Title 57

NRS 681A.270 “Automatic agreement” defined. “Automatic agreement” means an agreement between a reinsured and reinsurer whereby the ceding company is obligated to cede certain risks as provided in the agreement and the reinsurer is obligated to accept. (Added to NRS by 1995, 1760)

NRS 681A.280 “Broker for reinsurance” defined. “Broker for reinsurance” means a person who negotiates a contract of reinsurance between a reinsured and reinsurer on behalf of the reinsured and who receives a commission for placement and other services rendered. The term does not …

NRS 681A.290 “Cede” defined. “Cede” means to pass on to another insurer, who is designated the reinsurer, all or part of the insurance written by an insurer with the object of reducing the possible liability of the ceding insurer. (Added to NRS by 1995, 1760)

NRS 681A.300 “Cession” defined. “Cession” means the unit of insurance passed to a reinsurer by a primary company which issued a policy to the original insured. (Added to NRS by 1995, 1760)

NRS 681A.310 “Controlling person” defined. “Controlling person” means a person who directly or indirectly has the power to direct, or cause to be directed, the management, control or activities of an intermediary. (Added to NRS by 1995, 1760)

NRS 681A.320 “Facultative” defined. A submission is “facultative” if both the primary insurer and the reinsurer have the choice to accept or reject the submission. (Added to NRS by 1995, 1760)

NRS 681A.330 “Intermediary” defined. “Intermediary” includes a broker for reinsurance or a manager for reinsurance. (Added to NRS by 1995, 1760)

NRS 681A.340 “Licensed producer” defined. “Licensed producer” means an agent, broker or intermediary licensed pursuant to this title. (Added to NRS by 1995, 1760)

NRS 681A.350 “Manager for reinsurance” defined. “Manager for reinsurance” means a person who has authority to bind or manage all or part of the assumed reinsurance of a reinsurer and acts as an agent for the reinsurer whether known as a manager or other similar term. The term inc…

NRS 681A.360 “Reinsured” defined. “Reinsured” means an insurer that has placed risks with a reinsurer in the process of buying reinsurance. The term includes a ceding insurer. (Added to NRS by 1995, 1760)

NRS 681A.370 “Reinsurer” defined. “Reinsurer” means a person licensed in this state as an insurer with the authority to assume the liability of another by reinsurance. (Added to NRS by 1995, 1760)

NRS 681A.380 “Retrocession” defined. “Retrocession” means a transaction whereby a reinsurer cedes to another reinsurer all or part of the reinsurance it has previously assumed. (Added to NRS by 1995, 1760)

NRS 681A.390 “Retrocessionaire” defined. “Retrocessionaire” means the assuming reinsurer in a retrocession. (Added to NRS by 1995, 1760)

NRS 681A.400 “Syndicate” defined. “Syndicate” means a joint underwriting operation of insurance or reinsurance in which the participants assume a predetermined and fixed interest in the insurance written and the members share equally in the premiums. (Added to NRS by 1995, 1761)

NRS 681A.410 “Violation” defined. “Violation” by an intermediary, insurer or reinsurer for whom the intermediary was acting means failure to comply substantially with the provisions of NRS 681A.250 to 681A.580, inclusive. (Added to NRS by 1995, 1761)

NRS 681A.420 Limitations and requirements. 1. A person shall not act as a broker for reinsurance for a domestic insurer or reinsurer unless the person is: (a) A licensed producer in this state; or (b) Licensed as a nonresident intermediary for reinsurance in this state. 2. A pers…

NRS 681A.430 License to act as intermediary. 1. The Commissioner may issue a license to act as an intermediary to any person who has complied with the requirements of NRS 681A.250 to 681A.580, inclusive, and who submits a written application for a license to act as an intermediar…

NRS 681A.440 Circumstances under which Commissioner is authorized to refuse to issue license. 1. The Commissioner may refuse to issue a license to act as an intermediary if, in the judgment of the Commissioner: (a) The applicant, anyone named on the application, or any member, pr…

NRS 681A.450 Licensed attorney acting as intermediary. When acting in his or her professional capacity, an attorney at law who is licensed in this state need not be licensed as an intermediary. (Added to NRS by 1995, 1762)

NRS 681A.460 Brokers: Transactions with insurer; termination; duties. 1. A transaction between a broker for reinsurance and the insurer he or she represents may only be entered into by written agreement. The agreement must specify the responsibilities of each party. 2. The insure…

NRS 681A.470 Brokers: Maintenance of records of transactions; access to accounts and records by insurer. 1. For 10 years after expiration of each contract of reinsurance transacted by the broker for reinsurance, he or she shall keep a complete record for each transaction, includi…

NRS 681A.480 Brokers: Conditions for employment; annual statement of financial condition. 1. An insurer shall not engage the services of any person to act as a broker for reinsurance on its behalf unless the person is licensed pursuant to NRS 681A.430. 2. An insurer may not emplo…

NRS 681A.490 Managers: Transactions with reinsurer; termination; duties. 1. Transactions between a manager for reinsurance and the reinsurer he or she represents must only be entered into pursuant to a written contract which specifies the responsibilities of each party and is app…

NRS 681A.500 Managers: Compliance with certain standards established by insurer; required provisions in contract; relationship with reinsurer. 1. A manager for reinsurance shall comply with the written underwriting and rating standards established by the insurer he or she represe…

NRS 681A.510 Managers: Requirements for settlement of claims; ownership of claims files; termination of authority to settle claims. 1. If a contract between a manager for reinsurance and the reinsurer he or she represents permits the manager for reinsurance to settle claims on be…

NRS 681A.520 Managers: Sharing of interim profits. If a contract between a manager for reinsurance and the reinsurer he or she represents provides for a sharing of interim profits by the manager for reinsurance, the interim profits must not be paid until 1 year after the end of e…

NRS 681A.530 Managers: Maintenance of records of transactions; access to accounts and records by reinsurer. 1. For at least 10 years after expiration of each contract of reinsurance transacted by a manager for reinsurance, the manager for reinsurance shall keep a complete record …

NRS 681A.540 Managers: Prohibited acts. A manager for reinsurance shall not: 1. Except as otherwise provided in this section, cede retrocessions on behalf of the reinsurer. A manager for reinsurance may cede facultative retrocessions pursuant to facultative agreements if the cont…

NRS 681A.550 Managers: Conditions for employment; annual statement of financial condition; reserves for losses; retrocessional contracts; notice of termination; prohibition against serving on board of directors of reinsurer. 1. A reinsurer shall not engage the services of any per…

NRS 681A.560 Examination of intermediary by Commissioner. 1. An intermediary is subject to examination by the Commissioner. The intermediary shall allow the Commissioner to have access to all of the books, bank accounts and records of the intermediary in a form usable to the Comm…

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 orde…

NRS 681A.580 Rights of relevant parties not limited or expanded. NRS 681A.250 to 681A.580, inclusive, do not limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights on such persons. (Added to NRS by 1995, 1767)