Nevada Administrative Code

NAC 683A.355 Limitations on receipt and use of credit. (NRS 679B.130) A licensee: 1. May receive credit for continuing education only once during a renewal period for each course taken. 2. May not carry forward to the next renewal period any hours of continuing education that are…

NAC 683A.360 Verification of continuing education. (NRS 679B.130) 1. Each licensee shall furnish to the Division upon the renewal of his or her license or upon the request of the Division, the original certificate of completion issued by the provider for each course. 2. The licen…

NAC 683A.365 Suspension or revocation of approval of course; auditing of course; reinstatement of approval. (NRS 679B.130) 1. The Commissioner or a designated representative thereof may suspend or revoke the approval of a course if he or she determines that: (a) The content of th…

NAC 683A.370 Compliance with requirements; submission of false or fraudulent affidavit. (NRS 679B.130) 1. The Division will not: (a) Renew the license of a licensee who fails to comply with the requirements of NAC 683A.318 to 683A.370, inclusive; or (b) Issue any license to a lic…

NAC 683A.390 “Licensee” defined. (NRS 679B.130) As used in NAC 683A.390 to 683A.440, inclusive, “licensee” includes any person licensed by the Commissioner, including producers of insurance, surplus lines brokers, motor club agents, bail bondsmen and administrators. (Added to NAC…

NAC 683A.400 Authorized types of accounts. (NRS 679B.130, 683A.400) The types of accounts which may be maintained by a person for the deposit of money received pursuant to NRS 683A.400 are: 1. Checking accounts, whether or not they bear interest; 2. Time deposits; and 3. Savings …

NAC 683A.410 Licensee to be named as trustee; signature cards. (NRS 679B.130, 683A.400) The licensee must be named as trustee on accounts maintained pursuant to NRS 683A.400. The signature card for the account must include language which has substantially the same effect as the f…

NAC 683A.420 Formula for determining status of fiduciary account. (NRS 679B.130, 683A.400) The Commissioner will use the following formula to determine the status of a fiduciary account: 1. From the total of the gross accounts receivable from insureds the Commissioner will deduct…

NAC 683A.430 Curing of deficiency. (NRS 679B.130, 683A.400) 1. Any person having a deficit in his or her fiduciary account, as measured pursuant to NAC 683A.420, must cure the deficiency within 5 days after receiving notice of the deficiency from the Commissioner by: (a) Depositi…

NAC 683A.440 Failure to remit return premium. (NRS 679B.130, 683A.400, 683A.451) The Commissioner will consider any person who fails to remit a return premium to the person to whom it is owed within 30 days after receiving the return premium: 1. To have violated the provisions of…

NAC 683A.450 Definitions. (NRS 679B.130) As used in NAC 683A.450 to 683A.560, inclusive, unless the context otherwise requires: 1. “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. 2. “Insurer” means a person who holds a certificate o…

NAC 683A.460 Licensing and bonding; maintenance of policy for errors and omissions. (NRS 679B.130) A managing general agent: 1. Shall not represent an insurer in this State unless he or she holds a license issued by this State as a producer of insurance. 2. Shall maintain a bond …

NAC 683A.470 Written contract with insurer. (NRS 679B.130) 1. A managing general agent shall not bind an insurer to a contract of insurance with a third person unless the managing general agent enters into a written contract with the insurer. 2. Such a contract must set forth: (a…

NAC 683A.480 Accounts, books and records. (NRS 679B.130) Each managing general agent shall: 1. Submit to the insurer an accounting of each transaction that the managing general agent enters into on behalf of the insurer. The records of each insurer of the managing general agent m…

NAC 683A.490 Retention of reserve; assignment of contract with insurer. (NRS 679B.130) A managing general agent shall not: 1. Retain more than 3 months’ reserve for: (a) An amount estimated to be necessary to pay all of the unpaid claims of the insurer; and (b) The allocated loss…

NAC 683A.500 Authority of insurer to terminate contract with agent, suspend agent’s authority, and cancel or refuse to renew policy. (NRS 679B.130) An insurer may: 1. Terminate his or her contract with a managing general agent for cause by written notice to the agent. 2. If the i…

