K.S.A. 40-4501 et seq. governs reinsurance intermediaries in Kansas, and the licensing of reinsurance intermediary-brokers and reinsurance intermediary-managers.
K.S.A. 40-4502(f) defines “reinsurance intermediary-broker” as “any person, other than an officer or employee of the ceding insurer, firm, association or corporation 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 such insurer.”
K.S.A. 40-4502(g) defines “reinsurance intermediary-manager” as “any person, firm, association or corporation who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance manager, manager or other similar term. Review the statute for certain exceptions to this definition.
To apply for a Kansas individual reinsurance intermediary license, you must satisfy or complete the following requirements:
- Submit a NAIC Uniform Application for Individual Insurance Producer License via NIPR.
- At the time you apply, you must pay an initial license fee of $150 by credit card or electronic check.
Business Entities (Agencies):
Pursuant to K.S.A. 40-4503, all firms and associations applying for a Kansas reinsurance intermediary license are required to submit the names of all members and designated employees. Additionally, all corporations applying for a Kansas reinsurance intermediary license are required to submit the names of all officers and any designated employees and directors thereof.
To apply for a Kansas resident business entity reinsurance intermediary license, you must satisfy or complete the following requirements:
- Register your business entity with the Kansas Secretary of State’s office.
- Submit a NAIC Uniform Application for Business Entity License via NIPR.
- At the time you apply, you must pay an initial license fee of $150 through NIPR by credit card or electronic check.
- Submit the Reinsurance Intermediaries – Members, Officers, and Designated Employees form to submit names of members, officers, directors and designated employees (as applicable for your business entity type).
Reinsurance intermediaries are required to renew their license on or before May 1st of each year.
To renew their license, reinsurance intermediaries must:
- Submit a renewal application through NIPR (nipr.com).
- Pay a $100 renewal fee through NIPR.
Any updates to the members, officers, directors or designated employees of a business entity must be submitted to the Department via the Reinsurance Intermediaries – Members, Officers, and Designated Employees form.