- 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)