Texas Licensing Reinsurance Intermediary Bond, also known as a Reinsurance Intermediary Surety Bond, is a type of surety bond required of agents and brokers in the insurance industry in the state of Texas. The bond serves as a guarantee that the intermediary will comply with all relevant statutes and regulations when conducting their business. The bond also serves to protect any clients who may be harmed financially by a breach of the reinsurance intermediary’s fiduciary duty. The Texas Department of Insurance requires intermediaries to post a bond in a specific amount, depending on the type of reinsurance contract or business the intermediary is engaging in. Generally, the bond must be in the amount of $50,000, although for certain types of reinsurance contracts or business, the amount may be higher. There are two types of Texas Licensing Reinsurance Intermediary Bond: 1. Fronting Reinsurance Intermediary Bond: A bond required of entities acting as a fronting reinsurance intermediary in the state of Texas. The bond amount must be in the amount of $50,000 and must be posted with the Texas Department of Insurance. 2. Captive Reinsurance Intermediary Bond: A bond required of entities acting as a captive reinsurance intermediary in the state of Texas. The bond amount must be in the amount of $100,000 and must be posted with the Texas Department of Insurance.
Texas Licensing Reinsurance Intermediary Bond
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FAQ
REINSURANCE INTERMEDIARY ? Any Individual, legal entity, or business trade name, other than an officer or employee of the ceding insurer, who or which solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer, without the authority to bind reinsurance on behalf of such insurer.
A Reinsurance Intermediary-manager means any person, firm, association, or corporation that 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 the reinsurer
For the reinsurer, intermediaries operate as an outside sales force. They also act as advisers to ceding companies in assessing and locating markets that meet their reinsurance needs.
A Reinsurance intermediary-broker is any person, other than an officer or employee of the ceding insurer, 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.
Reinsurance intermediaries act as insurance producers in accepting any reinsurance contract or binder on behalf of an insurer.
A Reinsurance Intermediary Manager is a person who has authority to bind or manage all or part of the assumed reinsurance of a reinsurer and acts as an agent for the reinsurer whether known as a manager or other similar term.