Agreement with insurer required; contents of agreement; retention of copy of agreement; trust agreements; regulations specifying permissible functions; termination of agreement.
1. No person may act as an administrator unless he has entered into a written agreement with an insurer, and the written agreement contains provisions to effectuate the requirements contained in NRS 683A.08522 to 683A.08528, inclusive, 683A.087 to 683A.0883, inclusive, and 683A.0892 which apply to the duties of the administrator.
2. The written agreement must set forth:
(a) The duties the administrator will be required to perform on behalf of the insurer; and
(b) The lines, classes or types of insurance that the administrator is authorized to administer on behalf of the insurer.
3. A copy of an agreement entered into under the provisions of this section must be retained in the records of the administrator and of the insurer for a period of 5 years after the termination of the agreement.
4. When a policy is issued to a trustee or trustees, a copy of the trust agreement and amendments must be obtained by the administrator and a copy forwarded to the insurer. Each agreement must be retained by the administrator and the insurer for a period of 5 years after the termination of the policy.
5. The Commissioner may adopt regulations which specify the functions an administrator may perform on behalf of an insurer.
6. The insurer or administrator may, upon written notice to the other party to the agreement and to the Commissioner, terminate the written agreement for any cause specified in the agreement. The insurer may suspend the authority of the administrator while any dispute regarding the cause for termination is pending. The insurer shall perform any obligations with respect to the policies affected by the agreement regardless of any dispute with the administrator.
Last modified: February 27, 2006