Nevada Administrative Code|Section 693A.700 - Standards, rules, procedures, rates and conditions of controlled insurer; rates of commissions, charges and other fees of controlling producer

                                                
 693A.700. Standards, rules, procedures, rates and conditions of controlled insurer; rates of commissions, charges and other fees of controlling producer 
 
1. A controlled insurer shall provide to the controlling producer its underwriting standards, rules, procedures and manuals setting forth the rates to be charged and the conditions for the acceptance or rejection of risks. The controlling producer shall adhere to the standards, rules, procedures, rates and conditions of the controlled insurer. The standards, rules, procedures, rates and conditions of the controlled insurer must be the same as those the insurer applies to comparable business placed with the controlled insurer by a producer other than the controlling producer.
 
2. The contract between the controlling producer and the controlled insurer must specify the rates and terms of the controlling producer's commissions, charges or other fees and the purposes for those commissions, charges and fees. The rates of the commissions, charges and other fees must not be greater than those applicable to comparable business placed with the controlled insurer by producers other than the controlling producer.
 
3. As used in this section, "comparable business" includes insurance of the same lines, insurance of the same kinds, risks of the same kinds, limits on policies of insurance that are similar and business of a similar quality to the business between the controlling producer and the controlled insurer.
 
Added to NAC by Comm'r of Insurance, eff. 6-28-96; A by R094-14, eff. 12-21-2015
 
NRS 679B.130, 693A.110