Nevada Administrative Code

NAC 691C.010 “Guaranteed asset protection insurance” defined. (NRS 679B.130, 691C.430) 1. As used in this chapter, unless the context otherwise requires, “guaranteed asset protection insurance” means a policy or certificate of insurance written in connection with a credit transac…

NAC 691C.020 Scope: “Guaranteed asset protection insurance” interpreted. (NRS 679B.130, 691C.240, 691C.430) As used in NRS 691C.240, “guaranteed asset protection insurance” has the meaning ascribed to it in NAC 691C.010. (Added to NAC by Comm’r of Insurance by R132-05, eff. 10-31…

NAC 691C.030 Coverage: “Extended coverage” and “standard fire policy” interpreted. (NRS 679B.130, 691C.260, 691C.430) 1. As used in NRS 691C.260: (a) “Extended coverage” includes, but is not limited to, coverage against all direct losses by: (1) Fire; (2) Lightning; (3) Internal …

NAC 691C.050 Guaranteed asset protection insurance: Coverage of insurance deductible. (NRS 679B.130, 691C.430) Guaranteed asset protection insurance must cover an insurance deductible, up to $1,000, as part of a claim settlement. (Added to NAC by Comm’r of Insurance by R132-05, e…

NAC 691C.060 Actuarial justification of filed rates. (NRS 679B.130, 691C.320, 691C.430) Rates filed pursuant to NRS 691C.320 must be actuarially justified based on: 1. Actual and expected loss experience; 2. General and administrative expenses; 3. Loss settlement and adjustment e…

NAC 691C.180 Submission of rates for review and approval by Commissioner. (NRS 679B.130, 691C.320, 691C.430) All rates for policies of credit personal property insurance, including rates for guaranteed asset protection insurance, must be submitted for review and approval by the C…

NAC 691D.300 Notice sent by electronic means: Requirements; maintenance of records; duplication. (NRS 679B.130, 679B.136, 691D.500) 1. An insurer under a policy of portable electronics insurance may send by electronic mail or other electronic means any notice required by chapter …

NAC 692A.010 Definitions. (NRS 679B.130, 692A.090) As used in this chapter, unless the context otherwise requires: 1. The words and terms defined in NRS 692A.015 to 692A.080, inclusive, have the meanings ascribed to them in those sections. 2. “Bona fide resident” means a: (a) Per…

NAC 692A.020 Actions not considered as soliciting applications or negotiating contracts. (NRS 679B.130, 692A.090) The Commissioner will not consider the following as soliciting applications for insurance or negotiating contracts of title insurance: 1. The searching, examining or …

NAC 692A.030 Licenses: Application. (NRS 679B.130, 692A.090, 692A.100, 692A.103) 1. A written application for a title agent’s or escrow officer’s license must be filed with the Commissioner by the person applying for the license, accompanied by all applicable fees. The applicatio…

NAC 692A.040 Licenses: Qualifications. (NRS 679B.130, 692A.090, 692A.100, 692A.103) Any natural person for whom a title agent’s or escrow officer’s license is issued, continued or permitted to exist must: 1. Be at least 18 years of age; 2. If he or she is applying for a title age…

NAC 692A.050 Licenses: Firm or corporation licensed only as title agent. (NRS 679B.130, 692A.090, 692A.100) 1. A firm or corporation may be licensed only as a title agent. 2. The application of a firm or corporation for a license as a title agent must include: (a) The information…

NAC 692A.055 Licensing of title agents: Required experience or score on examination; proof of experience. (NRS 679B.130, 692A.090, 692A.100, 692A.1033) 1. A person who wishes to obtain a license as a title agent must: (a) Have at least 1 year of recent experience relating to titl…

NAC 692A.057 Licensing of title agents: Expiration and renewal of license. (NRS 679B.130, 692A.090, 692A.100) 1. A license as a title agent issued pursuant to this chapter and chapter 692A of NRS continues in force for 3 years unless it is suspended, revoked or otherwise terminat…

NAC 692A.060 Licensing of escrow officers: Proof of experience; required score on examination. (NRS 679B.130, 692A.090, 692A.100, 692A.103) 1. Except as otherwise provided in subsection 2, a person applying for a license as an escrow officer must submit to the Commissioner proof …

