2020 Nevada Revised Statutes
Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance
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 person shall not act as a broker for reinsurance for a foreign or alien insurer or reinsurer if the person maintains an office, directly or as a member or employee of a firm or association or as an officer, director or employee of a corporation in this state, unless the person is:
(a) A licensed producer in this state; or
(b) Licensed as a nonresident intermediary for reinsurance in this state.
3. A person shall not act as a manager 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 manager for reinsurance in this state.
4. A person shall not act as a manager for reinsurance for any foreign or alien insurer or reinsurer if the person maintains an office, directly or as a member or employee of a firm or association or as an officer, director or employee of a corporation in this state, unless the person is:
(a) A licensed producer in this state; or
(b) Licensed as a nonresident manager for reinsurance in this state.
5. A manager for reinsurance shall:
(a) File a bond from an insurer in an amount that is acceptable to the Commissioner for the protection of the reinsurer; and
(b) Maintain a policy covering errors and omissions in an amount that is acceptable to the Commissioner.
(Added to NRS by 1995, 1761; A 2003, 3286)
