Reinsurance Intermediary License

The Office of Financial and Insurance Regulation issues

A. NAME OF PERMIT OR APPROVAL:

Reinsurance Intermediary License

B. STATUTORY AUTHORITY:

The Insurance Code of 1956 - Chapter 11

The Insurance Code of 1956 - Chapter 11A

C. APPLICABLE REGULATION:

PA 218 of 1956 The Insurance Code of 1956

D. SUMMARY OF PERMIT/APPROVAL PROCESS:

 1.  Applicability (activities that require the permit)

A reinsurance intermediary means any person who has authority to bind or manage all or part of the assumed reinsurance business or a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for the reinsurer whether known as a reinsurance intermediary-manager, manager, or other similar term.

 2.  Pre-Application Requirements

There are no pre-application requirements for a Reinsurance Intermediary License.

 3.  Application Submission Requirements

• Submit Reinsurance Intermediary Manager Application form FIS 0845 accompanied by a $100.00 fee.
• Submit copies of states reinsurance intermediary manager licenses.

 4.  Procedures and Time-Frame for Obtaining Permit or Approval

Submit application and fee to address on application form. Time-frame for license approval is 60-90 days.

 5.  Operational Requirements

Annually in January, a renewal invoice is mailed to the address on record. If the renewal invoice is returned to OFIR due to a bad address, OFIR will inactivate the license. If the renewal invoice is not received by the due date, the license will be inactivated for late payment.

Receipt and deposit by the State of Michigan of late payment after cancellation of the license has officially occurred will not restore the status of the license to active.

Prior to conducting business, a new application and fees will be required. Conducting business under a cancelled license is non-compliant with the Michigan insurance Code, and may result in a disciplinary action.

Upon receipt of payment of the renewal invoice, a new license document is annually mailed.

 6.  Fees

• Application fee - $100.00
• Annual license renewal fee - $100.00 (License renewal invoice must be paid by 3/31.)

 7.  Appeal Process

Not applicable for a Reinsurance Intermediary License.

 8.  Public Input Opportunities

We encourage consumers to first attempt to resolve disputes directly with their financial service entity. If a resolution cannot be reached, our office can try to help resolve a dispute. A complaint form must be completed for for the type of financial service you are having difficulty with.

• Insurance Complaint Form and Guide to Resolving Problems
• Insurance Complaint Form (download to use typewriter feature, requires Acrobat Reader v7.0.9 or higher)
• Insurance Business-to-Business Complaint Guide

E. Contact Information:

Contact Us

Creation/Revision Date:

October 8, 2010