NAC683A.450. Definitions.

As used in NAC 683A.450 to 683A.560, inclusive, unless the context otherwise requires:

     1. “Actuary” means a person who is a member in good standing of the American Academy of Actuaries.

     2. “Insurer” means a person who holds a certificate of authority in this State pursuant to NRS 680A.060.

     3. “Managing general agent”:

     (a) Means a person who adjusts or pays claims in excess of an amount prescribed by the Commissioner or negotiates the sale of reinsurance on behalf of the insurer or:

          (1) Manages all or part of the business of an insurer, including a division, department or underwriting office;

          (2) Acts as an agent for the insurer regardless of his or her title; and

          (3) Produces and underwrites direct written premiums equal to 5 percent or more of the surplus of the insurer for any 1 year or quarter reported in the last annual statement filed by the insurer pursuant to the provisions of NRS 680A.270.

     (b) Does not include a person:

          (1) Who is an employee of the insurer;

          (2) Who is a manager located in the United States of a branch located in the United States of an alien insurer; or

          (3) Whose compensation is based on a criteria other than the volume of premiums written and who has underwriting authority, manages all of the insurance and is an affiliate of the insurer. As used in this subparagraph, “affiliate” has the meaning ascribed to it in NRS 692C.030.

     4. “Underwrite” means the authority to assume or reject risks on behalf of the insurer.

     (Added to NAC by Comm’r of Insurance, eff. 9-19-90; A by R172-01, 7-5-2002)