Licensing of brokers
- expiration and renewal of license.
1.No person may act as, hold himself or herself out as or be a surplus lines broker with respect to subjects of insurance for which this State is the insured’s home state unless the person is licensed as such by the Commissioner pursuant to this chapter.
2.Any person who has been licensed by this State as a producer of insurance for general lines for at least 6 months, or has been licensed in another state as a surplus lines broker and continues to be licensed in that state, and who is deemed by the Commissioner to be competent and trustworthy with respect to the handling of surplus lines may be licensed as a surplus lines broker upon:
(a)Application for a license and payment of all applicable fees for a license;
(b)Submitting the statement required pursuant to NRS 685A.127; and
(c)Passing any examination prescribed by the Commissioner on the subject of surplus lines.
3.An application for a license must be submitted to the Commissioner on a form designated and furnished by the Commissioner. The application must include the social security number of the applicant.
4.A license issued pursuant to this chapter continues in force for 3 years unless it is suspended, revoked or otherwise terminated. The license may be renewed upon submission of the statement required pursuant to NRS 685A.127 and payment of all applicable fees for renewal to the Commissioner on or before the last day of the month in which the license is renewable.
5.A license which is not renewed expires at midnight on the last day specified for its renewal. The Commissioner may accept a request for renewal received by the Commissioner within 30 days after the expiration of the license if the request is accompanied by:
(a)The statement required pursuant to NRS 685A.127;
(b)All applicable fees for renewal; and
(c)A penalty in an amount that is equal to 50 percent of all applicable fees for renewal, except for any fee required pursuant to NRS 680C.110.
Section 685A.120 — Licensing of brokers; expiration and renewal of license.,