Section 693A.680 - Written contract specifying responsibilities of controlling producer and controlled insurer1. A controlled insurer shall not accept insurance business from a controlling producer and a controlling producer shall not place insurance with a controlled insurer unless there is a written contract, which has been approved by the board of directors of the controlled insurer, between the controlling producer and the controlled insurer that specifies the responsibilities of each party.2. Such a contract must contain a provision that allows a controlled insurer, upon written notice to a controlling producer, to terminate the contract for cause. The controlled insurer shall suspend the authority of the controlling producer to place insurance with the controlled insurer and shall not accept insurance business from the controlling producer during the pendency of any dispute regarding the cause for the termination of the contract.3. A controlling producer shall not assign, in whole or in part, a contract entered into pursuant to subsection 1.Nev. Admin. Code § 693A.680
Added to NAC by Comm'r of Insurance, eff. 6-28-96; A by R094-14, eff. 12/21/2015