681A.500 - Managers: Compliance with certain standards established by insurer; required provisions in contract; relationship with reinsurer. - Nevada Statutes

681A.500  Managers: Compliance with certain standards established by insurer; required provisions in contract; relationship with reinsurer.

      1.  A manager for reinsurance shall comply with the written underwriting and rating standards established by the insurer he or she represents for the acceptance, rejection or cession of all risks.

      2.  The contract must set forth the rates, terms and purposes of commissions, charges and other fees which the manager for reinsurance may levy against the reinsurer.

      3.  The manager for reinsurance shall annually provide the reinsurer with a statement of the financial condition of the manager for reinsurance prepared by an independent certified public accountant.

      4.  The reinsurer shall conduct a review of underwriting and the handling of claims by the manager for reinsurance at the location of the operations of the manager for reinsurance at least twice each calendar year.

      5.  The manager for reinsurance shall disclose to the reinsurer any relationship the manager for reinsurance has with an insurer before ceding or assuming insurance to or from the insurer pursuant to the contract.

      6.  The acts of the manager for reinsurance shall be deemed to be the acts of the reinsurer on whose behalf the manager for reinsurance is acting.

      (Added to NRS by 1995, 1763)