NAC680A.150. Rental fees.

The payment of excessive rental fees for insurance vending machines located in Nevada may result in withdrawal of approval by the Division of the forms authorized for use in the machines.

     1. Fair and reasonable fees are:

     (a) Where the annual premium volume is less than $50,000, the maximum rental payment may not exceed 13 percent of gross sales.

     (b) Where the annual premium volume is between $50,000 and $100,000, the maximum rental fee payment may not exceed 17 1/2 percent of gross sales.

     (c) Where the annual premium volume is in excess of $100,000, the maximum rental fee payment may not exceed 25 percent of gross sales.

     2. A contract which provides for a flat guaranteed rental which exceeds the permitted percentage of premium income is void.

     3. Any contract which binds an insurance company, its agents or representatives, the fee for which exceeds the rental fees permitted by this section, may not be renewed except for the rental fee authorized by this section.

     [Comm’r of Insurance, M-3 part 2nd par., eff. 5-13-72]