Nevada Administrative Code (Last Updated: January 6, 2015) |
Chapter693A Corporate Powers and Procedures of Domestic Stock and Mutual Insurers |
MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS |
NAC693A.720. Limit on writings of controlling broker: Provision; notification.
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1. A contract between a controlling broker and a controlled insurer must provide a limit on the controlling broker’s writings that is within the limit on the controlled insurer’s total writings. A different limit for each line or subline of insurance may be established in the contract.
2. A controlled insurer shall notify the controlling broker when the broker is approaching the limit established pursuant to subsection 1. The controlled insurer shall not accept insurance business from the controlling broker if the broker has reached the limit. The controlling broker shall not place insurance business with the controlled insurer if the broker has been notified by the controlled insurer that he or she has reached his or her limit.
(Added to NAC by Comm’r of Insurance, eff. 6-28-96)