NAC 683A.510 Handling of claims which agent has authority to settle; suspension and termination of authority to settle claims. (NRS 679B.130) If the contract required pursuant to NAC 683A.470 allows the managing general agent to settle claims on behalf of the insurer: 1. The mana…

NAC 683A.520 Sharing of profits between agent and insurer. (NRS 679B.130) 1. If the contract required pursuant to NAC 683A.470, provides for the managing general agent and insurer to share profits and the agent has the authority to determine the amount of the interim profits by e…

NAC 683A.530 Prohibited acts of agent. (NRS 679B.130) A managing general agent shall not: 1. Commit the insurer to participate in an insurance or reinsurance syndicate. 2. Appoint a producer of insurance who is not licensed by this State as a producer for the type of insurance fo…

NAC 683A.540 Duties of insurers. (NRS 679B.130) 1. The insurer shall file with the Division, in a form approved by the Commissioner, an independent financial examination of each managing general agent with which it has done business. 2. If a managing general agent establishes los…

NAC 683A.550 Acts of agent deemed to be acts of insurer; examination of agent. (NRS 679B.130) The acts of the managing general agent are deemed to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer. (Added t…

NAC 683A.560 Disciplinary action; rights of policyholders, claimants and auditors not restricted. (NRS 679B.130) 1. If the Commissioner finds after a hearing, that a person has violated any provision of NAC 683A.450 to 683A.550, inclusive, the Commissioner will order: (a) The rev…

NAC 683A.600 Application for initial issuance of certificate: Generally. (NRS 679B.130, 683A.3715, 683A.372) Except as otherwise provided in NAC 683A.610, an external review organization applying for the initial issuance of a certificate to conduct external reviews must submit to…

NAC 683A.610 Application for initial issuance of certificate: Organization certified or accredited by accrediting body that is nationally recognized. (NRS 679B.130, 683A.3715, 683A.372) If an external review organization has been certified or accredited as an external review orga…

NAC 683A.620 Issuance of certificate by Commissioner. (NRS 679B.130, 683A.3715, 683A.372) Except as otherwise provided in NAC 683A.650, if an external review organization applying for the initial issuance of a certificate to conduct external reviews submits the application and ac…

NAC 683A.630 Expiration and renewal of certificate. (NRS 679B.130, 683A.3715, 683A.372) 1. In accordance with NRS 683A.371, a certificate to conduct external reviews expires 1 year after the date the certificate is issued by the Commissioner. 2. Except as otherwise provided in NA…

NAC 683A.640 Fees of Commissioner. (NRS 679B.130, 683A.3715, 683A.372) The Commissioner will charge and collect: 1. Except as otherwise provided in subsection 2, from an external review organization submitting an application for the initial issuance of a certificate to conduct ex…

NAC 683A.650 Refusal, suspension or revocation of certification: Grounds; surrender of certificate. (NRS 679B.130, 683A.3715, 683A.372) 1. The Commissioner may refuse to issue or renew, or may suspend or revoke, a certificate to conduct external reviews if the Commissioner determ…

NAC 683A.660 Duties of organization upon termination of certification or accreditation by accrediting body that is nationally recognized. (NRS 679B.130, 683A.3715, 683A.372) An external review organization issued a certificate to conduct external reviews by the Commissioner pursu…

NAC 683A.670 Fees to conduct external reviews. (NRS 679B.130, 683A.3715, 683A.372) The fees an external review organization issued a certificate to conduct external reviews may charge to conduct external reviews must be reasonable. (Added to NAC by Comm’r of Insurance by R128-03,…

NAC 683A.700 Definitions. (NRS 679B.130, 686A.015) As used in NAC 683A.700 to 683A.718, inclusive, unless the context otherwise requires, the words and terms defined in NAC 683A.702 to 683A.712, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by Com…

NAC 683A.702 “Affiliate” defined. (NRS 679B.130, 686A.015) “Affiliate” means a person that controls, is controlled by, or is under common control with, a broker. As used in this section, “control” has the meaning ascribed to it in NRS 692C.050. (Added to NAC by Comm’r of Insuranc…

