685A.040 - Conditions for export. - Nevada Statutes

685A.040  Conditions for export.  If certain insurance coverages cannot be procured from authorized insurers, such coverages, designated in this chapter as “surplus lines,” may be procured from unauthorized insurers, subject to the following conditions:

      1.  The insurance must be procured through a surplus lines broker licensed as such under this chapter.

      2.  The full amount of insurance required must not be procurable, after diligent effort has been made to do so.

      3.  The insurance must not be so exported for the purpose of procuring it at a premium rate lower than would be accepted by any authorized insurer; difference in rates alone will not support the export of the insurance if any authorized insurer is able and willing to carry the risk.

      4.  Differences, bearing directly upon the cost of insurance, in the terms of policies which otherwise provide substantially the same coverage will not support the export of the insurance.

      (Added to NRS by 1971, 1673; A 1971, 1939)