Skip to main content
Find a Lawyer

Nevada Revised Statutes Title 57. Insurance § 681A.460. Brokers: Transactions with insurer; termination; duties

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

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 accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owing to the broker for reinsurance; and

(b) Remit all money due to the insurer within 30 days after receipt.

4. All money collected for the account of the insurer must be held by the broker for reinsurance in a fiduciary capacity in a bank or credit union which is a qualified financial institution.

5. The broker for reinsurance shall comply with the written standards established by the insurer for the cession or retrocession of all risks.

6. The broker for reinsurance shall disclose to the insurer any relationship with any reinsurer to which insurance will be ceded or retroceded.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 681A.460. Brokers: Transactions with insurer; termination; duties - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-681a-460/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard