Nevada § 681A.530 Managers: Maintenance of records of transactions; access to accounts and records by reinsurer

Nevada Statutes

§ 681A.530 — Managers: Maintenance of records of transactions; access to accounts and records by reinsurer

Nevada § 681A.530

Title 57INSURANCE

Ch. 681AKinds

Brokers and Managers

This text of Nevada § 681A.530 (Managers: Maintenance of records of transactions; access to accounts and records by reinsurer) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 681A.530 (2026).

Text

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

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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.