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2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.080 - Excess deposits.

1. If assets deposited by an insurer under NRS 682B.010 to 682B.120, inclusive, are subject to material fluctuations in market value, the Commissioner may, in his or her discretion, require the insurer to deposit and maintain on deposit additional assets in an amount reasonably necessary to assure that the deposit at all times has a market value of not less than the amount specified under the law by which the deposit is required.
2. An insurer may otherwise at its option deposit assets in an amount exceeding its deposit required or otherwise permitted under this Code by not more than 20 percent of such required or permitted deposit, or $20,000, whichever is the larger amount, for the purpose of absorbing fluctuations in the value of assets deposited and to facilitate exchange and substitution of such assets. During the solvency of the insurer, any such excess shall be released to the insurer upon its request. During the insolvency of the insurer, such excess deposit shall be released only as provided in subsection 3 of NRS 682B.120.
(Added to NRS by 1971, 1631)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.090 - Rights of insurer during solvency.

So long as the insurer remains solvent and is in compliance with this Code it may:
1. Demand, receive, sue for and recover the income from the assets deposited;
2. Exchange and substitute assets of equivalent or greater fair market value for the deposited assets; and
3. At any reasonable time inspect any such deposit.
(Added to NRS by 1971, 1632)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.100 - Levy upon deposit.

No judgment creditor or other claimant of an insurer shall have the right to levy upon any of the assets or securities held in this state as a deposit for the protection of the insurer’s policyholders or policyholders and creditors. Levy upon deposits made pursuant to NRS 680A.330 (retaliatory provision) shall be permitted if so provided in the Commissioner’s order under which the deposit is required.
(Added to NRS by 1971, 1632)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.110 - Deficiency of deposit.

If for any reason the market value of assets of an insurer held on deposit in this state falls below the amount required under this Code, the insurer shall promptly deposit other or additional assets eligible for deposit sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 20 days after receipt of notice thereof by registered or certified mail from the Commissioner, the Commissioner shall forthwith revoke the insurer’s certificate of authority.
(Added to NRS by 1971, 1632)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.120 - Duration and release of deposit.

1. Every deposit made in this state by an insurer pursuant to this Code shall be held as long as there is outstanding any liability of the insurer as to which the deposit was so required; or, if the deposit is required under NRS 680A.330 (retaliatory provision), the deposit shall be held for so long as the basis of such retaliation exists.
2. If the insurer has reinsured all its outstanding risks in another insurer or insurers, the Commissioner may deliver to such assuming insurer or its assigns, after the expiration of 1 year from the effective date of such reinsurance, any assets or securities deposited with the Commissioner under this Code by the ceding insurer upon proof satisfactory to the Commissioner that:
(a) The assuming insurer has assumed and agreed to discharge all liabilities of every kind due and to become due which the deposit was to secure; and
(b) The assuming insurer has on deposit in this state, or with public authority in another state, securities of quality, amount and value not less than the deposit required of the ceding insurer under this Code and which will reasonably subsist for the security of the obligations of the ceding insurer so assumed.
3. If the insurer is subject to delinquency proceedings as defined in NRS 696B.060, upon the order of a court of competent jurisdiction the Commissioner shall yield the insurer’s assets held on deposit to the receiver, conservator, rehabilitator or liquidator of the insurer, or to any other properly designated officer or officers who succeed to the management and control of the insurer’s assets.
(Added to NRS by 1971, 1632)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.130 - Deposit of assets in trust.

1. An alien insurer may use Nevada as a state of entry to transact insurance in the United States of America by making and maintaining in this state a deposit of assets in trust with a bank, credit union or trust company approved by the Commissioner.
2. The deposit, together with other trust deposits of the insurer held in the United States of America for the same purpose, must be in an amount not less than as required of an alien insurer under NRS 680A.140, deposit requirement in general, and must consist of United States money, public obligations of the government or states or political subdivisions of the United States of America, and obligations of corporations and institutions in the United States of America, all as eligible for the investment of money of domestic insurers under NRS 682A.400 to 682A.468, inclusive.
3. Such a deposit may be referred to as "trusteed assets."
(Added to NRS by 1971, 1633; A 1999, 1549; 2015, 3464)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.140 - Purpose and duration.

