681A.420 - Limitations and requirements. - Nevada Statutes

681A.420  Limitations and requirements.

      1.  A person shall not act as a broker for reinsurance for a domestic insurer or reinsurer unless the person is:

      (a) A licensed producer in this state; or

      (b) Licensed as a nonresident intermediary for reinsurance in this state.

      2.  A person shall not act as a broker for reinsurance for a foreign or alien insurer or reinsurer if the person maintains an office, directly or as a member or employee of a firm or association or as an officer, director or employee of a corporation in this state, unless the person is:

      (a) A licensed producer in this state; or

      (b) Licensed as a nonresident intermediary for reinsurance in this state.

      3.  A person shall not act as a manager for reinsurance for a domestic insurer or reinsurer unless the person is:

      (a) A licensed producer in this state; or

      (b) Licensed as a nonresident manager for reinsurance in this state.

      4.  A person shall not act as a manager for reinsurance for any foreign or alien insurer or reinsurer if the person maintains an office, directly or as a member or employee of a firm or association or as an officer, director or employee of a corporation in this state, unless the person is:

      (a) A licensed producer in this state; or

      (b) Licensed as a nonresident manager for reinsurance in this state.

      5.  A manager for reinsurance shall:

      (a) File a bond from an insurer in an amount that is acceptable to the Commissioner for the protection of the reinsurer; and

      (b) Maintain a policy covering errors and omissions in an amount that is acceptable to the Commissioner.

      (Added to NRS by 1995, 1761; A 2003, 3286)