NRS 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.

Source: Section 681A.500 — Managers: Compliance with certain standards established by insurer; required provisions in contract; relationship with reinsurer., https://www.­leg.­state.­nv.­us/NRS/NRS-681A.­html#NRS681ASec500.

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.500’s source at nv​.us