The deposit provided for in NRS 682B.130 shall be for the benefit, security and protection of the policyholders, or policyholders and creditors, of the insurer in the United States of America, and shall be maintained as long as there is outstanding in the United States of America any liability of the insurer arising out of its insurance transactions therein.
(Added to NRS by 1971, 1633)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.150 - Trust agreement: Approval.

1. The deposit referred to in NRS 682B.130 shall be made and maintained under a written trust agreement between the insurer and the trustee, consistent with the requirements of NRS 682B.130 to 682B.250, inclusive, and shall be authenticated in such form and manner as the Commissioner may designate or approve.
2. The agreement shall not be effective until filed with and approved by the Commissioner in writing. The Commissioner shall not approve any trust agreement found by the Commissioner not to be in compliance with law, or the terms of which do not in fact provide reasonably adequate protection for the insurer’s policyholders or policyholders and creditors in the United States of America.
(Added to NRS by 1971, 1633)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.170 - Withdrawal of approval.

The Commissioner may withdraw approval of any trust agreement or of any amendment thereof if the Commissioner finds upon hearing, after notice thereof to the insurer and the trustee, that the requisites for such approval, as provided in NRS 682B.130 to 682B.250, inclusive, have been found by the Commissioner not to exist or no longer to exist.
(Added to NRS by 1971, 1634)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.200 - Statement of trustee: Filing; disciplinary action for failure to file timely.

1. The trustee of trusteed assets shall from time to time file with the Commissioner statements, in such forms as the Commissioner may designate and request in writing, certifying the character of such assets and the amounts and market value thereof.
2. If the trustee fails to file the statement within a reasonable time after request therefor by the Commissioner, the Commissioner may suspend or revoke the certificate of authority of the insurer.
(Added to NRS by 1971, 1634)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.220 - Withdrawal of assets.

1. The trust agreement shall provide, in substance, that no withdrawal of trusteed assets shall be made by the insurer or permitted by the trustee without the written authorization or approval of the Commissioner in advance thereof, except as follows:
(a) Any or all income, earnings, dividends or interest accumulations of the trusteed assets may be paid over to the United States manager of the insurer upon request of the insurer or the manager.
(b) For substitution, coincidentally with such withdrawal, of other securities or assets of value at least equal in amount to those being withdrawn, if:
(1) Such substituted securities or assets are likewise such as are eligible for deposit under NRS 682B.130;
(2) Such withdrawal is requested in writing by the insurer’s United States manager pursuant to general or specific written authority previously given or delegated by the insurer’s board of directors or other similar governing body; and
(3) A certified copy of such authority has been filed with the trustee.
(c) For the purpose of making deposits required by law in any state in which the insurer is or thereafter becomes an authorized insurer, for the protection of the insurer’s policyholders or policyholders and creditors in such state or in the United States of America, if such withdrawal does not reduce the insurer’s deposit in this state to an amount less than the minimum deposit required under NRS 680A.140. The trustee shall transfer any assets so withdrawn and in the amount so required to be deposited in the other state directly to the depositary required to receive the deposit in the other state, as certified in writing by the public officer having supervision of insurance in the other state.
(d) For the purpose of transferring the trusteed assets to an official conservator, rehabilitator or liquidator pursuant to the order of a court of competent jurisdiction.
2. The Commissioner shall so authorize or approve withdrawal of only such assets as are in excess of the amount of assets required to be so held in trust under NRS 680A.140, or as may otherwise be consistent with the provisions of NRS 682B.130 to 682B.250, inclusive.
3. If at any time the insurer becomes insolvent, or if its assets held in the United States of America are less in amount than the sum of its liabilities in the United States of America arising from its insurance transactions therein and the amount of the required deposit, upon determination thereof the Commissioner shall in writing order the trustee to suspend the right of the insurer or any other person to withdraw assets as authorized under paragraphs (a), (b) and (c) of subsection 1, and the trustee shall comply with such order until further order of the Commissioner.
(Added to NRS by 1971, 1634)
2023 Nevada Revised Statutes › Chapter 682B - Deposits › NRS 682B.240 - Mexican and Canadian insurers.

The provisions of NRS 682B.130 to 682B.250, inclusive, applicable to a United States manager shall, in the case of insurers domiciled in Mexico or Canada, be deemed to refer to the president, vice president, secretary, treasurer or other comparable officer of the insurer.
(Added to NRS by 1971, 1635)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.020 - Definitions.

