Nevada Revised Statutes 683A.361 – Payment, acceptance and assignment of commissions, brokerage, fees for service and other valuable considerations
1. An insurer or a producer of insurance shall not pay a commission, brokerage, fee for service or other valuable consideration to a person for selling, soliciting or negotiating insurance in this State if the activities of the person require the person to be licensed under this title and the person is not so licensed.
Terms Used In Nevada Revised Statutes 683A.361
- 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 shall not accept a commission, brokerage, fee for service or other valuable consideration for selling, soliciting or negotiating insurance in this State if the activities of the person require the person to be licensed under this title and the person is not so licensed.
3. Commissions for renewal and other deferred commissions may be paid to a person whose activities required the person to be licensed under this title at the time of the sale, solicitation or negotiation and the person was so licensed at that time.
4. An insurer or producer of insurance may pay or assign commissions, brokerage, fees for service or other valuable considerations to a person who does not sell, solicit or negotiate insurance in this State unless the payment would violate the provisions of NRS 686A.110 or 686A.120.
5. An insurer shall not pay a commission, directly or indirectly, to a producer of insurance for selling, soliciting or negotiating insurance in this State unless the producer of insurance is appointed as an agent of the insurer as provided in NRS 683A.321. This subsection does not apply to a broker for reinsurance or to business placed pursuant to subsection 3, NRS 683A.325 or 685A.155, or contracts entered into pursuant to NRS 693A.110 which are approved by the Commissioner.
6. A producer of insurance shall not accept a commission from an insurer for selling, soliciting or negotiating insurance in this State unless the producer of insurance is appointed as an agent of the insurer as provided in NRS 683A.321. This subsection does not apply to a broker for reinsurance or to business placed pursuant to subsection 3, NRS 683A.325 or 685A.155, or contracts entered into pursuant to NRS 693A.110 which are approved by the Commissioner.
7. As used in this section, ‘broker for reinsurance’ has the meaning ascribed to it in NRS 681A.280.