Actions that may be taken against intermediary who fails to comply with laws.
1. If the Commissioner believes that the reinsurance intermediary or any other person has not materially complied with NRS 681A.250 to 681A.560, inclusive, or any regulation adopted or order issued pursuant thereto, the Commissioner may, after a hearing conducted in accordance with NRS 679B.310 to 679B.370, inclusive, order:
(a) For each separate violation, the payment of a penalty in an amount not exceeding $5,000; and
(b) The revocation or suspension of the license of the reinsurance intermediary.
2. If the Commissioner finds that the material noncompliance of the reinsurance intermediary has caused the insurer or reinsurer any loss or damage, the Commissioner may initiate a civil action against the intermediary on behalf of the insurer or reinsurer and the policyholders and creditors of the insurer or reinsurer to recover compensatory damages or other appropriate relief for the benefit of the insurer or reinsurer and the policyholders and creditors.
3. If an order of rehabilitation or liquidation of the insurer has been entered and the receiver appointed by that order determines that:
(a) The reinsurance intermediary or any other person has not materially complied with NRS 681A.250 to 681A.560, inclusive, or any regulation adopted or order issued pursuant thereto; and
(b) The insurer has suffered any loss or damage as a result of that noncompliance,
Êthe receiver may bring a civil action for the recovery of damages or for any other appropriate sanctions on behalf of the insurer.
Last modified: February 27, 2006