NRS 681A.460
Brokers: Transactions with insurer

  • termination
  • duties.

1.

A transaction between a broker for reinsurance and the insurer he or she represents may only be entered into by written agreement. The agreement must specify the responsibilities of each party.

2.

The insurer may terminate the authority of the broker for reinsurance at any time.

3.

The broker for reinsurance shall:

(a)

Render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owing to the broker for reinsurance; and

(b)

Remit all money due to the insurer within 30 days after receipt.

4.

All money collected for the account of the insurer must be held by the broker for reinsurance in a fiduciary capacity in a bank or credit union which is a qualified financial institution.

5.

The broker for reinsurance shall comply with the written standards established by the insurer for the cession or retrocession of all risks.

6.

The broker for reinsurance shall disclose to the insurer any relationship with any reinsurer to which insurance will be ceded or retroceded.

Source: Section 681A.460 — Brokers: Transactions with insurer; termination; duties., https://www.­leg.­state.­nv.­us/NRS/NRS-681A.­html#NRS681ASec460.

681A.250
Definitions. 681A.260
“Actuary” defined. 681A.270
“Automatic agreement” defined. 681A.280
“Broker for reinsurance” defined. 681A.290
“Cede” defined. 681A.300
“Cession” defined. 681A.310
“Controlling person” defined. 681A.320
“Facultative” defined. 681A.330
“Intermediary” defined. 681A.340
“Licensed producer” defined. 681A.350
“Manager for reinsurance” defined. 681A.360
“Reinsured” defined. 681A.370
“Reinsurer” defined. 681A.380
“Retrocession” defined. 681A.390
“Retrocessionaire” defined. 681A.400
“Syndicate” defined. 681A.410
“Violation” defined. 681A.420
Limitations and requirements. 681A.430
License to act as intermediary. 681A.440
Circumstances under which Commissioner is authorized to refuse to issue license. 681A.450
Licensed attorney acting as intermediary. 681A.460
Brokers: Transactions with insurer 681A.470
Brokers: Maintenance of records of transactions 681A.480
Brokers: Conditions for employment 681A.490
Managers: Transactions with reinsurer 681A.500
Managers: Compliance with certain standards established by insurer 681A.510
Managers: Requirements for settlement of claims 681A.520
Managers: Sharing of interim profits. 681A.530
Managers: Maintenance of records of transactions 681A.540
Managers: Prohibited acts. 681A.550
Managers: Conditions for employment 681A.560
Examination of intermediary by Commissioner. 681A.570
Actions that may be taken against intermediary who fails to comply with laws. 681A.580
Rights of relevant parties not limited or expanded.
Last Updated

Feb. 5, 2021

§ 681A.460’s source at nv​.us