Nevada Revised Statutes 616B.503 – Certification by Commissioner required; duties of third-party administrator
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1. A person shall not act as a third-party administrator for an insurer without a certificate issued by the Commissioner pursuant to NRS 683A.08524.
Terms Used In Nevada Revised Statutes 616B.503
- Contract: A legal written agreement that becomes binding when signed.
- 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
2. A person who acts as a third-party administrator pursuant to chapters 616A to 616D, inclusive, or chapter 617 of NRS shall:
(a) Administer each plan of insurance directly, without subcontracting with another third-party administrator; and
(b) Upon the termination of the person’s contract with an insurer, transfer forthwith to a certified third-party administrator chosen by the insurer all of the records in the person’s possession concerning claims arising under the plan of insurance.
3. The Commissioner may, under exceptional circumstances, waive the requirements of subsection 2.