Nevada Revised Statutes 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:
Terms Used In Nevada Revised Statutes 681A.420
- 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.
- 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) 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 which complies with NRS 679B.175 and is 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.