§ 686A.200 — Plan or transaction involving favored agent or insurer prohibited; exception

Nevada § 686A.200

• Jurisdiction: Nevada
• Title 57: INSURANCE
• Ch. 686A: Trade

Text

1. Except as otherwise provided in NRS 616B.710 , no person shall require, directly or indirectly, or through any trustee, director, officer, agent or employee or affiliate, as a condition, agreement or understanding to selling or furnishing any other person any loan, or extension thereof, credit, sale, goods, property, contract, lease or service, that such other person shall place, continue (other than as to life insurance) or renew any policy of insurance of any kind through any particular agent, broker or insurer. No agent, broker or insurer shall knowingly participate in any such prohibited plan or transaction. No person shall fix a price charged for such thing or service, or discount from or rebate upon price, on the condition, agreement or understanding that any insurance is to be obtained through a particular agent, broker or insurer.
2. Subsection 1 does not prevent:
(a) The exercise by any such person upon a reasonable basis of any right to approve or disapprove of the insurer and representative to underwrite the insurance. Such basis shall relate only to the adequacy and terms of the coverage with respect to the interest of the vendor, lender, lessor or provider of service to be insured thereunder, the financial standards to be met by the insurer, and the ability of the insurer or representative to service the policy.
(b) The exercise by the vendor, lender, lessor or provider of service of the right to furnish or renew the insurance, and to charge the account of the other person with the costs thereof, if such other person fails to deliver such insurance to the lender, vendor, lessor or provider of service, where otherwise called for and in order, at least 15 days prior to expiration of the existing policy.

Legislative History

(Added to NRS by 1971, 1695 ; A 1999, 3147 )