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Nevada Revised Statutes Title 57. Insurance § 681A.470. Brokers: Maintenance of records of transactions; access to accounts and records by insurer

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

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 the provisions concerning cancellation and notice of cancellation;

(c) The requirements for reporting and settling balances;

(d) The rate used to compute the reinsurance premium;

(e) The names and addresses of assuming reinsurers;

(f) The rates of all commissions for reinsurance, including the commissions on any retrocessions handled by the broker for reinsurance;

(g) Any related correspondence and memoranda;

(h) Proof of placement;

(i) Details regarding retrocessions handled by the broker for reinsurance, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;

(j) Financial records, including accounts of premium and loss; and

(k) If the broker for reinsurance procures a contract of reinsurance on behalf of a licensed ceding insurer:

(1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or

(2) Through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.

2. A broker for reinsurance shall allow an insurer to have access to and to copy and audit all accounts and records maintained by him or her related to its contract.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 681A.470. Brokers: Maintenance of records of transactions; access to accounts and records by insurer - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-681a-470/

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