Nevada Revised Statutes 686A.140 – Violations concerning rebates and inducements: Penalties; effect
1. Any person violating the provisions of NRS 686A.110 or 686A.130 is guilty of a misdemeanor.
Terms Used In Nevada Revised Statutes 686A.140
- 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. No agent or broker violating any of such provisions shall be entitled to receive any commission for the sale of any policy on which any rebate or inducement prohibited by NRS 686A.110 or 686A.130 has been given or offered, and the full amount of any commission so paid may be recovered by the insurer so paying.
3. The amount of any insurance upon which the insured has knowingly received or accepted, either directly or indirectly, any unlawful rebate of the premium or agent’s, solicitor’s or broker’s commission shall be reduced in such proportion as the amount or value of such rebate, commission or other consideration so received by the insured bears to the total premium on such policy.
4. A title insurer or underwritten title company shall be liable to the State of Nevada for five times the amount of any unlawful commission or rebate paid in violation of NRS 686A.130, which amount may be recovered by the Commissioner in addition to any other penalty imposed by law.