Hawaii Commissioner's Memorandum 2008-3LIC

LINDA LINGLE GOVERNOR JAMES R. AIONA, JR. LT. GOVERNOR STATE OF HAWAl'I INSURANCE DIVISION DEPARTMENT OF COMMERCE & CONSUMER AFFAIRS P. 0. BOX 3614 HONOLULU, HAWAl'I 96811-3614 335 MERCHANT STREET, ROOM 213 HONOLULU, HAWAl"I 96813 PHONE NO: (808) 586-2790 FAX NO: (808) 586-2806 www.hawaii.gov/dcca/ins September 3, 2008 LAWRENCE M. REIFURTH DIRECTOR J.P. SCHMIDT INSURANCE COMMISSIONER MEMORANDUM 2008-3LIC TO: Reinsurance Intermediaries FROM: J.P. Schmidt Insurance Commissioner RE: Hawaii Licensing Requirements for Reinsurance Intermediaries Pursuant to Hawaii Revised Statutes ("HRS") § 431:9B-102, all reinsurance intermediaries must be licensed, including nonresident reinsurance intermediary-brokers ("RB") and nonresident intermediary-managers ("RM"). It has come to our attention that some reinsurance intermediaries have been operating under "reciprocity'' or an "exemption". This does not comply with the requirements of the Insurance Code. Nonresident reinsurance intermediaries are required to file an application, provide evidence of licensure in the resident state, provide the statutory citation from the resident state which contains the comparable requirements for licensure, and submit the applicable licensing fees shown at the Hawaii Insurance Division website. A nonresident RM is exempt from the bond and errors and omission policy requirements in HRS § 431:9B-102( c ). Nonresident reinsurance intermediaries who are not currently licensed are strongly encouraged to submit their license applications to the Hawaii Insurance Division in a timely manner. The Insurance Commissioner may allow a reasonable time for compliance, but all reinsurance intermediaries must be licensed on or before December 1, 2008. The licensing application may be found on the Hawaii Insurance Division website at www.hawaii.gov/dcca/areas/ins. If there are any questions, please call the Hawaii Insurance Division's Licensing Branch at (808) 586-2788.