As used in NRS 681A.250 to 681A.580, inclusive, unless the context otherwise requires, the words and terms defined in NRS 681A.260 to 681A.410, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1995, 1759)
“Actuary” means a person who is a member in good standing of the American Academy of Actuaries or its successor organization. (Added to NRS by 1995, 1759)
“Automatic agreement” means an agreement between a reinsured and reinsurer whereby the ceding company is obligated to cede certain risks as provided in the agreement and the reinsurer is obligated to accept. (Added to NRS by 1995, 1760)
“Broker for reinsurance” means a person who negotiates a contract of reinsurance between a reinsured and reinsurer on behalf of the reinsured and who receives a commission for placement and other services rendered. The term does not include the ceding insurer. (Added to NRS by 1995, 1760)
“Cede” means to pass on to another insurer, who is designated the reinsurer, all or part of the insurance written by an insurer with the object of reducing the possible liability of the ceding insurer. (Added to NRS by 1995, 1760)
“Cession” means the unit of insurance passed to a reinsurer by a primary company which issued a policy to the original insured. (Added to NRS by 1995, 1760)
“Controlling person” means a person who directly or indirectly has the power to direct, or cause to be directed, the management, control or activities of an intermediary. (Added to NRS by 1995, 1760)
A submission is “facultative” if both the primary insurer and the reinsurer have the choice to accept or reject the submission. (Added to NRS by 1995, 1760)
“Intermediary” includes a broker for reinsurance or a manager for reinsurance. (Added to NRS by 1995, 1760)
“Licensed producer” means an agent, broker or intermediary licensed pursuant to this title. (Added to NRS by 1995, 1760)
“Manager for reinsurance” means a person who has authority to bind or manage all or part of the assumed reinsurance of a reinsurer and acts as an agent for the reinsurer whether known as a manager or other similar term. The term includes the manager of a separate division, department or underwriting office who acts […]
“Reinsured” means an insurer that has placed risks with a reinsurer in the process of buying reinsurance. The term includes a ceding insurer. (Added to NRS by 1995, 1760)
“Reinsurer” means a person licensed in this state as an insurer with the authority to assume the liability of another by reinsurance. (Added to NRS by 1995, 1760)
“Retrocession” means a transaction whereby a reinsurer cedes to another reinsurer all or part of the reinsurance it has previously assumed. (Added to NRS by 1995, 1760)
“Retrocessionaire” means the assuming reinsurer in a retrocession. (Added to NRS by 1995, 1760)
“Syndicate” means a joint underwriting operation of insurance or reinsurance in which the participants assume a predetermined and fixed interest in the insurance written and the members share equally in the premiums. (Added to NRS by 1995, 1761)
“Violation” by an intermediary, insurer or reinsurer for whom the intermediary was acting means failure to comply substantially with the provisions of NRS 681A.250 to 681A.580, inclusive. (Added to NRS by 1995, 1761)
1. A person shall not act as a broker for reinsurance for a domestic insurer or reinsurer unless the person is: (a) A licensed producer in this state; or (b) Licensed as a nonresident intermediary for reinsurance in this state. 2. A person shall not act as a broker for reinsurance for a foreign or […]
1. The Commissioner may issue a license to act as an intermediary to any person who has complied with the requirements of NRS 681A.250 to 681A.580, inclusive, and who submits a written application for a license to act as an intermediary, the appropriate fee set forth in NRS 680B.010 and, in addition to any other […]
1. The Commissioner may refuse to issue a license to act as an intermediary if, in the judgment of the Commissioner: (a) The applicant, anyone named on the application, or any member, principal, officer or director of the applicant, is not trustworthy to act as an intermediary; (b) Any controlling person of the applicant is […]