As used in this Code, unless the context otherwise requires, the words and terms defined in NRS 683A.025 to 683A.078, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1971, 1636; A 1977, 733; 2001, 2201)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.041 - "Home state" defined.

"Home state" means the District of Columbia or any state or territory of the United States or Canada in which a producer of insurance maintains his or her principal place of residence or principal place of business and is licensed to act as a producer of insurance.
(Added to NRS by 2001, 2191)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.060 - "Managing general agent" defined.

1. A "managing general agent" is a person who:
(a) Negotiates and binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office; and
(b) Acts as an agent for the insurer and with or without the authority, either separately or together with affiliates:
(1) Produces, directly or indirectly, and underwrites an amount of gross direct written premiums equal to or more than 5 percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year; and
(2) Adjusts or pays claims in excess of an amount determined by the Commissioner or negotiates reinsurance on behalf of the insurer.
2. A managing general agent includes a person with authority to appoint and to terminate the appointment of an agent for an insurer.
3. For the purposes of this chapter, the following are not managing general agents:
(a) An employee of the insurer;
(b) A manager of the United States branch of an alien insurer;
(c) An attorney authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange; and
(d) An underwriting manager who, pursuant to a contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, is subject to the provisions of chapter 692C of NRS and whose compensation is not based on the volume of premiums written or the profit of the business written.
(Added to NRS by 1971, 1637; A 1991, 2030; 2001, 2202; 2017, 2336)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.065 - "Negotiate" defined.

"Negotiate" means to confer directly with, or offer advice directly to, a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms or conditions of the contract, if the person conferring or offering the advice sells insurance or obtains insurance from insurers or purchasers.
(Added to NRS by 2001, 2191)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0805 - Definitions.

As used in NRS 683A.0805 to 683A.0893, inclusive, unless the context otherwise requires, the words and terms defined in NRS 683A.081 to 683A.084, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1999, 2789; A 2007, 3318; 2023, 2627)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.083 - "Insurer" defined.

"Insurer" includes, without limitation:
1. An insurance company licensed pursuant to the provisions of this Code;
2. A prepaid limited health service organization that has been issued a certificate of authority pursuant to chapter 695F of NRS;
3. A health maintenance organization that has been issued a certificate of authority pursuant to chapter 695C of NRS;
4. A multiple employer welfare arrangement as defined in 29 U.S.C. § 1002;
5. An employer for whom a program of self-insurance is administered by an administrator; and
6. An organization for dental care that has been issued a certificate of authority pursuant to chapter 695D of NRS.
(Added to NRS by 1999, 2789)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.084 - "Underwrite" defined.

"Underwrite" includes, without limitation:
1. Accepting applications for insurance coverage in accordance with the written rules of an insurer;
2. Planning and coordinating a program of insurance; and
3. Procuring bonds and excess insurance.
(Added to NRS by 1999, 2790)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.085 - Qualifications.

Except as otherwise provided in NRS 683A.086, no person may act as, offer to act as or hold himself or herself out to the public as an administrator, unless:
1. The person has obtained a certificate of registration as an administrator from the Commissioner pursuant to NRS 683A.08524;
2. If the person is an individual and adjusts workers’ compensation claims in this State, the person is licensed pursuant to chapter 684A of NRS; and
3. If any employee of the person adjusts workers’ compensation claims in this State, each such employee who adjusts workers’ compensation claims in this State is licensed pursuant to chapter 684A of NRS.
(Added to NRS by 1977, 732; A 1981, 1324; 1999, 2793; 2017, 165; 2023, 2627)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0851 - Health maintenance organization authorized to act as administrator of program of health insurance; approval or disapproval of contract by Commissioner; exemption from licensing and bonding.

1. A health maintenance organization licensed under chapter 695C of NRS may enter into a contract to act as an administrator of a program of health insurance.
2. Before entering into a contract pursuant to subsection 1, a health maintenance organization must file a copy of the contract with the Commissioner for approval. The Commissioner shall disapprove the contract if in his or her opinion it would have a substantial adverse effect on the financial soundness of the health maintenance organization and endanger its ability to meet its obligations. The Commissioner shall approve or disapprove the contract within 60 days after the filing.
3. A health maintenance organization that enters into a contract pursuant to this section is exempt from the provisions of this chapter relating to licensing and bonding of administrators, but is subject to all other provisions of this chapter.
(Added to NRS by 1987, 534)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0852 - Nonprofit corporation for hospital or medical services authorized to act as administrator of program of health insurance; notice to Commissioner; exemption from licensing and bonding.

