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Intermediary

Intermediary

Definition

A reinsurance broker who negotiates contracts of reinsurance on behalf of the reinsured, usually with those reinsurers that recognize brokers and pay them commissions on reinsurance premiums ceded. The intermediary also acts as a conduit through which communications between the insurer and reinsurer are passed, including the payment of premiums by the reinsured to the reinsurer and the collection of losses for the reinsured from the reinsurer.

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