NAC681A.080. Manager for reinsurance: Filing of bond; cancellation of bond; suspension of license if replacement bond not filed.

     1. For each reinsurer represented by a manager for reinsurance, the manager shall file with the Commissioner a bond issued by an insurer authorized under title 57 of NRS, continuous in form and in an amount determined by the Commissioner of not less than $50,000 for the protection of the reinsurer.

     2. The bond must inure to the benefit of the reinsurer for damage caused by any fraudulent act or conduct of the manager.

     3. The surety may cancel the bond upon 90 days’ advance notice to the manager and the Commissioner. The license of the manager must automatically be suspended if he or she does not file with the Commissioner a replacement bond before the date of cancellation of the previous bond. A replacement bond must meet all of the requirements of this section for the initial bond.

     (Added to NAC by Comm’r of Insurance, eff. 3-20-96)