Which of these licensees MUST be appointed in order to conduct insurance business?

A broker represents the interests of the insurance buyer rather than the insurer. While brokers facilitate insurance transactions and provide valuable services, they do not need to be appointed by an insurance company to conduct business, as their role is more about representing clients in finding appropriate coverage.

An adjuster is responsible for evaluating insurance claims and determining the amount payable under a policy. Although adjusters play a crucial role in the claims process, they are not required to be appointed to conduct insurance business, as they do not sell or manage insurance policies.

A reinsurance intermediary helps insurance companies secure reinsurance but does not engage in direct insurance sales to consumers. Their role is specialized and pertains to transactions between insurers, thus they do not need to be appointed in the same manner as agents who interact directly with policyholders.