Nevada Revised Statutes 684A.080 – Licensing of business entity: Qualifications; notification of Commissioner of changes of members, directors, officers and certain other persons
1. Any business entity to whom a license is issued or renewed must:
Terms Used In Nevada Revised Statutes 684A.080
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(a) Be eligible to declare this State as its home state;
(b) Designate a natural person who is a licensed adjuster and who is authorized to transact business on behalf of the business entity to be responsible for the compliance of the business entity with the insurance laws, rules and regulations of this State; and
(c) Never have committed any act that is a ground for refusal to issue, suspension or revocation of a license pursuant to NRS 683A.451.
2. If the business entity is a firm or a corporation, transaction of business under the license must be within the purposes stated in the firm’s partnership agreement or the corporation’s charter, as applicable.
3. The licensee shall promptly notify the Commissioner in writing of all changes among its members, directors, officers and other natural persons designated pursuant to subsection 1.