Nev. Admin. Code § 683A.420 - Formula for determining status of fiduciary account

The Commissioner will use the following formula to determine the status of a fiduciary account:

1. From the total of the gross accounts receivable from insureds the Commissioner will deduct any uncollected commissions remaining in the accounts receivable then add the total of the deposits in all accounts identified as trust accounts. The Commissioner will use the average rate for commissions to determine the uncollected commissions.

2. The Commissioner will add the net accounts payable to producers of insurance to the sum of all accounts receivable which are more than 90 days old.

3. If the total in subsection 2 is greater than the total in subsection 1, the account has a deficit.

Notes

Nev. Admin. Code § 683A.420

Added to NAC by Comm'r of Insurance, eff. 12-3-84; A by R172-01, 7-5-2002

NRS 679B.130, 683A.400