Frequently Asked Questions/Information:

 

 

ORGANIZATION AND/OR PERSONNEL:

 

1) Legal Name of Firm: Cypress Creek Intermediaries, Inc.

Mailing Address:  680 Stonefield Loop, Heathrow, FL 32746.

Telephone Number:  (407) 333-9002.

Facsimile Number:  (407) 333-9105.

Website:  www.CypressReinsurance.com.

Email Contact:  Treatyman@aol.com.

 

2) Is the organization a:  Sole Proprietorship (NO), Partnership (NO), LLC (NO), Corporation (YES).

 

Please describe the operations of subsidies, affiliations, directorship or other close business relationships, management pools, etc., if any.  Cypress Creek Intermediaries, Inc. currently operates as a reinsurance intermediary and insurance consultant.  No underwriting is conducted at present.

 

3)  City of Charter?  Daytona Beach, FL.

Date of Charter?  October 23, 1984.

 

4) Is the organization supervised by a regulatory authority?  YES.

Have they conducted an examination?  NO.

 

5) Is the organization licensed as an insurance broker, reinsurance intermediary or other insurance or reinsurance organization?  Reinsurance Intermediary and Consultant.

Where?  FL, PA and NY.

 

6) Do any of the organization's individuals/employees have drawing accounts?  NO.

Does the organization loan money to officers or employees?  NO.

 

7) Does the organization maintain fidelity coverage over all officers and employees:  NO.

 

8) Does the organization maintain Errors & Omissions Liability Coverage?  YES.

Please indicate limit(s):  $1 million.

 

9) Is the organization subject to quarterly, semi-annual or annual financial review by a certified public accountant?  YES.

Name of the CPA and number of years of engagement:  Bolerjack, Halsema, Bowling & White PA, 533 North Nova Road, Suite 101, Ormond Beach, FL 32174/30+ years as contracted CPA.

 

10) Does each officer of the organization file an annual conflict of interest statement with the organization's secretary?  NO.

 

 

 

HANDLING OF FUNDS OF CEDING COMPANIES AND REINSURERS:

 

1) Are premium, loss and other funds owned by the reinsured and/or reinsurers (i.e., fiduciary funds) kept in separate accounts; that is, not comingled with other funds?  YES

Is the financial strength of the depositories/banks evaluated in relation to the balances maintained?  YES.

 

2) Does the organization invest such fiduciary funds?  YES.

If so, what type of securities?  Securities are entirely short term in nature, not to exceed 30 days.  Other funds are kept for short periods in money market accounts.

 

3) Are these fiduciary funds audited in detail by a certified public accountant on a quarterly, semi-annual or annual basis?  Funds are audited annually by CPA listed above.

 

4) Is check signing authority of fiduciary accounts limited?  YES.

Are 2 signatures required?  YES.

 

5) Does the organization withdraw from the fiduciary account(s) for commission(s) monthly as earned?  YES.

 

6) Does the organization remit to reinsurer(s) in strict accordance with contract terms, even if special remittance is contractually required?  YES.

 

7) Is the organization in compliance with NY State Insurance Department Regulation Number 29, as well as all additional/pertinent NY State Insurance Department regulations required after January 1, 2015?  YES.