681A.350 - “Manager for reinsurance” defined. - Nevada Statutes

681A.350  “Manager for reinsurance” defined.  “Manager for reinsurance” means a person who has authority to bind or manage all or part of the assumed reinsurance of a reinsurer and acts as an agent for the reinsurer whether known as a manager or other similar term. The term includes the manager of a separate division, department or underwriting office who acts as an agent for a reinsurer. For the purposes of NRS 681A.250 to 681A.580, inclusive, the following persons are not managers with respect to a reinsurer:

      1.  An employee of the reinsurer;

      2.  A manager of a branch of an alien reinsurer located in the United States;

      3.  An underwriting manager who, pursuant to a contract, manages all or part of the reinsurance of the reinsurer, is under common control with the reinsurer within the meaning of chapter 692C of NRS, and whose compensation is not based on the volume of premiums written; or

      4.  The manager of a group, association, pool or organization of insurers who engage in joint underwriting or joint reinsurance and who are subject to examination by the commissioner of the state in which the principal business office of the manager is located.

      (Added to NRS by 1995, 1760)