683A.311 - Temporary licenses: Authority of Commissioner; expiration. - Nevada Statutes

683A.311  Temporary licenses: Authority of Commissioner; expiration.

      1.  The Commissioner may issue a temporary license as a producer of insurance to any of the following for 180 days or less without requiring an examination if the Commissioner believes that the temporary license is necessary to carry on the business of insurance:

      (a) The surviving spouse, personal representative or guardian of a licensed producer who dies or becomes incompetent, to allow adequate time for the sale of the business, the recovery or return of the producer, or the training and licensing of new personnel to operate the business;

      (b) A member or employee of a business organization licensed as a producer, upon the death or disability of the natural person designated in its application or license;

      (c) The designee of a licensed producer entering active service in the Armed Forces of the United States; or

      (d) A person in any other circumstance where the Commissioner believes that the public interest will be best served by issuing the license.

      2.  The Commissioner may limit by order the authority of a temporary licensee as the Commissioner believes necessary to protect persons insured and the public. The Commissioner may require the temporary licensee to have a suitable sponsor who is licensed as a producer of insurance or authorized as an insurer and who assumes responsibility for all acts of the temporary licensee, and may impose similar requirements to protect persons insured and the public. The Commissioner may revoke a temporary license by order if the interests of persons insured or the public are endangered. A temporary license expires when the owner or the personal representative or guardian of the owner disposes of the business.

      (Added to NRS by 2001, 2196)