REINSURANCE INTERMEDIARY BROKERS & MANAGERS

REINSURANCE INTERMEDIARY BROKERS

As defined in W.S. § 26-47-102 ↗, a reinsurance intermediary broker is any person, other than an officer or employee of the ceding insurer, who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the ceding insurer.

Residents of Wyoming may not act as reinsurance intermediary brokers unless they hold a license issued by the Wyoming Department of Insurance.

Non-residents may not act as reinsurance intermediary brokers unless they hold a license issued by the Wyoming Department of Insurance or hold a reinsurance intermediary broker license issued by another state that has laws substantially similar to the State of Wyoming.

REINSURANCE INTERMEDIARY MANAGERS

As defined in W.S. § 26-47-102 ↗, a reinsurance intermediary manager is any person who has authority to bind or manage all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and who acts as an agent for the reinsurer whether known as a “reinsurance intermediary manager,” “manager” or other similar term. The following persons shall not be considered a reinsurance intermediary manager, with respect to a reinsurer:

  • An employee of the reinsurer;

  • A United States manager of the United States branch of an alien reinsurer;

  • An underwriting manager:

    • Which pursuant to contract, manages all the reinsurance operations of the reinsurer;

    • Is under common control with the reinsurer, subject to the Insurance Holding Company System Regulatory Act; and

    • Whose compensation is not based on the volume of premiums written.

  • The manager of a group, association, pool or organization of insurers which engage in joint underwriting or joint reinsurance and are subject to examination by the insurance commissioner of the state in which the manager’s principal business office is located.

Residents of Wyoming may not act as reinsurance intermediary managers unless they hold a license issued by the Wyoming Department of Insurance.

Non-residents may not act as reinsurance intermediary managers unless they hold a license issued by the Wyoming Department of Insurance or hold a reinsurance intermediary broker license issued by another state that has laws substantially similar to the State of Wyoming.