NAC683A.470. Written contract with insurer.

     1. A managing general agent shall not bind an insurer to a contract of insurance with a third person unless the managing general agent enters into a written contract with the insurer.

     2. Such a contract must set forth:

     (a) The rights and duties of the insurer and managing general agent and, if a duty is shared by them, the contract must specify the duty each party performs.

     (b) The rights and duties set forth in NAC 683A.470 to 683A.530, inclusive.

     (c) Guidelines which the managing general agent agrees to follow when underwriting insurance, including:

          (1) The maximum annual premium volume of insurance he or she may write;

          (2) The rules he or she must follow to establish the rates for the insurance he or she may write;

          (3) The types of insurance he or she may write;

          (4) The maximum amount of liability per policy which he or she may commit the insurer to assume;

          (5) The exclusions from coverage, including any special limits on the coverage he or she writes for the insurer;

          (6) The territory in which he or she may write;

          (7) The provisions for the cancellation of the insurance; and

          (8) The maximum period for which each policy may be written.

     (Added to NAC by Comm’r of Insurance, eff. 9-19-90)