NRS 681A.570
Actions that may be taken against intermediary who fails to comply with laws.

1.

If the Commissioner believes that the reinsurance intermediary or any other person has not materially complied with NRS 681A.250 to 681A.560, inclusive, or any regulation adopted or order issued pursuant thereto, the Commissioner may, after a hearing conducted in accordance with NRS 679B.310 to 679B.370, inclusive, order:

(a)

For each separate violation, the payment of a penalty in an amount not exceeding $5,000; and

(b)

The revocation or suspension of the license of the reinsurance intermediary.

2.

If the Commissioner finds that the material noncompliance of the reinsurance intermediary has caused the insurer or reinsurer any loss or damage, the Commissioner may initiate a civil action against the intermediary on behalf of the insurer or reinsurer and the policyholders and creditors of the insurer or reinsurer to recover compensatory damages or other appropriate relief for the benefit of the insurer or reinsurer and the policyholders and creditors.

3.

If an order of rehabilitation or liquidation of the insurer has been entered and the receiver appointed by that order determines that:

(a)

The reinsurance intermediary or any other person has not materially complied with NRS 681A.250 to 681A.560, inclusive, or any regulation adopted or order issued pursuant thereto; and

(b)

The insurer has suffered any loss or damage as a result of that noncompliance,
Ê the receiver may bring a civil action for the recovery of damages or for any other appropriate sanctions on behalf of the insurer.

Source: Section 681A.570 — Actions that may be taken against intermediary who fails to comply with laws., https://www.­leg.­state.­nv.­us/NRS/NRS-681A.­html#NRS681ASec570.

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.570’s source at nv​.us