NRS 681A.470
Brokers: Maintenance of records of transactions

  • access to accounts and records by insurer.

1.

For 10 years after expiration of each contract of reinsurance transacted by the broker for reinsurance, he or she shall keep a complete record for each transaction, including evidence of:

(a)

The type of contract, limits, underwriting restrictions, classes or risks and territory;

(b)

The period of coverage, including effective and expiration dates and the provisions concerning cancellation and notice of cancellation;

(c)

The requirements for reporting and settling balances;

(d)

The rate used to compute the reinsurance premium;

(e)

The names and addresses of assuming reinsurers;

(f)

The rates of all commissions for reinsurance, including the commissions on any retrocessions handled by the broker for reinsurance;

(g)

Any related correspondence and memoranda;

(h)

Proof of placement;

(i)

Details regarding retrocessions handled by the broker for reinsurance, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;

(j)

Financial records, including accounts of premium and loss; and

(k)

If the broker for reinsurance procures a contract of reinsurance on behalf of a licensed ceding insurer:

(1)

Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or

(2)

Through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.

2.

A broker for reinsurance shall allow an insurer to have access to and to copy and audit all accounts and records maintained by him or her related to its contract.

Source: Section 681A.470 — Brokers: Maintenance of records of transactions; access to accounts and records by insurer., https://www.­leg.­state.­nv.­us/NRS/NRS-681A.­html#NRS681ASec470.

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.470’s source at nv​.us