Reinsurance Intermediary Broker (Effective through 10/31/2010)
To qualify for a Reinsurance Intermediary Broker license:
- No person, firm, association, or corporation shall act as a reinsurance intermediary-broker in this State if the reinsurance intermediary-broker maintains an office either directly or as a member or employee of a firm or association or an officer, director, or employee of a corporation:
- In this State, unless the reinsurance intermediary-broker is a licensed agent in this State; or
- In another state, unless the reinsurance intermediary-broker is a licensed agent in a state having a law substantially similar to this law, or such reinsurance intermediary-broker is licensed in this State as a nonresident reinsurance intermediary.
- The commissioner may issue a reinsurance intermediary license to any person, firm, association, or corporation that has complied with these requirements. Any such license issued to a firm or association will authorize all the members of that firm or association and any designated employees to act as reinsurance intermediaries under the license, and all those persons shall be named in the application and any supplements thereto. Any such license issued to a corporation shall authorize all of the officers, and any designated employees and directors thereof to act as reinsurance intermediaries on behalf of the corporation, and all those persons shall be named in the application and any supplements thereto.
- If the applicant for a reinsurance intermediary license is a nonresident, the applicant, as a condition precedent to receiving or holding a license, shall designate the commissioner as agent for service of process in the manner, and with the same legal effect, provided for by this article for service of process upon unauthorized insurers; and also shall furnish the commissioner with the name and address of a resident of this State upon whom notices or orders of the commissioner or process affecting the nonresident reinsurance intermediary may be served. The licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and such change shall not become effective until acknowledged by the commissioner.
- Refer to Hawaii Revised Statutes, §431:9B-103 for “Required contract provisions; reinsurance intermediary-brokers”.
A complete application for a Reinsurance Intermediary Broker license includes:
- For Individual applicants:
- FORM HPL – one original;
- Individual must be a licensed producer in this State. Attach a copy of the individual’s producer license; and
Applicable license fees.
Click here for the FEE SCHEDULE for “Individuals – Producers, Managing General Agents, Reinsurance Intermediaries”.
Check payable to DEPARTMENT OF COMMERCE & CONSUMER AFFAIRS.
- For Business Entity applicants:
IMPORTANT: All of the items listed above must be submitted together as an application packet. If an item is missing or the application is incomplete, we will reject the application and return it to you.
For more information on Reinsurance Intermediary licensing, refer to the Hawaii Revised Statutes:
Visit the Hawaii State Legislature website at www.capitol.hawaii.gov and click on “Status and Documents” to search and view the Hawaii Revised Statutes.
Licensees are reminded to secure a General Excised Tax License, as required under the tax laws for the State of Hawaii. Please contact the Hawaii Department of Taxation at (808) 587-4242 or call Toll Free at 1-800-222-3229, for more information.