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)