a reinsurer and acts as an agent for the insurer.
No person may act as a reinsurance intermediary-manager:
- For reinsurer domiciled in this state unless the person is a licensed reinsurance intermediary-manager in this state.
- In another state for a nondomestic insurer unless the person is a licensed reinsurance intermediary-manager in this state or for that function in another state having a law substantially similar to Wisconsin.
Reinsurance Intermediary Firm
Reinsurance intermediary firms are required to hold a license. An individual is not required to be licensed if the individual is a member or employee of a firm or association licensed as a reinsurance intermediary or is an officer, director or employee of a corporation licensed as an intermediary.
For more information refer to ch. Ins 47, Wis. Adm. Code.
Use Business Entity Insurance License Application, OCI 11-050, or Reinsurance Intermediary License Application, Resident, OCI 11-034.
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OCI 11-050 Business Entity Insurance License Application
OCI 11-034 Reinsurance Intermediary Broker License Application, Resident/Nonresident
OCI 11-043 Reinsurance Intermediary Manager License Application, Resident/Nonresident