Nev. Admin. Code § 683A.540 - Duties of insurers
1. The insurer
shall file with the Division , in a form approved by the Commissioner , an
independent financial examination of each managing general agent with which it
has done business.
2. If a managing
general agent establishes loss reserves, the insurer shall obtain annually the
opinion of an actuary attesting to the adequacy of the loss reserves
established for losses incurred and on the outstanding business produced by the
managing general agent. This opinion must be made separately from any other
required loss reserve certification.
3. The insurer shall, at least once every 6
months, conduct an on-site review of the operations of the managing general
agent for underwriting and processing claims.
4. An officer of the insurer , who is not
affiliated with the managing general agent, must have binding authority for all
reinsurance contracts or for the insurer 's participation in insurance or
reinsurance syndicates.
5. Within
30 days after appointing or terminating the contract of a managing general
agent , the insurer shall provide written notice to the Commissioner . Notices of
appointment of a managing general agent must include a statement of the duties
that he or she will perform for the insurer, the lines of insurance for which
he or she is to be authorized to act, and any other information requested by
the Commissioner .
6. At least once
every 3 months, an insurer shall review its books and records to determine if
any producer of insurance has become a managing general agent. If the insurer
determines that the person has become a managing general agent, the insurer
shall promptly notify that person and the Commissioner of the determination.
The insurer and the person must comply with the provisions of NAC 683A.470 to
683A.550, inclusive, within 30 days after such a determination by the
insurer .
7. An insurer shall not
appoint to its board of directors an officer, director, employee or controlling
shareholder of its managing general agents. This subsection does not apply to
relationships governed by chapter 692C of NRS.
Notes
NRS 679B.130
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