Hawaii Insurance Commissioner L.P. Schmidt issued a memorandum to reinsurance intermediaries on September 3, 2008, regarding the licensing requirements for all reinsurance intermediaries. All reinsurance intermediaries, including nonresident reinsurance intermediary-brokers and nonresident intermediary-managers, must be licensed under Hawaii Insurance Law. The Hawaii Insurance Division learned that some reinsurance intermediaries are operating under “reciprocity” or an “exemption” in violation of Hawaii Insurance Law.
All reinsurance intermediaries must be licensed on or before December 1, 2008. Nonresident reinsurance intermediaries are not required to obtain a bond or show proof of its errors and omission policy to obtain licensure.
