NAC683A.520. Sharing of profits between agent and insurer.

Latest version.

     1. If the contract required pursuant to NAC 683A.470, provides for the managing general agent and insurer to share profits and the agent has the authority to determine the amount of the interim profits by establishing loss reserves or controlling claim payments, or in any other manner, the profits must not be paid to the managing general agent until:

     (a) One year after they are earned for property insurance business; and

     (b) Five years after they are earned on casualty business.

     2. The profits must be verified pursuant to NAC 683A.540.

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

                    
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