NAC 692A.070 Display of license. (NRS 679B.130, 692A.090) Each title agent’s or escrow officer’s license must be conspicuously displayed in the licensee’s place of business in a place customarily open to the public. (Added to NAC by Comm’r of Insurance, eff. 6-23-86)

NAC 692A.080 Appointment of title agents. (NRS 679B.130, 692A.090) 1. A title insurer which transacts its business directly in this State shall appoint a natural person who is licensed as a title agent to manage each of its main locations in this State. The insurer shall authoriz…

NAC 692A.090 Appointment of title agent or employment of escrow officer: Filing of required documents; effect of filing and failure to file. (NRS 679B.130, 692A.090) 1. Each title insurer appointing a title agent or employing an escrow officer in this State shall file with the Co…

NAC 692A.100 Termination of appointment of title agent or employment of escrow officer. (NRS 679B.130, 692A.090) When a title insurer or a title agent which is a firm or corporation terminates the appointment of a title agent or the employment of an escrow officer, he or she shal…

NAC 692A.110 Annual certification of certain title agents, escrow officers and employees. (NRS 679B.130, 692A.090) A firm or corporation licensed to act as a title agent, or a natural person appointed by a title insurer pursuant to NAC 692A.080, shall certify to the Commissioner …

NAC 692A.115 Certification required before allowing title agent or escrow officer to perform certain acts. (NRS 679B.130, 692A.090) A title insurer or title agent that appoints or employs a title agent or an escrow officer shall not allow the title agent to issue a policy of titl…

NAC 692A.120 Supervision and examination: Interpretation of term. (NRS 679B.130, 692A.090, 692A.1045) As used in NRS 692A.1045, the Commissioner will interpret “supervision and examination” to include: 1. An audit; 2. An investigation; and 3. A hearing. (Added to NAC by Comm’r of…

NAC 692A.130 Supervision and examination: Imposition of fees and charges. (NRS 679B.130, 692A.090, 692A.1045) 1. Except as otherwise provided in subsection 2, the fees to be paid by title agents and title insurers for supervision and examination may include, without limitation: (…

NAC 692A.140 Supervision and examination: Billing and payment of fees and charges. (NRS 679B.130, 692A.090, 692A.1045) 1. The Commissioner will bill the title agent or title insurer monthly for the amount due unless, in the opinion of the Commissioner, it is more practical under …

NAC 692A.150 Supervision and examination: Failure to pay fees and charges. (NRS 679B.130, 692A.090, 692A.1045) The failure to pay any fee or charge required by NRS 692A.1045 constitutes grounds for suspension or revocation of the license of a title agent or the license or certifi…

NAC 692A.160 Grounds for disciplinary action: Failure to maintain adequate supervision of escrow officer or title agent. (NRS 679B.130, 692A.090, 692A.1045) For the purposes of NRS 692A.105 and 692A.107, a title insurer or title agent maintains adequate supervision of a title age…

NAC 692A.170 Reporting of certain violations to Commissioner of Mortgage Lending. (NRS 679B.130, 692A.090) A title insurer, title agent or escrow officer who has knowledge of a violation of any provision of NRS 645B.900 or 645E.900 shall promptly report the facts and circumstance…

NAC 692A.180 Maintenance of records. (NRS 679B.130, 692A.090) A title insurer, title agent or escrow officer who is required to maintain records pursuant to this chapter or chapter 692A of NRS may maintain the records in any permanent form, including, without limitation, electron…

NAC 692C.005 Definitions. (NRS 679B.130, 692C.120, 692C.3505) As used in this chapter, unless the context otherwise requires, the words and terms defined in NAC 692C.010 and 692C.014 have the meanings ascribed to them in those sections. (Added to NAC by Comm’r of Insurance by R09…

NAC 692C.010 “Commissioner” defined. (NRS 679B.130, 692C.120) “Commissioner” means the Commissioner of Insurance. (Supplied in codification; A by Comm’r of Insurance by R094-17, 5-16-2018)

NAC 692C.014 “Senior management” defined. (NRS 679B.130, 692C.120, 692C.3505) “Senior management” means each corporate officer responsible for reporting information to the board of directors of an insurer or insurance group at regular intervals, as determined by the board of dire…

