NAC685A.350. Duties of organization.

An organization shall:

     1. Establish and maintain an office in this State to carry out the applicable provisions of this chapter and chapter 685A of NRS.

     2. Maintain a plan of operation which ensures that the members of the organization and all associated nonadmitted insurance transactions comply with the provisions of title 57 of NRS and all other applicable rules and regulations adopted by the Commissioner.

     3. Require each broker who is a member of the organization to file with the organization:

     (a) The broker’s report required by NRS 685A.050 and NAC 685A.240;

     (b) A copy of the broker’s cover note, declarations page or certificate; and

     (c) A copy of the quarterly tax report required by NRS 685A.175.

     4. Maintain each document filed with the organization pursuant to subsection 3.

     5. Distribute to the members of the organization the current list of open lines eligible for export.

     6. Make available to the Commissioner a report summarizing the premiums written in this State as of December 31 of the previous year through eligible surplus lines insurers. The report must identify for each premium written:

     (a) The name of the insurer, including the identification number issued to the insurer by the National Association of Insurance Commissioners;

     (b) The broker; and

     (c) The line of coverage provided.

     7. Cooperate with the Commissioner to resolve inquiries concerning the availability of coverage with admitted insurers and provide assistance in the placement of coverage with an eligible surplus lines insurer.

     8. If requested by the Commissioner, perform a survey of insurance transacted in this State that reflects coverage placed in this State which involves major risks. The organization shall submit the results of the survey to the Commissioner with the report required by subsection 6.

     9. Hold a meeting of its board of directors at least annually.

     (Added to NAC by Comm’r of Insurance, eff. 3-20-96; A by R161-06, 12-7-2006, eff. 1-1-2007; R034-12, 9-14-2012)