NAC683A.490. Retention of reserve; assignment of contract with insurer.

Latest version.

A managing general agent shall not:

     1. Retain more than 3 months’ reserve for:

     (a) An amount estimated to be necessary to pay all of the unpaid claims of the insurer; and

     (b) The allocated loss adjustment expenses, in the account set up for the insurer pursuant to the requirements of NAC 683A.480.

     2. Assign any part of his or her contract with the insurer required pursuant to NAC 683A.470.

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

                    
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