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Nevada Revised Statutes Title 57. Insurance § 681A.420. Limitations and requirements

Current as of January 01, 2025 | Updated by Findlaw Staff

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 alien insurer or reinsurer if the person maintains an office, directly or as a member or employee of a firm or association or as an officer, director or employee of a corporation in this state, unless the person is:

(a) A licensed producer in this state; or

(b) Licensed as a nonresident intermediary for reinsurance in this state.

3. A person shall not act as a manager 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 manager for reinsurance in this state.

4. A person shall not act as a manager for reinsurance for any foreign or alien insurer or reinsurer if the person maintains an office, directly or as a member or employee of a firm or association or as an officer, director or employee of a corporation in this state, unless the person is:

(a) A licensed producer in this state; or

(b) Licensed as a nonresident manager for reinsurance in this state.

5. A manager for reinsurance shall:

(a) File a bond which complies with NRS 679B.175 and is in an amount that is acceptable to the Commissioner for the protection of the reinsurer; and

(b) Maintain a policy covering errors and omissions in an amount that is acceptable to the Commissioner.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 681A.420. Limitations and requirements - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-681a-420/

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