Reinsurance Intermediary

Application Requirements to become licensed as a Reinsurance Intermediary

1. Complete the application form and submit fee. Licensing fee is $185.00. Fees are payable by check or money order to the Division of Insurance. Fees are nonrefundable.
2. If a partnership, corporation, LLC, LLP or association, include a copy of the partnership agreement or articles of incorporation/organization. Contact Nevada Secretary of State’s office at 775-684-5708 or on the web for any filings they may require.
3. Submit a biographical affidavit for each individual, member, officer, person or owner who is named in the application and is authorized to act under the license.
4. Submit a signed copy of each written contract which includes a cover sheet identifying page number and specific section or paragraph that demonstrates compliance with the provisions required under NRS 681A.460 for Reinsurance-Brokers or NRS 681A.490 for Reinsurance-Managers.
5. File a bond with the commissioner, in an amount not less than $50,000 for each reinsurer the manager represents. The bond must be issued by an insurer authorized under Title 57 of Nevada Revised Statutes and must inure to the benefit of the reinsurer for damage caused by any fraudulent act or conduct of the Reinsurance Manager. (applies to Reinsurance-Managers only)
6. Provide evidence that a policy for errors and omissions, issued by an insurer authorized under Title 57 of Nevada Revised Statutes, is maintained in an amount not less than $1,000,000. (applies to Reinsurance-Managers only)
7. Provide a brief explanation of your plan of operation for Nevada.
8. Provide an audited balance sheet and income statement for the most recent completed calendar or fiscal year.
9. A non-resident Reinsurance Manager may satisfy the bonding and E & O policy requirements in numbers 5 and 6 by providing evidence that the bonds and insurance policy required are filed with the appropriate regulatory officer of the state in which the intermediary is domiciled.
10. See NRS and NAC 681A for laws and regulations governing Reinsurance Intermediary Brokers/Managers.