Section 760 IAC 1-51-3 - Licensing requirementsAuthority: 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.(h) The renewal process shall be as follows:(1) A reinsurance intermediary license is valid for one (1) year from the date of issuance. A reinsurance intermediary shall apply for a license renewal every year on or before the anniversary date of issuance or the license shall terminate.(2) The renewal form can be obtained from the commissioner of the department of insurance at the address listed in subsection (b).(3) A completed renewal form and a renewal application fee of one hundred dollars ($100) must be submitted to the commissioner of the department of insurance at the address listed in subsection (b).(4) A reinsurance intermediary may continue to operate under its license after a completed renewal application form and the renewal fee have been timely received by the department of insurance until the renewal is finally denied by the department of insurance.Department of Insurance; 760 IAC 1-51-3; filed Jul 8, 1993, 10:00 a.m.: 16 IR 2561; filed Sep 5, 1996, 11:00 a.m.: 20 IR 16; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFAReadopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA