Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 51 - Procedures for Reinsurance Intermediaries › Section 51-3 - Licensing requirements

Current through July 10, 2024
Authority: IC
				  27-6-9-26
Affected: IC 27-6-9
Sec. 3.
(a) The
				initial licensing form for a reinsurance intermediary must be filed with the
				department of insurance on or before July 1, 1993, and will be subject to
				renewal annually on or before July 1 of each year thereafter.
(b) The application form to license a
				reinsurance intermediary can be obtained from the department of insurance. The
				application form is adopted by reference, and a copy may be obtained from the
				Department of Insurance, 311 West Washington Street, Suite 300, Indianapolis,
				Indiana 46204-2787.
(c) A
				nonrefundable application fee of one hundred dollars ($100), payable by either
				check or money order, must accompany the application form.
(d) If the applicant, and all persons whose
				names are listed as reinsurance intermediary on the application, meet the
				qualifications of IC 27-6-9, the department of insurance will issue the
				applicant a reinsurance intermediary license.
(e) Any person, firm, association, or
				corporation who is required to obtain a reinsurance intermediary license and
				who is not a resident of this state must obtain a nonresident reinsurance
				intermediary license.
(f) The
				reinsurance intermediary shall report any material changes in the information
				in the application or renewal form referred to in this section not later than
				thirty (30) days after the date on which the change takes effect.
(g) The application process shall be as
				follows:
(1) The department of insurance shall
				have thirty (30) days after receipt of an application to determine whether the
				application is complete. In the event that an application is found to be
				incomplete, the department of insurance will give the applicant written notice
				of the required information necessary to complete the application. If the
				application is complete, the applicant will be advised that the application has
				been received and accepted for review.
(2) The department of insurance shall have
				sixty (60) days from the date the application is determined to be complete
				under subdivision (1) to process the application and to approve or disapprove
				it. The department of insurance shall give the applicant written notice of any
				deficiencies noted as a result of the review conducted under this subdivision.
				If approved, the department shall give the applicant written notice of the
				approval.
(3) The department of
				insurance shall afford the applicant an opportunity for a meeting to discuss
				any omissions or deficiencies noted.
(4) The applicant must correct the omissions
				or deficiencies in the application within thirty (30) days of the date of the
				latest notice of the department of insurance of such omissions or deficiencies.
				If the applicant fails to do so, the application file will be closed as an
				incomplete application. The application fee will not be refundable.
(5) The department of insurance shall
				maintain an application file which shall contain the application, notices of
				any omissions or deficiencies, responses, and any written materials generated
				by any person who was considered by the department of insurance in evaluating
				the application.