1. A nonprofit corporation for hospital or medical services licensed pursuant to chapter 695B of NRS may enter into a contract to act as an administrator of a program of health insurance.
2. Before entering into a contract pursuant to subsection 1, the nonprofit corporation must notify the Commissioner in writing and provide the Commissioner with a copy of the contract and a summary of the corporation’s liabilities and costs under the contract.
3. A nonprofit corporation for hospital or medical services that enters into a contract pursuant to this section is exempt from the provisions of this chapter relating to licensing and bonding of administrators, but is subject to all other provisions of this chapter.
(Added to NRS by 1987, 534)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.08524 - Certificate of registration: Issuance; grounds for refusal to issue certificate of registration; requirements if applicant seeks final approval by Division of Industrial Relations of the Department of Business and Industry.

1. Except as otherwise provided in subsection 2 or 3, the Commissioner shall issue a certificate of registration as an administrator to an applicant who:
(a) Submits an application on a form prescribed by the Commissioner;
(b) Has complied with the provisions of NRS 683A.08522; and
(c) Pays the fee for the issuance of a certificate of registration prescribed in NRS 680B.010 and, in addition to any other fee or charge, all applicable fees required pursuant to NRS 680C.110.
2. The Commissioner may refuse to issue a certificate of registration as an administrator to an applicant if the Commissioner determines that the applicant or any person who has completed an affidavit pursuant to subsection 6 of NRS 683A.08522:
(a) Is not competent to act as an administrator;
(b) Is not trustworthy or financially responsible;
(c) Does not have a good personal or business reputation;
(d) Has had a license or certificate to transact insurance denied for cause, suspended or revoked in this state or any other state;
(e) Has failed to comply with any provision of this chapter; or
(f) Is financially unsound.
3. If an applicant seeks final approval by the Division of Industrial Relations of the Department of Business and Industry in accordance with regulations adopted pursuant to subsection 8 of NRS 616A.400, the Commissioner shall submit to the Division the information supplied by the applicant pursuant to subsection 1. Unless the Division provides final approval for the applicant to the Commissioner, the Commissioner shall not issue a certificate of registration as an administrator to the applicant.
(Added to NRS by 1999, 2792; A 2003, 3289; 2009, 1771, 3045; 2019, 1697)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.08526 - Certificate of registration: Duration; expiration; renewal.

1. A certificate of registration as an administrator is valid for 3 years after the date the Commissioner issues the certificate to the administrator or the administrator renews the certificate, as applicable. A certificate expires on the renewal date for the certificate if the administrator does not renew the certificate pursuant to subsection 2 on or before the renewal date.
2. An administrator may renew a certificate of registration if the administrator:
(a) Submits to the Commissioner:
(1) An application on a form prescribed by the Commissioner; and
(2) The fee for the renewal of the certificate of registration prescribed in NRS 680B.010 and, in addition to any other fee or charge, all applicable fees required pursuant to NRS 680C.110; and
(b) Is in compliance with all applicable provisions of this title and the regulations adopted pursuant thereto.
3. As used in this section, "renewal date" means:
(a) For the first renewal of the certificate of registration, the last day of the month which is 3 years after the month in which the Commissioner originally issued the certificate.
(b) For each renewal after the first renewal of the certificate of registration, the last day of the month which is 3 years after the month in which the certificate was last due to be renewed.
(Added to NRS by 1999, 2792; A 2009, 1771; 2019, 1698; 2021, 2959; 2023, 2629)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.08528 - Annual report: Requirements; review by Commissioner.

