reglab/housing_qa huggingface dataset:
NV Rev Stat § 681A.320 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.320 - "Facultative" defined.

A submission is "facultative" if both the primary insurer and the reinsurer have the choice to accept or reject the submission.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.330 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.330 - "Intermediary" defined.

Intermediary includes a broker for reinsurance or a manager for reinsurance.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.340 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.340 - "Licensed producer" defined.

Licensed producer means an agent, broker or intermediary licensed pursuant to this title.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.350 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.350 - "Manager for reinsurance" defined.

Manager for reinsurance means a person who has authority to bind or manage all or part of the assumed reinsurance of a reinsurer and acts as an agent for the reinsurer whether known as a manager or other similar term. The term includes the manager of a separate division, department or underwriting office who acts as an agent for a reinsurer. For the purposes of NRS 681A.250 to 681A.580, inclusive, the following persons are not managers with respect to a reinsurer:  1. An employee of the reinsurer;  2. A manager of a branch of an alien reinsurer located in the United States;  3. An underwriting manager who, pursuant to a contract, manages all or part of the reinsurance of the reinsurer, is under common control with the reinsurer within the meaning of chapter 692C of NRS, and whose compensation is not based on the volume of premiums written; or  4. The manager of a group, association, pool or organization of insurers who engage in joint underwriting or joint reinsurance and who are subject to examination by the commissioner of the state in which the principal business office of the manager is located.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.360 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.360 - "Reinsured" defined.

Reinsured means an insurer that has placed risks with a reinsurer in the process of buying reinsurance. The term includes a ceding insurer.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.370 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.370 - "Reinsurer" defined.

Reinsurer means a person licensed in this state as an insurer with the authority to assume the liability of another by reinsurance.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.380 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.380 - "Retrocession" defined.

Retrocession means a transaction whereby a reinsurer cedes to another reinsurer all or part of the reinsurance it has previously assumed.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.390 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.390 - "Retrocessionaire" defined.

Retrocessionaire means the assuming reinsurer in a retrocession.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.400 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.400 - "Syndicate" defined.

Syndicate means a joint underwriting operation of insurance or reinsurance in which the participants assume a predetermined and fixed interest in the insurance written and the members share equally in the premiums.  (Added to NRS by 1995, 1761)
NV Rev Stat § 681A.410 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.410 - "Violation" defined.

Violation by an intermediary, insurer or reinsurer for whom the intermediary was acting means failure to comply substantially with the provisions of NRS 681A.250 to 681A.580, inclusive.  (Added to NRS by 1995, 1761)
NV Rev Stat § 681A.420 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.420 - Limitations and requirements.

  1. A person shall not act as a broker for reinsurance for a domestic insurer or reinsurer unless the person is:  (a) A licensed producer in this state; or  (b) Licensed as a nonresident intermediary for reinsurance in this state.  2. A person shall not act as a broker for reinsurance for a foreign or alien insurer or reinsurer if the person maintains an office, directly or as a member or employee of a firm or association or as an officer, director or employee of a corporation in this state, unless the person is:  (a) A licensed producer in this state; or  (b) Licensed as a nonresident intermediary for reinsurance in this state.  3. A person shall not act as a manager for reinsurance for a domestic insurer or reinsurer unless the person is:  (a) A licensed producer in this state; or  (b) Licensed as a nonresident manager for reinsurance in this state.  4. A person shall not act as a manager for reinsurance for any foreign or alien insurer or reinsurer if the person maintains an office, directly or as a member or employee of a firm or association or as an officer, director or employee of a corporation in this state, unless the person is:  (a) A licensed producer in this state; or  (b) Licensed as a nonresident manager for reinsurance in this state.  5. A manager for reinsurance shall:  (a) File a bond from an insurer in an amount that is acceptable to the Commissioner for the protection of the reinsurer; and  (b) Maintain a policy covering errors and omissions in an amount that is acceptable to the Commissioner.  (Added to NRS by 1995, 1761; A 2003, 3286)
NV Rev Stat § 681A.430 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.430 - License to act as intermediary.

