Reinsurance Intermediary Law and Legal Definition

Reinsurance intermediary means any person, firm or association having authority to manage reinsurance business. A license is issued by director of the department of insurance to a firm or association which authorizes the members of the firm or association to act as reinsurance intermediaries under the license.

The following persons will not be considered as reinsurance intermediary:

1.An employee of the reinsurer.

2. Manager of the U.S. branch of an alien reinsurer.

3. An underwriting manager that manages all the reinsurance operations of the reinsurer

4. The manager of a group, association, pool, or organization of insurers that engage in joint underwriting or joint reinsurance.

The following is an example of the state statute (Illinois) defining reinsurance intermediary:

215 ILCS 100/5 defines reinsurance intermediary as an intermediary broker or a manager.