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1. www.irmi.com › articles › expert-commentaryStuck in the Middle—The Reinsurance Intermediary - IRMI

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   Mar 1, 2006 · Essentially, the reinsurance intermediary is a go-between, whose function it is to bring together the reinsured and reinsurer to secure a contract of reinsurance on terms agreeable to both parties. The reinsurance intermediary often will assist the reinsured in planning and developing its reinsurance program, put together the reinsurance ...

   • reinsurance intermediaries

     For the reinsurer, intermediaries operate as an outside...

2. www.soa.org › globalassets › assetsIn the Middle: Role of a Reinsurance Intermediary

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   A reinsurance intermediary can be compared to the real estate agent who works on your behalf to sell your house, brings in prospective buyers, and is compensated by the buyer of the property. Incidentally, the said compensation is part of the negotiated price the buyer pays for the house; the amount is disclosed in the settlement documents ...

3. library.fiveable.me › reinsurance-intermediaryReinsurance Intermediary - (Risk Management and Insurance ...

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   A reinsurance intermediary is a specialized broker that facilitates the transfer of risk between primary insurers and reinsurers. They play a crucial role in the reinsurance market by helping insurers find suitable reinsurance coverage and negotiating terms and pricing on their behalf. This intermediary function is essential as it bridges the gap between insurers seeking to manage their risk ...

4. www.investopedia.com › ask › answersReinsurance Explained: What It Is, How It Works, Types

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   • The Beginnings of Reinsurance
   • How Reinsurance Works
   • Reinsurance Regulation

   The Reinsurance Association of America states that the roots of reinsurance can be traced back to the 14th century when it was used for marine and fire insurance. Since then, it has grown to cover every aspect of the modern insurancemarket. There are companies that specialize in selling reinsurance in the United States, there are reinsurance depart...

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   By spreading risk, an individual insurance company can take on clients whose coverage would be too great of a burden for the single insurance company to handle alone. When reinsurance occurs, the premium paid by the insured is typically shared by all of the insurance companies involved. If one company assumes the risk on its own, the cost could ban...

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   U.S. reinsurers are regulated on a state-by-state basis. Regulations are designed to ensure solvency, proper market conduct, fair contract terms, rates, and to provide consumer protection. Specifically, regulations require the reinsurer to be financially solvent so that it can meet its obligations to ceding insurers.

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5. content.naic.org › sites › defaultChapter 26 Reinsurance Intermediaries

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   Congress enacted the federal Risk Retention Act (RRA) in 1981. This federal law enabled product sellers to form RRGs to provide group self-insurance. RRGs are insurers licensed and fully regulated in one state pursuant to that state’s laws. In the mid-1980s, general liability insurance premiums skyrocketed, and certain lines were unavailable.

6. www.investopedia.com › terms › rReinsurance Definition, Types, and How It Works - Investopedia

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   Feb 28, 2024 · Reinsurance is insurance for insurance companies. It’s a way of transferring some of the financial risks that insurance companies assume when insuring cars, homes, people, and businesses to ...

7. People also ask

   Are reinsurance intermediaries regulated?

   • In the United States, reinsurance intermediaries have been regulated since at least 1976. Most states have adopted a version of the Reinsurance Intermediary Model Act, promulgated by the National Association of Insurance Commissioners. Under the Act, there are two categories of intermediaries: intermediary brokers and intermediary managers.

   The Reinsurance Intermediary - IRMI

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   How do reinsurance intermediaries work with ceding insurers?

   • Most ceding insurers have formal agreements with their reinsurance intermediaries that set out the duties and expectations of both parties during the brokerage relationship.

   The Reinsurance Intermediary - IRMI

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   Do reinsurance intermediaries need written authorization?

   • In some states, led by New York through its Regulation 98, reinsurance intermediaries must have written authorization from a reinsured before procuring reinsurance for the reinsured. The reinsurance intermediary must provide the reinsured with written proof that a reinsurer has agreed to assume the risk.

   The Reinsurance Intermediary - IRMI

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   Are reinsurance intermediaries fiduciaries?

   • Reinsurance intermediaries under these regulations are now responsible as fiduciaries for funds received as reinsurance intermediaries. Funds on reinsurance contracts must be kept in separate, identifiable accounts and may not be commingled with the reinsurance intermediaries' own funds.

   The Reinsurance Intermediary - IRMI

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   How does a reinsurance broker work?

   • In the broker market, there are no direct dealings between the ceding insurer and the reinsurer. Instead, a reinsured's access to the broker reinsurance market is only through a reinsurance broker, which the industry often calls a reinsurance intermediary.

   The Reinsurance Intermediary - IRMI

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   Does a reinsurance intermediary need a large staff?

   • Conversely, the reinsurer does not need to maintain a large staff when the reinsurance intermediary will allocate to it the appropriate premium (less brokerage, of course) and will bill it the appropriate share of any losses. Smaller reinsurers rely heavily on the reinsurance intermediary for accounting and claims administration.

   The Reinsurance Intermediary - IRMI

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8. www.irmi.com › reinsurance-intermediariesreinsurance intermediaries - IRMI

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   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. Your Trusted Source for risk management and insurance information, education, and training. Reinsurance intermediaries are brokers who act as intermediaries ...