Section 693A.670 - Applicability1. Except as otherwise provided in subsection 2 or 3, the provisions of NAC 693A.600 to 693A.770, inclusive, and sections 2 and 3 of this regulation apply to licensed insurers: (a) Domiciled in this State or in a state that is not an accredited state and does not have in effect a substantially similar law; and (b) Who, in any calendar year, have an aggregate amount of gross written premium on business placed with a controlled insurer by a controlling producer equal to or greater than 5 percent of the admitted assets of the controlled insurer, as reported in the controlled insurer's quarterly financial statement filed on or before September 30 of the immediately preceding calendar year.2. The provisions of NAC 693A.600 to 693A.770, inclusive, and sections 2 and 3 of this regulation do not apply if: (a) A controlling producer: (1) Places insurance only with a controlled insurer, or only with the controlled insurer and a member of the controlled insurer's holding company system or a parent, subsidiary or affiliate of the controlled insurer, and receives no compensation based upon the amount of premiums written in connection with that insurance; and(2) Accepts insurance only from other nonaffiliated producers and not directly from insureds; and(b) The controlled insurer, except for insurance business written through a residual market plan, accepts insurance business only from a controlling producer, a producer controlled by the controlled insurer or a producer that is a subsidiary of the controlled insurer.3. To the extent that the provisions of this chapter conflict with the provisions of chapter 692C of NRS or chapter 692C of NAC, the provisions of chapter 692C of NRS or chapter 692C of NAC control.Nev. Admin. Code § 693A.670
Added to NAC by Comm'r of Insurance, eff. 6-28-96; A by R094-14, eff. 12/21/2015