Nevada Revised Statutes 683A.140 – Licensing of firm or corporation; requirements for issuance or renewal of license of business entity
1. A firm or corporation may be licensed as a managing general agent.
Terms Used In Nevada Revised Statutes 683A.140
- 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
2. A resident firm or corporation which has more than one office in this state is a single licensee for the purposes of being appointed by insurers and the authority of natural persons to act for the firm or corporation. Such a firm or corporation must obtain a copy of its license for each location, but only must obtain one original license as a managing general agent.
3. For licensing as a managing general agent, each natural person designated pursuant to subsection 5 must obtain a separate license in his or her own name. The Commissioner shall charge appropriate fees for each person who is designated pursuant to subsection 5.
4. The licensee shall promptly notify the Commissioner of all changes among its members, directors and officers, and among other persons named in the license. The licensee shall provide to the Commissioner upon request information concerning officers or owners of the firm or corporation who are not named in the license.
5. Any business entity to whom a license is issued or renewed must:
(a) Be eligible to declare this state as its home state;
(b) Designate a natural person who is licensed as a managing general agent 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 of or revocation of a license pursuant to NRS 683A.451.