  1. The Commissioner may issue a license to act as an intermediary to any person who has complied with the requirements of NRS 681A.250 to 681A.580, inclusive, and who submits a written application for a license to act as an intermediary, the appropriate fee set forth in NRS 680B.010 and, in addition to any other fee or charge, all applicable fees required pursuant to NRS 680C.110. A license issued to a firm or association authorizes all the members of the firm or association and any designated employees to act as intermediaries. All those persons must be named in the application and any supplements thereto. A license issued to a corporation authorizes all of the officers and any designated employees and directors of the corporation to act as intermediaries on behalf of the corporation. All those persons must be named in the application and in any supplements thereto.  2. If an applicant for a license to act as an intermediary is a nonresident, the applicant shall:  (a) Designate the Commissioner as agent for service of process;  (b) Furnish the Commissioner with the name and address of a resident of Nevada upon whom notices or orders of the Commissioner or process affecting the nonresident reinsurance intermediary may be served; and  (c) Promptly notify the Commissioner in writing of every change in the applicant’s designated agent for service of process. The change is not effective until acknowledged by the Commissioner.  (Added to NRS by 1995, 1761; A 1997, 3022; 2009, 1770)
NV Rev Stat § 681A.440 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.440 - Circumstances under which Commissioner is authorized to refuse to issue license.

  1. The Commissioner may refuse to issue a license to act as an intermediary if, in the judgment of the Commissioner:  (a) The applicant, anyone named on the application, or any member, principal, officer or director of the applicant, is not trustworthy to act as an intermediary;  (b) Any controlling person of the applicant is not trustworthy to act as an intermediary;  (c) The applicant, a person named on the application, any member, principal, officer or director of the applicant or any controlling person of the applicant has given cause for the revocation or suspension of a license to act as an intermediary; or  (d) The applicant, a person named on the application, any member, principal, officer or director of the applicant or any controlling person of the applicant has failed to comply with any prerequisite for the issuance of a license to act as an intermediary.  2. Upon receipt of a written request, the Commissioner shall furnish a summary of the basis for his or her refusal to issue a license to act as an intermediary. Except as otherwise provided in NRS 239.0115, the summary is confidential.  (Added to NRS by 1995, 1761; A 2007, 2156)
NV Rev Stat § 681A.450 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.450 - Licensed attorney acting as intermediary.

When acting in his or her professional capacity, an attorney at law who is licensed in this state need not be licensed as an intermediary.  (Added to NRS by 1995, 1762)
NV Rev Stat § 681A.460 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.460 - Brokers: Transactions with insurer; termination; duties.

  1. A transaction between a broker for reinsurance and the insurer he or she represents may only be entered into by written agreement. The agreement must specify the responsibilities of each party.  2. The insurer may terminate the authority of the broker for reinsurance at any time.  3. The broker for reinsurance shall:  (a) Render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owing to the broker for reinsurance; and   (b) Remit all money due to the insurer within 30 days after receipt.  4. All money collected for the account of the insurer must be held by the broker for reinsurance in a fiduciary capacity in a bank or credit union which is a qualified financial institution.  5. The broker for reinsurance shall comply with the written standards established by the insurer for the cession or retrocession of all risks.  6. The broker for reinsurance shall disclose to the insurer any relationship with any reinsurer to which insurance will be ceded or retroceded.  (Added to NRS by 1995, 1762; A 1999, 1546)
NV Rev Stat § 681A.470 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.470 - Brokers: Maintenance of records of transactions; access to accounts and records by insurer.

