NAC685A.240. Broker’s report.

     1. The following provisions apply to the broker’s report required by NRS 685A.050:

     (a) The report constitutes the broker’s statement of compliance with NRS 685A.040, 685A.070, 685A.080 and 685A.090.

     (b) A separate report must be filed with the broker’s organization upon any renewal or extension of coverage of a contract of insurance for an insured for which Nevada is the home state.

     (c) For an insured for which Nevada is the home state, an amended report must be filed with the broker’s organization for each cancellation and each endorsement which changes the named insured, the description or location of the subject of insurance, or the coverage, conditions, terms, premium or participating insurers.

     (d) The broker shall exercise due care in accounting for the premium, including any inspection fee charged as part of the premium, and for the premium tax on each report. The premium tax must be computed upon the total premium or deposit premium, plus the fee allowed by NRS 685A.155, minus any return premium. The premium must include policy, membership, and other fees and assessments charged by the insurer as considerations for the insurance.

     (e) If a type of coverage is on the list of open lines eligible for export which is approved by the Commissioner, statements of declinations from admitted insurers pursuant to subsection 1 of NAC 685A.215 are not required on the report.

     (f) The Commissioner may require a broker to file with the broker’s organization a complete copy of the policy, certificate or cover note to substantiate information which he or she has provided in a report.

     2. If a broker’s report required by NRS 685A.050 is filed electronically, it must be signed with an electronic signature of the broker pursuant to the provisions of chapter 719 of NRS.

     [Comm’r of Insurance, PC-2, § 8, eff. 7-18-80]—(NAC A 3-5-91; 3-20-96; R090-03, 10-30-2003; R161-06, 12-07-2006, eff. 1-1-2007; R034-12, 9-14-2012)