NRS 693A.380
Bulk reinsurance: Certificate of fees and commissions

  • restrictions upon payment
  • penalty.

1.

At the time of filing the agreement of bulk reinsurance with the Commissioner as provided in NRS 693A.370, the parties shall also file with the Commissioner a certificate or certificates under oath of a principal officer of each insurer involved, as to fees, commissions and other valuable considerations paid or to be paid to any person directly or indirectly in connection with the agreement or the proposed bulk reinsurance. This subsection does not apply to fees of attorneys, accountants, actuaries and other independently contracting persons rendering similar technical services in connection with the bulk reinsurance, or to regular salaried compensation received or to be received by employees in the ordinary course of business.

2.

No director or officer of any insurer party to such bulk reinsurance shall, except as fully expressed in the bulk reinsurance agreement, receive any fee, commission or other special or valuable consideration whatever, directly or indirectly, for in any manner aiding, promoting or assisting in the negotiation or effectuation of such reinsurance.

3.

Any person violating the provisions of subsection 2 is guilty of a gross misdemeanor.

Source: Section 693A.380 — Bulk reinsurance: Certificate of fees and commissions; restrictions upon payment; penalty., https://www.­leg.­state.­nv.­us/NRS/NRS-693A.­html#NRS693ASec380.

693A.010
Scope. 693A.020
Applicability of statutes relating to corporations. 693A.030
Domestic insurer prohibited from engaging in other business 693A.040
Principal offices. 693A.050
Books, records, documents, accounts and vouchers. 693A.060
Assets to be kept in State 693A.070
Removal or concealment of records or assets. 693A.080
Information to stockholders and regulation of proxies: Scope of provisions. 693A.090
Information to stockholders and regulation of proxies: Information in advance of meetings. 693A.100
Information to stockholders and regulation of proxies: Solicitation and form of proxies. 693A.110
Management and agency contracts 693A.120
Prohibited pecuniary interest of officers 693A.130
Liability of officers and others for paying taxes, licenses and fees. 693A.140
Dividends to stockholders. 693A.150
Participating policies. 693A.160
Dividends to policyholders. 693A.170
Purchase of own shares by stock insurer. 693A.180
Borrowing. 693A.190
Mutual insurers: Additional kinds of insurance. 693A.200
Mutual insurers: Membership. 693A.210
Mutual insurers: Bylaws. 693A.220
Mutual insurers: Contingent liability of members. 693A.230
Mutual insurers: Levy of contingent liability. 693A.240
Mutual insurers: Enforcement of contingent liability. 693A.250
Mutual insurers: Nonassessable policies 693A.260
Impairment of capital, surplus or assets: Notice 693A.270
Impairment of capital, surplus or assets: Curing deficiency 693A.280
Impairment of capital, surplus or assets: Violation of restrictions 693A.290
Mutualization of stock insurer. 693A.300
Conversion to ordinary business corporation. 693A.310
Affiliation of stock insurers. 693A.320
Acquisition of controlling stock. 693A.330
Merger or consolidation of stock insurers. 693A.340
Preservation of old charter in merger or consolidation. 693A.350
Merger or consolidation of mutual insurers. 693A.365
Assumption of reinsurance: Limitations 693A.370
Bulk reinsurance: Limitation 693A.380
Bulk reinsurance: Certificate of fees and commissions 693A.390
Member’s share of assets on liquidation.
Last Updated

Feb. 5, 2021

§ 693A.380’s source at nv​.us