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Nevada Revised Statutes Title 57. Insurance § 681A.530. Managers: Maintenance of records of transactions; access to accounts and records by reinsurer

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

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 expiration dates, provisions concerning cancellation and notice of cancellation, and disposition of outstanding reserves on covered risks;

(c) The requirements for reporting and settling balances;

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

(e) The names and addresses of reinsurers;

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

(g) Any related correspondence and memoranda;

(h) Proof of placement;

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

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

(k) If the manager for reinsurance places a contract of reinsurance on behalf of a 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. The manager for reinsurance shall allow a reinsurer to have access and to copy all accounts and records maintained by the manager for reinsurance related to its business in a form usable by the reinsurer.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 681A.530. Managers: Maintenance of records of transactions; access to accounts and records by reinsurer - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-681a-530/

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