1. Not later than 90 days after the expiration of the fiscal year of the administrator, or within such other period as the Commissioner may allow, each holder of a certificate of registration as an administrator shall file with the Commissioner an annual report for that fiscal year. Each annual report must be verified by at least two officers of the administrator.
2. Each annual report filed pursuant to this section must include all the following:
(a) A financial statement of the administrator that has been reviewed by an independent certified public accountant.
(b) The complete name and address of each person, if any, for whom the administrator agreed to act as an administrator during the fiscal year.
(c) A statement regarding the total money handled by the administrator on behalf of contracted entities in connection with his or her activities as an administrator. The statement must be on a form prescribed or approved by the Commissioner for the purpose of calculating the amount of the bond required by NRS 683A.0857.
(d) Any other information required by the Commissioner.
3. Except as otherwise provided in subsection 4, in addition to the information required pursuant to subsection 2, if an annual report is prepared on a consolidated basis, the annual report must include supplemental exhibits that:
(a) Have been reviewed by an independent certified public accountant; and
(b) Include a balance sheet and income statement for each holder of a certificate of registration as an administrator in this State.
4. In lieu of complying with the requirements set forth in paragraphs (a) and (b) of subsection 3, an administrator who is a wholly owned subsidiary of a parent company may submit to the Commissioner:
(a) The financial statement of the parent company that has been audited by an independent certified public accountant; and
(b) A parental guaranty that is signed by an officer of the parent company and which guarantees the financial solvency of the administrator.
5. The Commissioner shall, for each administrator, review the annual report that is most recently filed by the administrator. As soon as practicable after reviewing the report, the Commissioner shall issue a certificate to the administrator indicating that, based on the annual report and accompanying financial statement, the administrator is currently licensed and in good standing in this State.
(Added to NRS by 1999, 2792; A 2003, 3290; 2007, 3318; 2015, 3464; 2019, 1698)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.08529 - Duty to notify Commissioner of certain changes; submission of affidavit required upon change in members, owners, directors or officers.

1. An administrator shall notify the Commissioner of any change in:
(a) The members, owners, directors or officers of the administrator within 30 days after the change.
(b) The physical location, mailing address or electronic mail address of an office of the administrator within 30 days after the change.
(c) The legal or fictitious name of the administrator within 30 days after the change.
2. If there is a change in the members, owners, directors or officers of an administrator, the administrator shall submit to the Commissioner a notarized affidavit, as described in subsection 6 of NRS 683A.08522, for each new member, owner, director or officer within 30 days after the change.
(Added to NRS by 2023, 2626)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0853 - Waiver of requirements for administrator’s certificate.

The Commissioner may waive any requirement which the Commissioner has promulgated for issue of an administrator’s certificate to any person or class of persons. In so doing the Commissioner shall consider, without limitation:
1. Whether the person acting as an administrator is primarily involved in a business other than that of administrator.
2. Whether the financial strength and history of the organization to which the applicant belongs, or which is the applicant, indicates stability in its continuity of doing business.
3. Whether the regular duties being performed by an administrator are such that the persons to be insured are not likely to be injured by a waiver of requirements.
(Added to NRS by 1977, 732)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0857 - Bond: Requirement; amount; conditions; replacement.

1. Each administrator shall file with the Commissioner a bond which complies with NRS 679B.175, continuous in form and in an amount determined by the Commissioner of not less than $100,000.
2. The Commissioner shall establish schedules for the amount of the bond required, based on the amount of money received and distributed by an administrator.
3. The bond must inure to the benefit of any person damaged by any fraudulent act or conduct of the administrator and must be conditioned upon faithful accounting and application of all money coming into the administrator’s possession in connection with his or her activities as an administrator.
4. A replacement bond must meet all requirements for the initial bond.
(Added to NRS by 1977, 732; A 1985, 480; 1999, 2794; 2021, 2959)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.086 - Agreement with insurer required; contents of agreement; retention of copy of agreement; trust agreements; delegation of duties of administrator; regulations specifying permissible functions; termination of agreement.

1. No person may act as an administrator unless the person has entered into a written agreement with an insurer, and the written agreement contains provisions to effectuate the requirements contained in NRS 683A.08522 to 683A.08528, inclusive, 683A.087 to 683A.0883, inclusive, and 683A.0892 which apply to the duties of the administrator.
2. The written agreement must set forth:
(a) The duties the administrator will be required to perform on behalf of the insurer; and
(b) The lines, classes or types of insurance that the administrator is authorized to administer on behalf of the insurer.
3. A copy of an agreement entered into under the provisions of this section must be retained in the records of the administrator and of the insurer for a period of 5 years after the termination of the agreement.
4. When a policy is issued to a trustee or trustees, a copy of the trust agreement and amendments must be obtained by the administrator and a copy forwarded to the insurer. Each agreement must be retained by the administrator and the insurer for a period of 5 years after the termination of the policy.
5. Except as otherwise provided in NRS 616B.500 and 616B.503, an administrator who has obtained a certificate of registration as an administrator from the Commissioner pursuant to NRS 683A.08524 may delegate any of the duties of the administrator to an administrator who has not obtained such a certificate of registration only if the delegating administrator has first obtained the written approval of the Commissioner.
6. The Commissioner may adopt regulations which specify the functions an administrator may perform on behalf of an insurer.
7. The insurer or administrator may, upon written notice to the other party to the agreement and to the Commissioner, terminate the written agreement for any cause specified in the agreement. The insurer may suspend the authority of the administrator while any dispute regarding the cause for termination is pending. The insurer shall perform any obligations with respect to the policies affected by the agreement regardless of any dispute with the administrator.
(Added to NRS by 1977, 730; A 1985, 480; 1999, 1646, 2794; 2023, 2629)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0863 - Payments to administrator.

