tling balances; (d) The rate used to compute the reinsurance premium; (e) The names and addresses of assuming reinsurers; (f) The rates of all commissions for reinsurance, including the commissions on any retrocessions handled by the broker for reinsurance; (g) Any related correspondence and memoranda; (h) Proof of placement; (i) Details regarding retrocessions handled by the broker for reinsurance, including the identity of retrocessionaires and the percentage of each contract assumed or ceded; (j) Financial records, including accounts of premium and loss; and (k) If the broker for reinsurance procures a contract of reinsurance on behalf of a licensed ceding insurer: (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or (2) Through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative. 2. A broker for reinsurance shall allow an insurer to have access to and to copy and audit all accounts and records maintained by him related to its contract. (Added to NRS by 1995, 1762) NRS 681A.480 Brokers: Conditions for employment; annual statement of financial condition. 1. An insurer shall not engage the services of any person to act as a broker for reinsurance on its behalf unless he is licensed pursuant to NRS 681A.430. 2. An insurer may not employ a person who is employed by a broker for reinsurance with whom it transacts business, unless the broker for reinsurance is under common control with the insurer within the meaning of chapter 692C of NRS. 3. The insurer shall annually obtain a copy of statements of the financial condition of each broker for reinsurance with which it transacts business. (Added to NRS by 1995, 1763) NRS 681A.490 Managers: Transactions with reinsurer; termination; duties. 1. Transactions between a manager for reinsurance and the reinsurer he represents must only be entered into pursuant to a written contract which specifies the responsibilities of each party and is approved by the board of directors of the reinsurer. At least 30 days before a reinsurer assumes or cedes insurance, a copy of the contract must be filed with the Commissioner for approval. 2. The reinsurer may terminate the contract for cause upon written notice to the manager for reinsurance and the reinsurer may suspend the authority of the manager for reinsurance to assume or cede insurance during the pendency of any dispute regarding the cause for termination. 3. The manager for reinsurance shall: (a) Render accounts to the reinsurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owing to him; and (b) Remit all money due pursuant to the contract to the reinsurer monthly. 4. All money collected for the account of the reinsurer must be held by the manager for reinsurance, in a fiduciary capacity, in a bank or credit union which is a qualified financial institution. The manager for reinsurance may retain no more than the total of 3 months’ estimated payments on claims and allocated expenses of adjusting losses. The manager for reinsurance shall maintain a separate account in a bank or credit union for each reinsurer that he represents. 5. The contract must not be assigned in whole or in part by the manager for reinsurance. (Added to NRS by 1995, 1763; A 1999, 1546) NRS 681A.500 Managers: Compliance with certain standards established by insurer; required provisions in contract; relationship with reinsurer. 1. A manager for reinsurance shall comply with the written underwriting and rating standards established by the insurer he represents for the acceptance, rejection or cession of all risks. 2. The contract must set forth the rates, terms and purposes of commissions, charges and other fees which the manager for reinsurance may levy against the reinsurer. 3. The manager for reinsurance shall annually provide the reinsurer with a statement of his financial condition prepared by an independent certified public accountant. 4. The reinsurer shall conduct a review of underwriting and the handling of claims by the manager for reinsurance at the location of his operations at least twice each calendar year. 5. The manager for reinsurance shall disclose to the reinsurer any relationship he has with an insurer before ceding or assuming insurance to or from the insurer pursuant to the contract. 6. The acts of the manager for reinsurance shall be deemed to be the acts of the reinsurer on whose behalf he is acting. (Added to NRS by 1995, 1763) NRS 681A.510 Managers: Requirements for settlement of claims; ownership of claims files; termination of authority to settle claims. 1. If a contract between a manager for reinsurance and the reinsurer he represents permits him to settle claims on behalf of the reinsurer: (a) All claims must be reported to the reinsurer in a timely manner; and (b) A copy of the claim file must be sent to the reinsurer at its request or as soon as it becomes known that the claim: (1) Potentially exceeds the amount determined by the Commissioner or the limit set by the reinsurer, whichever is the lesser amount; (2) Involves a dispute over coverage; (3) May exceed the authority of the manager for reinsurance to settle claims; (4) Has been open for more than 6 months; or (5) Is closed by payment of the lesser of an amount set by the Commissioner or an amount set by the reinsurer. 2. All claims files are the joint property of the reinsurer and the manager for reinsurance. Upon an order of liquidation of the reinsurer, the files become the sole property of the reinsurer or its estate. The reinsurer or its estate shall allow the manager for reinsurance to have reasonable access to and to copy the files on a timely basis. 3. The reinsurer may terminate any authority to make settlements granted to the manager for reinsurance for cause upon written notice to him or upon the termination of the contract. The reinsurer may suspend the authority of the manager for reinsurance to make settlements during the pendency of the dispute regarding the cause of termination. (Added to NRS by 1995, 1764) NRS 681A.520 Managers: Sharing of interim profits. If a contract between a manager for reinsurance and the reinsurer he represents provides for a sharing of interim profits by the manager for reinsurance, the interim profits must not be paid until 1 year after the end of each underwriting period for property insurance and 5 years after the end of each underwriting period for casualty insurance, and not until the adequacy of reserves on remaining claims has been verified pursuant to NRS 681A.550. (Added to NRS by 1995, 1764) NRS 681A.530 Managers: Maintenance of records of transactions; access to accounts and records by reinsurer. 1. For at least 10 years after expiration of each contract of reinsurance transacted by a manager 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, provisions concerning cancellation and notice of cancellation, and disposition of outstanding reserves on covered risks; (c) The requirements for reporting and settling balances; (d) The rate used to compute the reinsurance premium; (e) The names and addresses of reinsurers; (f) The rates of all commissions for reinsurance, including the commissions on any retrocessions

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