NRS 685A.010 – Short title.
This chapter constitutes and may be cited as the Nonadmitted Insurance Law. (Added to NRS by 1971, 1673; A 2011, 2012)
NRS 685A.020 – Exemptions.
The Nonadmitted Insurance Law shall not apply to reinsurance, or to the following insurances when placed by general lines agents or general lines brokers or surplus lines brokers licensed as such by this state or when procured directly by an insured from a nonadmitted insurer: 1. Wet marine and transportation insurance; 2. Insurance of subjects […]
NRS 685A.025 – Applicability.
Except as otherwise provided in NRS 685A.020, this chapter applies to nonadmitted insurance. (Added to NRS by 2011, 2011)
NRS 685A.030 – Definitions.
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 685A.031 to 685A.039, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1971, 1673; A 2011, 2012; 2019, 1701)
NRS 685A.031 – “Broker” defined.
“Broker” means a surplus lines broker duly licensed as such under this chapter. (Added to NRS by 2011, 2010)
NRS 685A.0315 – “Domestic surplus lines insurer” defined.
“Domestic surplus lines insurer” means an insurer which is authorized by the Commissioner to accept surplus lines insurance pursuant to NRS 685A.072. (Added to NRS by 2019, 1700)
NRS 685A.032 – “Exempt commercial purchaser” defined.
1. “Exempt commercial purchaser” means any person or political subdivision of this State purchasing commercial insurance: (a) Who, at the time of placement, employs or retains a qualified risk manager to negotiate insurance coverage; (b) Who, at the time of placement, has paid aggregate nationwide commercial property and casualty insurance premiums of more than $100,000 […]
NRS 685A.033 – “Export” defined.
“Export” means to place insurance in an unauthorized insurer under this chapter. (Added to NRS by 2011, 2010)
NRS 685A.034 – “Home state” defined.
“Home state” means: 1. For an insured: (a) The state in which the insured maintains its principal place of business or, in the case of an individual, the individual’s principal residence; or (b) If 100 percent of the insured risk is located outside of the state determined pursuant to paragraph (a), the state to which […]
NRS 685A.035 – “Independently procured insurance” defined.
“Independently procured insurance” means insurance procured directly by an insured from a nonadmitted insurer. (Added to NRS by 2011, 2011)
NRS 685A.036 – “Multi-state risk” defined.
“Multi-state risk” means a risk covered by a nonadmitted insurer to which the insured is exposed in more than one state. (Added to NRS by 2011, 2011)
NRS 685A.037 – “Nonadmitted insurance” defined.
“Nonadmitted insurance” means any property and casualty insurance permitted to be placed directly or through a broker with a nonadmitted insurer eligible to accept such insurance. The term includes both independently procured insurance and surplus lines insurance. (Added to NRS by 2011, 2011)
NRS 685A.0375 – “Nonadmitted insurer” defined.
1. “Nonadmitted insurer” means an insurer not authorized to engage in the business of insurance in this State. 2. The term includes a domestic surplus lines insurer. 3. The term does not include a risk retention group as that term is defined in 15 U.S.C. § 3901(a)(4). (Added to NRS by 2011, 2011; A 2019, […]
NRS 685A.038 – “Principal place of business” defined.
“Principal place of business” means, for the purpose of determining the home state of the insured: 1. The state where the insured maintains its headquarters and where the insured’s high-level officers direct, control and coordinate its business activities; 2. If the insured’s high-level officers direct, control and coordinate its business activities in more than one […]
NRS 685A.0385 – “Principal residence” defined.
“Principal residence” means, for the purpose of determining the home state of the insured: 1. The state where the insured resides for the greatest number of days during a calendar year; or 2. If the insured’s principal residence is located outside of any state, the state to which the greatest percentage of the insured’s taxable […]
NRS 685A.039 – “Surplus lines insurance” defined.
“Surplus lines insurance” means insurance procured by an insured through a broker with a nonadmitted insurer eligible to accept such insurance. (Added to NRS by 2011, 2011)
NRS 685A.040 – Conditions for export.
If this State is the insured’s home state and certain insurance coverages cannot be procured from authorized insurers, such coverages, designated in this chapter as nonadmitted insurance, may be procured from unauthorized insurers, subject to the following conditions: 1. The insurance must be procured through a broker licensed as such under this chapter or procured […]
NRS 685A.050 – Broker’s report.
1. At the time of effecting any surplus lines insurance for which this State is the home state, the broker shall, within 90 days after such insurance is so effected, submit a report, in the form prescribed or accepted by the Commissioner, setting forth facts from which it can be determined whether such insurance is […]
NRS 685A.060 – Open lines for export.
1. The Commissioner may by order declare eligible for export generally and without compliance with subsections 2, 3 and 4 of NRS 685A.040 and NRS 685A.050, any class or classes of insurance coverage or risk for which the Commissioner finds that there is not a reasonable or adequate market among authorized insurers either as to […]
NRS 685A.070 – Eligible insurers.
1. A broker shall not knowingly place surplus lines insurance with an insurer which is unsound financially or ineligible pursuant to this section. 2. With respect to nonadmitted insurance for insureds for which this State is the home state, except as otherwise provided in this section, an insurer is not eligible to accept surplus lines […]