NAC 683A.704 “Broker” defined. (NRS 679B.130, 686A.015) 1. Except as otherwise provided in subsection 2, “broker” has the meaning ascribed to it in NRS 683A.321. 2. The term does not include a producer of insurance acting as: (a) An intermediary between an insurer and a client’s …

NAC 683A.706 “Client” defined. (NRS 679B.130, 686A.015) “Client” means a natural person, corporation, association, partnership or other legal entity that is a named insured or seeks the advice of a broker about becoming an insured or receiving a quotation. The term does not inclu…

NAC 683A.708 “Compensation” defined. (NRS 679B.130, 686A.015) “Compensation” means consideration in any form for the production of insurance received by a producer of insurance from an insurer or other source. (Added to NAC by Comm’r of Insurance by R009-05, eff. 10-31-2005)—(Sub…

NAC 683A.710 “Represents” defined. (NRS 679B.130, 686A.015) “Represents” means to act on behalf of a client in relation to an insurance transaction or potential insurance transaction pursuant to an agreement for compensation. (Added to NAC by Comm’r of Insurance by R009-05, eff. …

NAC 683A.712 “Transaction” defined. (NRS 679B.130, 686A.015) “Transaction” has the meaning ascribed to it in NRS 679A.130. The term includes: 1. The procurement or potential procurement of insurance. 2. The giving of advice concerning matters related to the procurement of insuran…

NAC 683A.714 Applicability of duties. (NRS 679B.130, 686A.015) The duties imposed on a broker in NAC 683A.716: 1. Apply to every producer of insurance when acting as a broker. 2. Are in addition to and not in lieu of any other duty imposed on a broker by the Nevada Insurance Code…

NAC 683A.716 Self-dealing; disclosures concerning compensation and certain quotes. (NRS 679B.130, 686A.015) A broker who represents a client in an insurance transaction: 1. Shall not unreasonably place his or her own interest above the interest of the client. 2. Shall, before or …

NAC 683A.718 Effect of violation. (NRS 679B.130, 686A.015) A violation of any provision of NAC 683A.716 is: 1. An unfair method of competition or an unfair or deceptive act or practice in the business of insurance in violation of NRS 686A.020. 2. A cause for disciplinary action p…

NAC 683A.750 “Continuous care coverage” defined. (NRS 679B.130) As used in NAC 683A.750 to 683A.780, inclusive, unless the context otherwise requires, “continuous care coverage” has the meaning ascribed to it in NRS 681A.022. (Added to NAC by Comm’r of Insurance by R077-10, eff. …

NAC 683A.760 Licensing required to sell, solicit or negotiate continuous care coverage. (NRS 679B.130) A person who sells, solicits or negotiates continuous care coverage must: 1. Be licensed as a producer of accident and health insurance and as a producer of casualty insurance; …

NAC 683A.770 Instruction required for approval of request to sell, solicit and negotiate continuous care coverage. (NRS 679B.130) A producer of accident and health insurance may submit to the Commissioner a written request to sell, solicit and negotiate continuous care coverage. …

NAC 683A.780 Instruction counts toward continuing education hours. (NRS 679B.130) The instruction required by NAC 683A.770 may be counted toward the continuing education hours required by NAC 683A.330. (Added to NAC by Comm’r of Insurance by R077-10, eff. 12-16-2010)

NAC 683C.100 Requirements of applicant for license. In addition to the requirements of NRS 683C.030, an applicant for an insurance consultant’s license must comply with the provisions of NAC 683A.170 to 683A.270, inclusive, which apply to an applicant for a license, and successfu…

NAC 683C.120 Requirements for renewal of license. In addition to the requirements of NRS 683C.040, an applicant for renewal of an insurance consultant’s license must comply with the requirements of continuing education prescribed in NAC 683A.318 to 683A.370, inclusive, which appl…

NAC 684A.010 Required score on examination. [Replaced in revision by NAC 684A.300.] GENERAL PROVISIONS