NRS 681A.450 – Licensed attorney acting as intermediary.
When acting in his or her professional capacity, an attorney at law who is licensed in this state need not be licensed as an intermediary. (Added to NRS by 1995, 1762)
NRS 681A.460 – Brokers: Transactions with insurer; termination; duties.
1. A transaction between a broker for reinsurance and the insurer he or she represents may only be entered into by written agreement. The agreement must specify the responsibilities of each party. 2. The insurer may terminate the authority of the broker for reinsurance at any time. 3. The broker for reinsurance shall: (a) Render […]
NRS 681A.470 – Brokers: Maintenance of records of transactions; access to accounts and records by insurer.
1. For 10 years after expiration of each contract of reinsurance transacted by the broker for reinsurance, he or she shall keep a complete record for each transaction, including evidence of: (a) The type of contract, limits, underwriting restrictions, classes or risks and territory; (b) The period of coverage, including effective and expiration dates and […]
NRS 681A.480 – Brokers: Conditions for employment; annual statement of financial condition.
1. An insurer shall not engage the services of any person to act as a broker for reinsurance on its behalf unless the person is licensed pursuant to NRS 681A.430. 2. An insurer may not employ a person who is employed by a broker for reinsurance with whom it transacts business, unless the broker for […]
NRS 681A.490 – Managers: Transactions with reinsurer; termination; duties.
1. Transactions between a manager for reinsurance and the reinsurer he or she represents must only be entered into pursuant to a written contract which specifies the responsibilities of each party and is approved by the board of directors of the reinsurer. At least 30 days before a reinsurer assumes or cedes insurance, a copy […]
NRS 681A.500 – Managers: Compliance with certain standards established by insurer; required provisions in contract; relationship with reinsurer.
1. A manager for reinsurance shall comply with the written underwriting and rating standards established by the insurer he or she represents for the acceptance, rejection or cession of all risks. 2. The contract must set forth the rates, terms and purposes of commissions, charges and other fees which the manager for reinsurance may levy […]
NRS 681A.510 – Managers: Requirements for settlement of claims; ownership of claims files; termination of authority to settle claims.
1. If a contract between a manager for reinsurance and the reinsurer he or she represents permits the manager for reinsurance to settle claims on behalf of the reinsurer: (a) All claims must be reported to the reinsurer in a timely manner; and (b) A copy of the claim file must be sent to the […]
NRS 681A.520 – Managers: Sharing of interim profits.
If a contract between a manager for reinsurance and the reinsurer he or she represents provides for a sharing of interim profits by the manager for reinsurance, the interim profits must not be paid until 1 year after the end of each underwriting period for property insurance and 5 years after the end of each […]
NRS 681A.530 – Managers: Maintenance of records of transactions; access to accounts and records by reinsurer.
1. For at least 10 years after expiration of each contract of reinsurance transacted by a manager for reinsurance, the manager for reinsurance shall keep a complete record for each transaction, including evidence of: (a) The type of contract, limits, underwriting restrictions, classes or risks and territory; (b) The period of coverage, including effective and […]
NRS 681A.540 – Managers: Prohibited acts.
A manager for reinsurance shall not: 1. Except as otherwise provided in this section, cede retrocessions on behalf of the reinsurer. A manager for reinsurance may cede facultative retrocessions pursuant to facultative agreements if the contract with the reinsurer contains guidelines for underwriting the retrocessions. The guidelines must include a list of reinsurers with which […]
NRS 681A.550 – Managers: Conditions for employment; annual statement of financial condition; reserves for losses; retrocessional contracts; notice of termination; prohibition against serving on board of directors of reinsurer.
1. A reinsurer shall not engage the services of any person to act as a manager for reinsurance on its behalf unless the person is licensed as required by NRS 681A.430. 2. A reinsurer shall annually obtain a copy of statements of the financial condition of each manager for reinsurance whom the reinsurer has engaged. […]
NRS 681A.560 – Examination of intermediary by Commissioner.
1. An intermediary is subject to examination by the Commissioner. The intermediary shall allow the Commissioner to have access to all of the books, bank accounts and records of the intermediary in a form usable to the Commissioner. 2. A manager for reinsurance may be examined as if he or she were the reinsurer. (Added […]
NRS 681A.570 – Actions that may be taken against intermediary who fails to comply with laws.
1. If the Commissioner believes that the reinsurance intermediary or any other person has not materially complied with NRS 681A.250 to 681A.560, inclusive, or any regulation adopted or order issued pursuant thereto, the Commissioner may, after a hearing conducted in accordance with NRS 679B.310 to 679B.370, inclusive, order: (a) For each separate violation, the payment […]
NRS 681A.580 – Rights of relevant parties not limited or expanded.
NRS 681A.250 to 681A.580, inclusive, do not limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights on such persons. (Added to NRS by 1995, 1767)