Nev. Admin. Code § 685A.350 - Duties of organization
An organization shall:
1. Establish and maintain an office in this
State to carry out the applicable provisions of this chapter and chapter 685A
of NRS.
2. Maintain a plan of
operation which ensures that the members of the organization and all associated
nonadmitted insurance transactions comply with the provisions of title 57 of
NRS and all other applicable rules and regulations adopted by the
Commissioner.
3. Require each
broker who is a member of the organization to file with the organization:
(b) A copy of the
broker's cover note, declarations page or certificate; and
(c) A copy of the quarterly tax report
required by
NRS
685A.175.
4. Maintain each document filed with the
organization pursuant to subsection 3.
5. Distribute to the members of the
organization the current list of open lines eligible for export.
6. Make available to the Commissioner a
report summarizing the premiums written in this State as of December 31 of the
previous year through eligible surplus lines insurers. The report must identify
for each premium written:
(a) The name of the
insurer, including the identification number issued to the insurer by the
National Association of Insurance Commissioners;
(b) The broker; and
(c) The line of coverage provided.
7. Cooperate with the Commissioner
to resolve inquiries concerning the availability of coverage with admitted
insurers and provide assistance in the placement of coverage with an eligible
surplus lines insurer.
8. If
requested by the Commissioner, perform a survey of insurance transacted in this
State that reflects coverage placed in this State which involves major risks.
The organization shall submit the results of the survey to the Commissioner
with the report required by subsection 6.
9. Hold a meeting of its board of directors
at least annually.
Notes
NRS 679B.130, 685A.210
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