  1. For 10 years after expiration of each contract of reinsurance transacted by the broker for reinsurance, he or she shall keep a complete record for each transaction, including evidence of:  (a) The type of contract, limits, underwriting restrictions, classes or risks and territory;  (b) The period of coverage, including effective and expiration dates and the provisions concerning cancellation and notice of cancellation;  (c) The requirements for reporting and settling balances;  (d) The rate used to compute the reinsurance premium;  (e) The names and addresses of assuming reinsurers;  (f) The rates of all commissions for reinsurance, including the commissions on any retrocessions handled by the broker for reinsurance;  (g) Any related correspondence and memoranda;  (h) Proof of placement;  (i) Details regarding retrocessions handled by the broker for reinsurance, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;  (j) Financial records, including accounts of premium and loss; and  (k) If the broker for reinsurance procures a contract of reinsurance on behalf of a licensed ceding insurer:  (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or  (2) Through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.  2. A broker for reinsurance shall allow an insurer to have access to and to copy and audit all accounts and records maintained by him or her related to its contract.  (Added to NRS by 1995, 1762)
NV Rev Stat § 681A.480 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.480 - Brokers: Conditions for employment; annual statement of financial condition.

  1. An insurer shall not engage the services of any person to act as a broker for reinsurance on its behalf unless the person is licensed pursuant to NRS 681A.430.  2. An insurer may not employ a person who is employed by a broker for reinsurance with whom it transacts business, unless the broker for reinsurance is under common control with the insurer within the meaning of chapter 692C of NRS.  3. The insurer shall annually obtain a copy of statements of the financial condition of each broker for reinsurance with which it transacts business.  (Added to NRS by 1995, 1763)
NV Rev Stat § 681A.490 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.490 - Managers: Transactions with reinsurer; termination; duties.

  1. Transactions between a manager for reinsurance and the reinsurer he or she represents must only be entered into pursuant to a written contract which specifies the responsibilities of each party and is approved by the board of directors of the reinsurer. At least 30 days before a reinsurer assumes or cedes insurance, a copy of the contract must be filed with the Commissioner for approval.  2. The reinsurer may terminate the contract for cause upon written notice to the manager for reinsurance and the reinsurer may suspend the authority of the manager for reinsurance to assume or cede insurance during the pendency of any dispute regarding the cause for termination.  3. The manager for reinsurance shall:  (a) Render accounts to the reinsurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owing to him or her; and  (b) Remit all money due pursuant to the contract to the reinsurer monthly.  4. All money collected for the account of the reinsurer must be held by the manager for reinsurance, in a fiduciary capacity, in a bank or credit union which is a qualified financial institution. The manager for reinsurance may retain no more than the total of 3 months’ estimated payments on claims and allocated expenses of adjusting losses. The manager for reinsurance shall maintain a separate account in a bank or credit union for each reinsurer that he or she represents.  5. The contract must not be assigned in whole or in part by the manager for reinsurance.  (Added to NRS by 1995, 1763; A 1999, 1546)
NV Rev Stat § 681A.500 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.500 - Managers: Compliance with certain standards established by insurer; required provisions in contract; relationship with reinsurer.

  1. A manager for reinsurance shall comply with the written underwriting and rating standards established by the insurer he or she represents for the acceptance, rejection or cession of all risks.  2. The contract must set forth the rates, terms and purposes of commissions, charges and other fees which the manager for reinsurance may levy against the reinsurer.  3. The manager for reinsurance shall annually provide the reinsurer with a statement of the financial condition of the manager for reinsurance prepared by an independent certified public accountant.  4. The reinsurer shall conduct a review of underwriting and the handling of claims by the manager for reinsurance at the location of the operations of the manager for reinsurance at least twice each calendar year.  5. The manager for reinsurance shall disclose to the reinsurer any relationship the manager for reinsurance has with an insurer before ceding or assuming insurance to or from the insurer pursuant to the contract.  6. The acts of the manager for reinsurance shall be deemed to be the acts of the reinsurer on whose behalf the manager for reinsurance is acting.  (Added to NRS by 1995, 1763)
NV Rev Stat § 681A.510 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.510 - Managers: Requirements for settlement of claims; ownership of claims files; termination of authority to settle claims.

