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 as a reinsurance intermediary-broker 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. The individual must hold an individual intermediary license.
For more information refer to ch. Ins 47, Wis. Adm. Code.
Applications can be submitted online at NIPR (www.nipr.com) or an NIPR authorized vendor.