erage with respect to the interest of the vendor, lender, lessor or provider of service to be insured thereunder, the financial standards to be met by the insurer, and the ability of the insurer or representative to service the policy. (b) The exercise by the vendor, lender, lessor or provider of service of the right to furnish or renew the insurance, and to charge the account of the other person with the costs thereof, if such other person fails to deliver such insurance to the lender, vendor, lessor or provider of service, where otherwise called for and in order, at least 15 days prior to expiration of the existing policy. (Added to NRS by 1971, 1695; A 1999, 3147) NRS 686A.210 Service and processing charges prohibited. No mortgagee, lessor, vendor or other person whose interest is insured under an insurance policy paid for by another shall make, receive or accept any monetary charge or fee paid or payable by such other person, for handling, servicing or processing the insurance policy, or endorsements thereon or cancellation thereof. (Added to NRS by 1971, 1696) NRS 686A.220 Favored agent or surety for bonds under public building or construction contract. 1. Except as otherwise provided in NRS 616B.710, no officer or employee of this state, or of any public agency, public authority or public corporation (except a public corporation or public authority created pursuant to agreement or compact with another state), and no person acting or purporting to act on behalf of such officer or employee, or public agency or public authority or public corporation, shall, with respect to any public building or construction contract which is about to be or which has been competitively bid, require the bidder to make application or furnish financial data to, or to obtain or procure any of the surety bonds or contracts of insurance specified in connection with such contracts or by any law from, a particular insurer or agent or broker. 2. Except as otherwise provided in NRS 616B.710, no such officer or employee or any person acting or purporting to act on behalf of such officer or employee shall negotiate, make application for, obtain or procure any of such surety bonds or contracts of insurance (except contracts of insurance for builder’s risk or owner’s protective liability) which can be obtained or procured by the bidder, contractor or subcontractor. 3. This section does not, however, prevent the exercise by such officer or employee on behalf of the State or such public agency, public authority or public corporation of its right to approve the form, sufficiency or manner of execution of the surety bonds or contracts of insurance furnished by the insurer selected by the bidder to underwrite such bonds or contracts of insurance. 4. Any provisions in any invitation for bids or in any of the contract documents in conflict with this section are declared to be contrary to the public policy of this state. 5. A violation of this section is subject to the penalties provided by NRS 679A.180 (general penalty). (Added to NRS by 1971, 1942; A 1999, 3148) NRS 686A.225 Certain insurers to retain adjuster who resides in this State. 1. Except as otherwise provided in NRS 684A.060, any insurer who: (a) Transacts property, casualty or surety insurance in this State; and (b) Retains an adjuster to investigate and settle any claim arising under an insurance contract, shall retain an adjuster who resides in this State. 2. As used in this section, “adjuster” has the meaning ascribed to it in NRS 684A.020. (Added to NRS by 1989, 1110; A 1993, 2394; 1995, 1621) NRS 686A.230 Illegal dealing in premiums; excess charges for insurance; regulations related to fees of broker, consultant or financial planner; written contract for consultation. 1. A person shall not willfully collect any sum as a premium or charge for insurance which is not then provided or is not in due course to be provided, subject to acceptance of the risk by the insurer, by an insurance policy issued by an insurer as authorized by this Code. 2. Except as otherwise provided in subsection 3, a person shall not willfully collect as a premium or charge for insurance any sum in excess of the premium or charge applicable to the insurance and as specified in the policy, in accordance with the applicable classifications and rates as filed with and approved by the Commissioner. In cases where classifications, premiums or rates are not required by this Code to be so filed and approved, the premiums and charges must not be in excess of those specified in the policy and as fixed by the insurer. This subsection does not prohibit: (a) The charging and collection by surplus lines brokers licensed under chapter 685A of NRS of the amount permitted by chapter 685A of NRS and regulations adopted by the Commissioner. (b) The charging and collection by a life insurer of amounts actually to be expended for the medical examination of any applicant for life insurance or for reinstatement of a life insurance policy. 3. The Commissioner may adopt regulations to allow the charging and collection of a fee by an insurance broker, consultant or financial planner: (a) In lieu of any other charge or commission for solicitation, negotiation or procurement of a policy of insurance which covers commercial or business risks; (b) For consultation or any related advice on the insuring of commercial or business risks which does not result in the procurement of a policy of insurance; and (c) For consultation or related advice on the purchase of life or health insurance or an annuity, whether or not it results in the purchase of a policy of insurance or annuity. In such a case, the fee must be set forth in a written contract signed by the client before the consultation begins. 4. An agent or broker who provides consultation or related advice pursuant to this section shall do so pursuant to a written contract specifying the compensation he will receive. The compensation may be in addition to or in lieu of a commission and is not a premium as defined in NRS 679A.115. (Added to NRS by 1971, 1696; A 1981, 1142; 1985, 1549; 1987, 1038; 1995, 1621) NRS 686A.240 Favoritism to groups prohibited; exceptions. 1. No form or plan of insurance covering any group or combination of persons or risks shall be written or delivered within or outside this state to cover persons or risks in this state at any preferred rate or on any form other than as offered to persons not in such group or combination and to the public generally, unless such form, plan of insurance, and the rates or premiums to be charged therefor have been submitted to and approved by the Commissioner. 2. Any such plan of insurance described in subsection 1 shall not be approved by the Commissioner unless it is made available to all individuals of the group who seek to be insured. No insurer or agent shall deny coverage to any individual of such group who seeks the type of insurance which is being made available to other members of the group. 3. This section does not apply to life insurance, health insurance, annuity contracts or wet marine and transportation insurance. (Added to NRS by 1971, 1942) NRS 686A.250 Use of insurance or annuity as inducement for purchase or rental of property or services prohibited; exceptions. 1. No person shall arrange, provide or participate in any plan to offer or effect any kind or kinds of insurance or annuities in this state as an inducement to the purchase or rental by the public of any property or services, without a separate charge to the insured for such insurance. 2. This section does not apply to: (a) Insurance written in connection with a subscription to newspapers of general circulation; (b) Insurance issued to credit unions or members thereof in connection with the purchase of shares in such credi

Vegas Law