Hawaii’s Department of Commerce and Consumer Affairs Insurance Division is reminding that all reinsurance intermediaries get licensed, including nonresident reinsurance intermediary-brokers and nonresident intermediary-managers.
According to Insurance Commissioner J.P. Schmidt, “It has come to our attention that some reinsurance intermediaries have been operating under ‘reciprocity’ or an ‘exemption.’ This does not comply with the requirements of the Insurance Code.”
He advised that nonresident reinsurance intermediaries are required to file an application, provide evidence of licensure in the resident state, provide the statutory citation from the resident state that contains the comparable requirements for licensure, and submit the applicable licensing fees shown on the Hawaii Insurance Division Web site.
Intermediaries must be licensed on or before Dec. 1, 2008.
For information, visit www.hawaii.gov/dcca/areas/ins.