Reinsurance Intermediary Manager (Effective through 10/31/2010)

To qualify for a Reinsurance Intermediary Manager license:

1. No person, firm, association, or corporation shall act as a reinsurance intermediary-manager:
   1. For a reinsurer domiciled in this State, unless the reinsurance intermediary-manager is a licensed producer in this State;
   2. In this State, if the reinsurance intermediary-manager 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-manager is a licensed producer in this State; or
   3. In another state for a nondomestic insurer, unless the reinsurance intermediary-manager is a licensed producer in a state having a law substantially similar to this law, or the person is licensed in this State as a nonresident reinsurance intermediary.
2. 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.
3. 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,
4. The commissioner shall require a reinsurance intermediary-manager to:
   1. File a bond from an insurance company licensed to do business within the State or with an insurance company approved by the commissioner in amount equal to $500,000 or ten per cent of the annual reinsurance premiums managed by the reinsurance intermediary-manager, whichever is greater, except that the bond amount shall not exceed $10,000,000, for the protection of the reinsurer; and
   2. Maintain an errors and omissions policy, with an insurance company licensed to do business within the State or with an insurance company approved by the commissioner, in amount equal to $250,000 or twenty-five per cent of the annual reinsurance premiums managed by the reinsurance intermediary-manager, whichever is greater, except that the policy limits shall not exceed $10,000,000.
5. Refer to Hawaii Revised Statutes, §431:9B-106 for “Required contract provisions; reinsurance intermediary-managers”.

A complete application for a Reinsurance Intermediary Manager license includes:

1. For Individual applicants:
   1. FORM HPL – one original;
   2. Individual must be a licensed producer in this State. Attach a copy of the individual’s producer license.
   3. Bond requirement, see item 4.a above;
   4. Errors and Omissions requirement 4.b above

   5. 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.

2. For Business Entity applicants:
   1. FORM BEPL – one original;
   2. Business entity must be a licensed producer in this State. Attach a copy of the Business entity ‘s producer license.
   3. Bond requirement, see item 4.a above;
   4. Errors and Omissions requirement, see item 4.b above

   5. Applicable license fees.

      Click here for the FEE SCHEDULE for “Insurers and Business Entities”.

      Check payable to DEPARTMENT OF COMMERCE & CONSUMER AFFAIRS.

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:

§431:9B

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 Excise 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.