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Nevada Revised Statutes Title 57. Insurance § 683A.187. Billing, collecting and remitting charges by licensee; compensation for licensee from supervising entity for sales, billing and collection services; money collected by licensee from enrolled customer held in trust

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

1. If a customer purchases personal property storage insurance from the licensee, the licensee may bill and collect the charges for the personal property storage insurance.

2. A licensee which bills and collects charges for personal property storage insurance coverage on behalf of an insurer is not required to maintain such money in a segregated account if the licensee:

(a) Is authorized by the insurer to hold such money in an alternative manner; and

(b) Remits such amounts to the supervising entity within 60 days after receipt.

3. A licensee may receive compensation from a supervising entity for sales, billing and collection services. Such compensation may be dependent on the sale of the types of coverage described in NRS 683A.181 to 683A.189, inclusive.

All money collected by a licensee from an enrolled customer for the sale of personal property storage insurance shall be deemed to be held in trust by the licensee in a fiduciary capacity for the benefit of the insurer, and the insurer shall be deemed to have received the premium from the enrolled customer upon payment of the premium by the enrolled customer to the licensee.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 683A.187. Billing, collecting and remitting charges by licensee; compensation for licensee from supervising entity for sales, billing and collection services; money collected by licensee from enrolled customer held in trust - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-683a-187/

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