Reinsurance Intermediary

A reinsurance intermediary must be licensed by the North Dakota Insurance Commissioner in order to act as a reinsurance intermediary-broker or reinsurance intermediary-manager in North Dakota (N.D.C.C. § 26.1-31.1).

An individual or legal entity seeking licensure as a reinsurance intermediary-broker or reinsurance intermediary-manager must submit the following:

  • Application for Individual Reinsurance Intermediary License (SFN 18556) (individual)
  • Application for Reinsurance Intermediary License - Corporation or Partnership (SFN 18739) (legal entity)
  • If the applicant is licensed as a reinsurance intermediary in another state, provide copies of all documentation submitted to that state's insurance department.
  • If the applicant is applying for a reinsurance intermediary-manager license, a $2000 bond must be filed with the North Dakota Insurance Department. A non-resident applicant that has a bond on file with another state as a requirement for a reinsurance intermediary-manager license in that state will not be required to post a bond in North Dakota.
  • If the applicant is applying for a reinsurance intermediary-manager license, evidence of an errors and omissions policy in the amount of $50,000 must be filed with the Department. A non-resident applicant that maintains an errors and omissions policy on file with another state as a requirement for a reinsurance intermediary-manager license in that state should submit evidence of that policy.

Every business entity is also required to register with the North Dakota Secretary of State before conducting business in this state.

The Department will issue a license if the application is approved, except for a nonresident applicant that is licensed as a reinsurance intermediary in another state, in which case an approval letter will be issued. An application may be filed at any time throughout the year. The application should be sent to the Department.

No renewal requirement is applicable.

A written notification of any changes to the original application must be sent to the Department in a timely manner. The notification should include updated documents to reflect the change, as applicable.