NAC685A.250. Records; fiduciary account.

     1. In addition to the records required by NRS 685A.160, the broker shall maintain complete copies of reports required by NRS 685A.050, including any amendment to a report, which have been filed with the Commissioner or the broker’s organization.

     2. The broker’s files, accounts and other records of surplus lines transactions for an insured for which Nevada is the home state:

     (a) Must be maintained in the office of the broker; and

     (b) Must be open to examination by the Commissioner at any reasonable time.

     3. The broker shall maintain the files, accounts and other records of surplus lines transactions for an insured for which Nevada is the home state.

     4. Premium taxes collected by the broker for a policy for an insured for which Nevada is the home state must be deposited in a fiduciary account. The broker shall establish a fiduciary account for the conduct of his or her business of insurance and maintain the account in a commercial bank or other financial institution depository which is insured by an agency of the Federal Government.

     [Comm’r of Insurance, PC-22, § 9, eff. 7-18-80]—(NAC A 3-5-91; 3-20-96; R090-03, 10-30-2003; R034-12, 9-14-2012)