1. Payment by or on behalf of an insured to an administrator shall be deemed to have been received by the insurer.
2. Payment to the administrator by the insurer of return premiums or claim settlements shall not be deemed to be payment to the insured or claimant until the money is received by the insured or claimant.
3. This section does not limit any right of the insurer against the administrator resulting from a failure to make payments to an insurer, insured or claimant.
(Added to NRS by 1977, 730)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0868 - Prohibiting fee to include provider of health care on panel; penalty; costs and attorney’s fees; suspension of activities.

1. If an administrator establishes a panel of providers of health care or contracts with an organization that establishes a panel of providers of health care, the administrator shall not charge a provider of health care or such an organization:
(a) Any fee to include the name of the provider of health care on the panel; or
(b) Any other fee related to establishing the provider of health care as a provider on the panel.
2. If an administrator violates the provisions of subsection 1, the administrator shall pay to the provider of health care or organization, as appropriate, an amount that is equal to twice the fee charged to the provider of health care or the organization.
3. A court shall award costs and reasonable attorney’s fees to the prevailing party in any action brought to enforce the provisions of this section.
4. In addition to any relief granted pursuant to this section, if an administrator violates the provisions of subsection 1, the Division shall require the administrator to suspend the prohibited activities until the administrator, as determined by the Division:
(a) Complies with the provisions of subsection 1; and
(b) Refunds to all providers of health care or organizations, as appropriate, all fees obtained by the administrator in violation of subsection 1.
(Added to NRS by 2007, 3318)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0873 - Records of administrator: Maintenance and retention; examination by Commissioner and insurer; confidentiality.

1. Each administrator shall maintain at his or her principal office adequate books and records of all transactions between the administrator, the insurer and the insured. The books and records must be maintained in accordance with prudent standards of recordkeeping for insurance and with regulations of the Commissioner for a period of 5 years after the transaction to which they respectively relate. After the 5-year period, the administrator may remove the books and records from the State, store their contents on microfilm or return them to the appropriate insurer.
2. The Commissioner may examine, audit and inspect books and records maintained by an administrator under the provisions of this section to carry out the provisions of NRS 679B.230 to 679B.300, inclusive.
3. The names and addresses of insured persons and any other material which is in the books and records of an administrator are confidential except as otherwise provided in NRS 239.0115 and except when used in proceedings against the administrator.
4. The insurer may inspect and examine all books and records to the extent necessary to fulfill all contractual obligations to insured persons, subject to restrictions in the written agreement between the insurer and administrator.
(Added to NRS by 1977, 730; A 1983, 462; 1999, 2795; 2007, 2157)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0877 - Certain charges and premiums collected or received held in fiduciary capacity; remittance or deposit of money in fiduciary accounts; withdrawals from and records relating to fiduciary accounts.

1. All insurance charges and premiums collected by an administrator on behalf of an insurer and return premiums received from an insurer are held by the administrator in a fiduciary capacity.
2. Money must be remitted within 15 days to the person or persons entitled to it, or be deposited within 15 days in one or more fiduciary accounts established and maintained by the administrator in a bank, credit union or other financial institution in this state. The fiduciary accounts must be separate from the personal or business accounts of the administrator.
3. If charges or premiums deposited in an account have been collected for or on behalf of more than one insurer, the administrator shall cause the bank, credit union or other financial institution where the fiduciary account is maintained to record clearly the deposits and withdrawals from the account on behalf of each insurer.
4. The administrator shall promptly obtain and keep copies of the records of each fiduciary account and shall furnish any insurer with copies of the records which pertain to him or her upon demand of the insurer.
5. The administrator shall not pay any claim by withdrawing money from his or her fiduciary account in which premiums or charges are deposited.
6. Withdrawals must be made as provided in the agreement between the insurer and the administrator for:
(a) Remittance to the insurer.
(b) Deposit in an account maintained in the name of the insurer.
(c) Transfer to and deposit in an account for the payment of claims.
(d) Payment to a group policyholder for remittance to the insurer entitled to the money.
(e) Payment to the administrator of the commission, fees or charges of the administrator.
(f) Remittance of return premiums to persons entitled to them.
7. The administrator shall maintain copies of all records relating to deposits or withdrawals and, upon the request of an insurer, provide the insurer with copies of those records.
(Added to NRS by 1977, 731; A 1999, 1549, 2795)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.088 - Payment of claims by check or draft.

