Nev. Admin. Code § 692A.160 - Grounds for disciplinary action: Failure to maintain adequate supervision of escrow officer or title agent

For the purposes of NRS 692A.105 and 692A.107, a title insurer or title agent maintains adequate supervision of a title agent or an escrow officer he or she has appointed or employed if he or she:

1. Designates a supervisor to assist the title agent or escrow officer. The supervisor must be:
(a) Licensed as a title agent pursuant to this chapter and chapter 692A of NRS; and
(b) Present at the location where the title agent or escrow officer does business, or immediately available to the title agent or escrow officer, at least one-half of the time the location is open to the public.
2. Provides the title agent or escrow officer with instruction concerning the duties of a title agent or an escrow officer, including, without limitation, the provisions of this chapter and chapters 686A and 692A of NRS.
3. Maintains records that set forth the manner and frequency with which he or she provides supervision and instruction to the title agent or escrow officer.
4. Provides the title agent or escrow officer with written policies and procedures that set forth the duties of the title agent or escrow officer and the manner in which the duties must be performed. The policies and procedures must:
(a) Include, without limitation, the provisions of NAC 692A.115 and 692A.170; and
(b) Be provided to the Commissioner upon request.
5. Prevents the title agent from issuing a policy of title of insurance and the title agent or escrow officer from disbursing money from an escrow account unless the title agent or escrow officer is certified to the Commissioner pursuant to NRS 692A.110 and NAC 692A.110.

Notes

Nev. Admin. Code § 692A.160
Added to NAC by Comm'r of Insurance by R121-06, eff. 9-18-2006

NRS 679B.130, 692A.090, 692A.1045

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