NAC 692C.015 Severability. (NRS 679B.130, 692C.120) If any provision of this chapter or the application thereof to any person or circumstance is held invalid, such invalidity does not affect the provisions or application of this chapter that can be given effect without the invali…

NAC 692C.020 Form for filing statement relating to acquisition or merger; notification to Commissioner of change in information. (NRS 679B.130, 692C.120, 692C.180) 1. A person required to file a statement with the Commissioner pursuant to NRS 692C.180 shall furnish the required i…

NAC 692C.030 Forms for filing registration statement; amendment to form if change in information. (NRS 679B.130, 692C.120, 692C.270, 692C.310, 692C.320) 1. Except as otherwise provided in NAC 692C.035, an insurer required to file a registration statement with the Commissioner pur…

NAC 692C.035 Filing registration statement or similar report on behalf of affiliated insurer; filing consolidated statement or report. (NRS 679B.130, 692C.120, 692C.270, 692C.310, 692C.320) 1. Except as otherwise provided in subsection 4: (a) An authorized insurer may file a regi…

NAC 692C.040 Form for notice of intent to enter into transaction. (NRS 679B.130, 692C.120, 692C.363) 1. An insurer required to give notice to the Commissioner of its intention to enter into any transaction set forth in NRS 692C.363 shall furnish the required information on the fo…

NAC 692C.045 Potential competitive impact of proposed merger or acquisition: Required notice and form; additional information. (NRS 679B.130, 692C.120, 692C.254) 1. An insurer shall give notice to the Commissioner of the potential competitive impact of a proposed merger or acquis…

NAC 692C.050 Additional information relating to acquisitions, mergers, registration and transactions. (NRS 679B.130, 692C.120) After receiving any form specified in NAC 692C.020 to 692C.045, inclusive, the Commissioner may request additional information if it is necessary to clar…

NAC 692C.055 Form for filing annual report of enterprise risk; amendment to form if change in information; “principal of a registered insurer” interpreted. (NRS 679B.130, 692C.120, 692C.290) 1. The principal of a registered insurer that is required to file an annual report of ent…

NAC 692C.060 Agreement between registered insurer and affiliate for sharing cost of services or for management services. (NRS 679B.130, 692C.120, 692C.360) Any agreement between a registered insurer and an affiliate for sharing the cost of services or for management services must…

NAC 692C.070 Authority to organize or acquire subsidiary. (NRS 679B.130, 692C.120, 692C.130) Except as otherwise provided by specific statute, the authority to organize or acquire one or more subsidiaries conferred on a domestic insurer by NRS 692C.130 is in addition to any autho…

NAC 692C.200 Determination by insurer or insurance group of appropriate format for providing information; provision of additional information. (NRS 679B.130, 692C.120, 692C.3505) Each insurer or insurance group may: 1. Determine the appropriate format of the corporate governance …

NAC 692C.205 Disclosure requirements. (NRS 679B.130, 692C.120, 692C.3505) If an insurer is a member of an insurance group and submits the corporate governance annual disclosure to the insurance commissioner of the lead state for the insurance group pursuant to subsection 1 of NRS…

NAC 692C.210 Cross-referencing of documents; privacy and confidentiality. (NRS 679B.130, 692C.120, 692C.3505) 1. An insurer or insurance group may cross-reference in a corporate governance annual disclosure other documents, including, without limitation: (a) An ORSA Summary Repor…

NAC 692C.215 Annual submission of amended version of disclosure or letter indicating no changes; submission deemed to satisfy requirements of statute. (NRS 679B.130, 692C.120, 692C.3505) 1. After an insurer or an insurance group has submitted an initial corporate governance annua…

NAC 692C.220 Requirements and contents of disclosure. (NRS 679B.130, 692C.120, 692C.3505, 692C.3506) 1. Each insurer or insurance group shall: (a) Be as descriptive as possible in completing the corporate governance annual disclosure; and (b) Include, without limitation, document…

NAC 693A.010 Application of provisions. (NRS 679B.130, 693A.080) The provisions of NAC 693A.010 to 693A.560, inclusive, apply to each domestic stock insurer which has any class of equity security held of record by 100 or more persons, except: 1. If 95 percent or more of the equit…