o engage in joint underwriting or joint reinsurance and who are subject to examination by the commissioner of the state in which the principal business office of the manager is located. (Added to NRS by 1995, 1760) NRS 681A.360 “Reinsured” defined. “Reinsured” means an insurer that has placed risks with a reinsurer in the process of buying reinsurance. The term includes a ceding insurer. (Added to NRS by 1995, 1760) NRS 681A.370 “Reinsurer” defined. “Reinsurer” means a person licensed in this state as an insurer with the authority to assume the liability of another by reinsurance. (Added to NRS by 1995, 1760) NRS 681A.380 “Retrocession” defined. “Retrocession” means a transaction whereby a reinsurer cedes to another reinsurer all or part of the reinsurance it has previously assumed. (Added to NRS by 1995, 1760) NRS 681A.390 “Retrocessionaire” defined. “Retrocessionaire” means the assuming reinsurer in a retrocession. (Added to NRS by 1995, 1760) NRS 681A.400 “Syndicate” defined. “Syndicate” means a joint underwriting operation of insurance or reinsurance in which the participants assume a predetermined and fixed interest in the insurance written and the members share equally in the premiums. (Added to NRS by 1995, 1761) NRS 681A.410 “Violation” defined. “Violation” by an intermediary, insurer or reinsurer for whom the intermediary was acting means failure to comply substantially with the provisions of NRS 681A.250 to 681A.580, inclusive. (Added to NRS by 1995, 1761) NRS 681A.420 Limitations and requirements. 1. A person shall not act as a broker for reinsurance for a domestic insurer or reinsurer unless he is: (a) A licensed producer in this state; or (b) Licensed as a nonresident intermediary for reinsurance in this state. 2. A person shall not act as a broker for reinsurance for a foreign or alien insurer or reinsurer if he maintains an office, directly or as a member or employee of a firm or association or as an officer, director or employee of a corporation in this state, unless he is: (a) A licensed producer in this state; or (b) Licensed as a nonresident intermediary for reinsurance in this state. 3. A person shall not act as a manager for reinsurance for a domestic insurer or reinsurer unless he is: (a) A licensed producer in this state; or (b) Licensed as a nonresident manager for reinsurance in this state. 4. A person shall not act as a manager for reinsurance for any foreign or alien insurer or reinsurer if he maintains an office, directly or as a member or employee of a firm or association or as an officer, director or employee of a corporation in this state, unless he is: (a) A licensed producer in this state; or (b) Licensed as a nonresident manager for reinsurance in this state. 5. A manager for reinsurance shall: (a) File a bond from an insurer in an amount that is acceptable to the Commissioner for the protection of the reinsurer; and (b) Maintain a policy covering errors and omissions in an amount that is acceptable to the Commissioner. (Added to NRS by 1995, 1761; A 2003, 3286) NRS 681A.430 License to act as intermediary. 1. The Commissioner may issue a license to act as an intermediary to any person who has complied with the requirements of NRS 681A.250 to 681A.580, inclusive, and who submits a written application for a license to act as an intermediary and the appropriate fee set forth in NRS 680B.010. A license issued to a firm or association authorizes all the members of the firm or association and any designated employees to act as intermediaries. All those persons must be named in the application and any supplements thereto. A license issued to a corporation authorizes all of the officers and any designated employees and directors of the corporation to act as intermediaries on behalf of the corporation. All those persons must be named in the application and in any supplements thereto. 2. If an applicant for a license to act as an intermediary is a nonresident, he shall: (a) Designate the Commissioner as agent for service of process; (b) Furnish the Commissioner with the name and address of a resident of Nevada upon whom notices or orders of the Commissioner or process affecting the nonresident reinsurance intermediary may be served; and (c) Promptly notify the Commissioner in writing of every change in his designated agent for service of process. The change is not effective until acknowledged by the Commissioner. (Added to NRS by 1995, 1761; A 1997, 3022) NRS 681A.440 Circumstances under which Commissioner is authorized to refuse to issue license. 1. The Commissioner may refuse to issue a license to act as an intermediary if, in his judgment: (a) The applicant, anyone named on the application, or any member, principal, officer or director of the applicant, is not trustworthy to act as an intermediary; (b) Any controlling person of the applicant is not trustworthy to act as an intermediary; (c) The applicant, a person named on the application, any member, principal, officer or director of the applicant or any controlling person of the applicant has given cause for the revocation or suspension of a license to act as an intermediary; or (d) The applicant, a person named on the application, any member, principal, officer or director of the applicant or any controlling person of the applicant has failed to comply with any prerequisite for the issuance of a license to act as an intermediary. 2. Upon receipt of a written request, the Commissioner shall furnish a summary of the basis for his refusal to issue a license to act as an intermediary. The summary is confidential. (Added to NRS by 1995, 1761) NRS 681A.450 Licensed attorney acting as intermediary. When acting in his professional capacity, an attorney at law who is licensed in this state need not be licensed as an intermediary. (Added to NRS by 1995, 1762) NRS 681A.460 Brokers: Transactions with insurer; termination; duties. 1. A transaction between a broker for reinsurance and the insurer he represents may only be entered into by written agreement. The agreement must specify the responsibilities of each party. 2. The insurer may terminate the authority of the broker for reinsurance at any time. 3. The broker for reinsurance shall: (a) Render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owing to the broker for reinsurance; and (b) Remit all money due to the insurer within 30 days after receipt. 4. All money collected for the account of the insurer must be held by the broker for reinsurance in a fiduciary capacity in a bank or credit union which is a qualified financial institution. 5. The broker for reinsurance shall comply with the written standards established by the insurer for the cession or retrocession of all risks. 6. The broker for reinsurance shall disclose to the insurer any relationship with any reinsurer to which insurance will be ceded or retroceded. (Added to NRS by 1995, 1762; A 1999, 1546) NRS 681A.470 Brokers: Maintenance of records of transactions; access to accounts and records by insurer. 1. For 10 years after expiration of each contract of reinsurance transacted by the broker for reinsurance, he shall keep a complete record for each transaction, including evidence of: (a) The type of contract, limits, underwriting restrictions, classes or risks and territory; (b) The period of coverage, including effective and expiration dates and the provisions concerning cancellation and notice of cancellation; (c) The requirements for reporting and set

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