Section 693A.690 - Responsibilities of controlling producer: Accounting to controlled insurer; remission of money to controlled insurer; holding of money for controlled insurer; maintenance of records for controlled insurer1. A controlling producer shall provide an accounting to a controlled insurer that sets forth all material transactions executed by the controlling producer that affect the controlled insurer, including information necessary to identify and explain all commissions, charges and other fees already received by the controlling producer or still owing by the controlled insurer to the controlling producer.2. A controlling producer shall remit all money due under the terms of a contract entered into with a controlled insurer to the controlled insurer at least once each month on a date agreed to by the parties. Premiums or installments thereof must be remitted to the controlled insurer no later than 90 days after the effective date of any policy of insurance placed with the controlled insurer pursuant to the contract.3. Except as otherwise provided in this subsection, all money collected by a controlling producer for a controlled insurer must be held by the controlling producer in a fiduciary capacity, in one or more bank accounts established for the controlled insurer in banks that are members of the Federal Reserve System. A controlling producer which is not required to be licensed in this State shall hold money for the controlled insurer in compliance with the requirements of the controlling producer's domiciliary jurisdiction.4. A controlling producer shall maintain records of all insurance business written for a controlled insurer separate from all other records of the controlling producer.Nev. Admin. Code § 693A.690
Added to NAC by Comm'r of Insurance, eff. 6-28-96; A by R094-14, eff. 12/21/2015