Bulk reinsurance: Certificate of fees and commissions; restrictions upon payment; penalty.
1. At the time of filing the agreement of bulk reinsurance with the Commissioner as provided in NRS 693A.370, the parties shall also file with the Commissioner a certificate or certificates under oath of a principal officer of each insurer involved, as to fees, commissions and other valuable considerations paid or to be paid to any person directly or indirectly in connection with the agreement or the proposed bulk reinsurance. This subsection does not apply to fees of attorneys, accountants, actuaries and other independently contracting persons rendering similar technical services in connection with the bulk reinsurance, or to regular salaried compensation received or to be received by employees in the ordinary course of business.
2. No director or officer of any insurer party to such bulk reinsurance shall, except as fully expressed in the bulk reinsurance agreement, receive any fee, commission or other special or valuable consideration whatever, directly or indirectly, for in any manner aiding, promoting or assisting in the negotiation or effectuation of such reinsurance.
3. Any person violating the provisions of subsection 2 is guilty of a gross misdemeanor.
Last modified: February 27, 2006