Licensing of brokers; expiration and renewal of license. [Effective on the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]
1. No person may act as, hold himself out as or be a surplus lines broker with respect to subjects of insurance resident, located or to be performed in this state or elsewhere unless he is licensed as such by the Commissioner pursuant to this chapter.
2. Any person who has been licensed by this state as a producer of insurance for general lines for at least 6 months, or has been licensed in another state as a surplus lines broker and continues to be licensed in that state, and who is deemed by the Commissioner to be competent and trustworthy with respect to the handling of surplus lines may be licensed as a surplus lines broker upon:
(a) Application for a license and payment of the applicable fee for a license and a fee of $15 for deposit in the Insurance Recovery Account created by NRS 679B.305; and
(b) Passing any examination prescribed by the Commissioner on the subject of surplus lines.
3. Application for the license must be made to the Commissioner on forms designated and furnished by him.
4. A license issued pursuant to this chapter continues in force for 3 years unless it is suspended, revoked or otherwise terminated. The license may be renewed by payment of the applicable fee for renewal and a fee of $15 for deposit in the Insurance Recovery Account created by NRS 679B.305 to the Commissioner on or before the last day of the month in which the license is renewable.
5. A license which is not renewed expires at midnight on the last day specified for its renewal. The Commissioner may accept a request for renewal received by him within 30 days after the expiration of the license if the request is accompanied by:
(a) The applicable fee for renewal;
(b) A penalty in an amount that is equal to 50 percent of the applicable fee for renewal; and
(c) A fee of $15 for deposit in the Insurance Recovery Account created by NRS 679B.305.
Last modified: February 27, 2006