Each claim paid by the administrator from money collected for or on behalf of an insurer must be paid by a check or draft upon and as authorized by the insurer.
(Added to NRS by 1977, 731; A 1999, 2796)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0883 - Basis for compensation of administrator.

1. The compensation paid to an administrator for his or her services may be based upon premiums or charges collected, on number of claims paid or processed or on any other basis agreed upon by the administrator and the insurer, except as provided in subsection 2.
2. Compensation paid to an administrator may not be based upon or contingent upon:
(a) The claim experience of the policies that he or she handles; or
(b) The savings realized by the administrator by adjusting, settling or paying the losses covered by an insurer.
(Added to NRS by 1977, 731; A 1999, 2796)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0887 - Duty to disclose information relating to identity and relationship among insurer, administrator and insured and amount of premium or charge to insured; duty to disclose to insurer charges, fees and commissions received for provision of administrative services.

1. Each administrator shall advise each insured, by means of a written notice approved by the insurer, of the identity of and relationship among the insurer, administrator and insured.
2. An administrator who seeks to collect premiums or charges shall clearly set forth in writing to the insured the amount of premium or charge set by the insurer for the insurance coverage and the reason for the collection of the premium or charge. Each charge must be set forth separately from the premium.
3. The administrator shall disclose to an insurer, in writing, all charges, fees and commissions the administrator receives in connection with the provision of administrative services for the insurer, including, without limitation, the fees and commissions paid by insurers providing reinsurance or excess of loss insurance.
(Added to NRS by 1977, 732; A 1999, 2796)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0891 - Penalty for failure of administrator to comply with certain requirements for electronic maintenance, transmittal and exchange of health information. [Effective July 1, 2024.]

1. If the Commissioner receives notification from the Department of Health and Human Services pursuant to NRS 439.5895 that an administrator is not in compliance with the requirements of subsection 4 of NRS 439.589, the Commissioner may, after notice and the opportunity for a hearing in accordance with the provisions of this chapter, require corrective action or impose an administrative fine in the amount prescribed by NRS 683A.461.
2. The Commissioner shall not suspend or revoke the certificate of registration of an administrator for failure to comply with the requirements of subsection 4 of NRS 439.589.
(Added to NRS by 2023, 1856, effective July 1, 2024)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.0893 - Penalty for acting without certificate of registration.

Any person who acts as an administrator without having applied for and received from the Commissioner a certificate of registration as an administrator shall be fined not less than $300 nor more than $2,000.
(Added to NRS by 1977, 733)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.090 - License required; administrative fine.

1. A managing general agent, whether or not located in this state, shall not be or act as such with respect to the business of an insurer in this state unless licensed as such under this Code.
2. A person who acts as a managing general agent in this state without a license may be assessed an administrative fine of not more than $1,000 for each violation.
(Added to NRS by 1971, 1637; A 1997, 3024; 2001, 2203)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.140 - Licensing of firm or corporation; requirements for issuance or renewal of license of business entity.

1. A firm or corporation may be licensed as a managing general agent.
2. A resident firm or corporation which has more than one office in this state is a single licensee for the purposes of being appointed by insurers and the authority of natural persons to act for the firm or corporation. Such a firm or corporation must obtain a copy of its license for each location, but only must obtain one original license as a managing general agent.
3. For licensing as a managing general agent, each natural person designated pursuant to subsection 5 must obtain a separate license in his or her own name. The Commissioner shall charge appropriate fees for each person who is designated pursuant to subsection 5.
4. The licensee shall promptly notify the Commissioner of all changes among its members, directors and officers, and among other persons named in the license. The licensee shall provide to the Commissioner upon request information concerning officers or owners of the firm or corporation who are not named in the license.
5. Any business entity to whom a license is issued or renewed must:
(a) Be eligible to declare this state as its home state;
(b) Designate a natural person who is licensed as a managing general agent to be responsible for the compliance of the business entity with the insurance laws, rules and regulations of this State; and
(c) Never have committed any act that is a ground for refusal to issue, suspension of or revocation of a license pursuant to NRS 683A.451.
(Added to NRS by 1971, 1639; A 1981, 488; 1983, 915; 1985, 481; 2001, 2204; 2021, 2959)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.165 - Authority of Commissioner to require surety bond for license.