  1. If a contract between a manager for reinsurance and the reinsurer he or she represents permits the manager for reinsurance to settle claims on behalf of the reinsurer:  (a) All claims must be reported to the reinsurer in a timely manner; and  (b) A copy of the claim file must be sent to the reinsurer at its request or as soon as it becomes known that the claim:  (1) Potentially exceeds the amount determined by the Commissioner or the limit set by the reinsurer, whichever is the lesser amount;  (2) Involves a dispute over coverage;  (3) May exceed the authority of the manager for reinsurance to settle claims;  (4) Has been open for more than 6 months; or  (5) Is closed by payment of the lesser of an amount set by the Commissioner or an amount set by the reinsurer.  2. All claims files are the joint property of the reinsurer and the manager for reinsurance. Upon an order of liquidation of the reinsurer, the files become the sole property of the reinsurer or its estate. The reinsurer or its estate shall allow the manager for reinsurance to have reasonable access to and to copy the files on a timely basis.  3. The reinsurer may terminate any authority to make settlements granted to the manager for reinsurance for cause upon written notice to him or her or upon the termination of the contract. The reinsurer may suspend the authority of the manager for reinsurance to make settlements during the pendency of the dispute regarding the cause of termination.  (Added to NRS by 1995, 1764)
NV Rev Stat § 681A.520 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.520 - Managers: Sharing of interim profits.

If a contract between a manager for reinsurance and the reinsurer he or she represents provides for a sharing of interim profits by the manager for reinsurance, the interim profits must not be paid until 1 year after the end of each underwriting period for property insurance and 5 years after the end of each underwriting period for casualty insurance, and not until the adequacy of reserves on remaining claims has been verified pursuant to NRS 681A.550.  (Added to NRS by 1995, 1764)
NV Rev Stat § 681A.530 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.530 - Managers: Maintenance of records of transactions; access to accounts and records by reinsurer.

  1. For at least 10 years after expiration of each contract of reinsurance transacted by a manager for reinsurance, the manager for reinsurance shall keep a complete record for each transaction, including evidence of:  (a) The type of contract, limits, underwriting restrictions, classes or risks and territory;  (b) The period of coverage, including effective and expiration dates, provisions concerning cancellation and notice of cancellation, and disposition of outstanding reserves on covered risks;  (c) The requirements for reporting and settling balances;  (d) The rate used to compute the reinsurance premium;  (e) The names and addresses of reinsurers;  (f) The rates of all commissions for reinsurance, including the commissions on any retrocessions handled by the manager for reinsurance;  (g) Any related correspondence and memoranda;  (h) Proof of placement;  (i) Any details regarding retrocessions handled by the manager for reinsurance, including the identity of retrocessionaires and percentage of each contract assumed or ceded;  (j) Financial records, including accounts of premium and loss; and  (k) If the manager for reinsurance places a contract of reinsurance on behalf of a ceding insurer:  (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or  (2) Through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.  2. The manager for reinsurance shall allow a reinsurer to have access and to copy all accounts and records maintained by the manager for reinsurance related to its business in a form usable by the reinsurer.  (Added to NRS by 1995, 1764)
NV Rev Stat § 681A.540 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.540 - Managers: Prohibited acts.

A manager for reinsurance shall not:  1. Except as otherwise provided in this section, cede retrocessions on behalf of the reinsurer. A manager for reinsurance may cede facultative retrocessions pursuant to facultative agreements if the contract with the reinsurer contains guidelines for underwriting the retrocessions. The guidelines must include a list of reinsurers with which automatic agreements are in effect, and for each reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.  2. Commit the reinsurer to participate in syndicates for reinsurance.  3. Appoint any producer without verifying that the producer is licensed to transact the type of reinsurance for which the producer is appointed.  4. Without approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or 1 percent of the policyholder’s surplus of the reinsurer as of December 31 of the last complete calendar year.  5. Collect any payment from a retrocessionaire or commit the reinsurer to any settlement of a claim with a retrocessionaire, without the approval of the reinsurer. If approval is given, the manager for reinsurance shall promptly forward a report to the reinsurer.  6. Employ a person who is employed by the reinsurer unless the manager for reinsurance is under common control with the reinsurer within the meaning of chapter 692C of NRS.  7. Appoint another person to act as a manager for reinsurance.  (Added to NRS by 1995, 1765; A 1997, 3022)