Before the issuance of a license as a managing general agent, the Commissioner may require the applicant to file with the Commissioner, and thereafter maintain in force while so licensed, a surety bond which complies with NRS 679B.175 in an amount determined by the Commissioner.
(Added to NRS by 2023, 2626)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.171 - Definitions.

As used in NRS 683A.171 to 683A.179, inclusive, unless the context otherwise requires, the words and terms defined in NRS 683A.172 to 683A.176, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2017, 4307; A 2023, 2265)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.176 - "Third party" defined. [Effective through December 31, 2025.] "Third party" defined. [Effective January 1, 2026.]

"Third party" means:
1. An insurer, as that term is defined in NRS 679B.540;
2. A health benefit plan, as that term is defined in NRS 687B.470, for employees which provides a pharmacy benefits plan;
3. A participating public agency, as that term is defined in NRS 287.04052, and any other local governmental agency of the State of Nevada which provides a system of health insurance for the benefit of its officers and employees, and the dependents of officers and employees, pursuant to chapter 287 of NRS; or
4. Any other insurer or organization that provides health coverage or benefits or coverage of prescription drugs as part of workers’ compensation insurance in accordance with state or federal law.
The term does not include an insurer that provides coverage under a policy of casualty or property insurance.
(Added to NRS by 2017, 4307; A 2019, 1083)
"Third party" means:
1. An insurer, as that term is defined in NRS 679B.540;
2. A health benefit plan, as that term is defined in NRS 687B.470, for employees which provides a pharmacy benefits plan;
3. A participating public agency, as that term is defined in NRS 287.04052, and any other local governmental agency of the State of Nevada which provides a system of health insurance for the benefit of its officers and employees, and the dependents of officers and employees, pursuant to chapter 287 of NRS;
4. The Public Option established pursuant to NRS 695K.200; or
5. Any other insurer or organization that provides health coverage or benefits or coverage of prescription drugs as part of workers’ compensation insurance in accordance with state or federal law.
The term does not include an insurer that provides coverage under a policy of casualty or property insurance.
(Added to NRS by 2017, 4307; A 2019, 1083; 2021, 3622, effective January 1, 2026)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.177 - Applicability.

1. Except as otherwise provided in subsection 2, the requirements of NRS 683A.171 to 683A.179, inclusive, and any regulations adopted by the Commissioner pursuant thereto do not apply to the coverage of prescription drugs under a plan that is subject to the Employee Retirement Income Security Act of 1974 or any information relating to such coverage.
2. A plan described in subsection 1 may, by contract, require a pharmacy benefit manager that manages the coverage of prescription drugs under the plan to comply with the requirements of NRS 683A.171 to 683A.179, inclusive, and any regulations adopted by the Commissioner pursuant thereto.
(Added to NRS by 2017, 4308)
2023 Nevada Revised Statutes › Chapter 683A - Persons Involved in Sale or Administration of Insurance › NRS 683A.178 - Obligation of pharmacy benefit manager to third party or pharmacy; notice of conflicts of interest; compliance with provisions applicable to insurer.

1. A pharmacy benefit manager has an obligation of good faith and fair dealing toward a third party or pharmacy when performing duties pursuant to a contract to which the pharmacy benefit manager is a party. Any provision of a contract that waives or limits that obligation is against public policy, void and unenforceable.
2. A pharmacy benefit manager shall notify a third party with which it has entered into a contract in writing of any activity, policy or practice of the pharmacy benefit manager that presents a conflict of interest that interferes with the obligations imposed by subsection 1.
3. A pharmacy benefit manager that manages prescription drug benefits for an insurer licensed pursuant to this title shall comply with the provisions of this title which are applicable to the insurer when managing such benefits for the insurer.
(Added to NRS by 2017, 4308; A 2019, 4032; 2023, 2111)