Persons Involved in Sale or Administration of Insurance (producer, broker, administrator, managing general agent licensing, appointment, continuing education and discipline)

What this document is

NRS Chapter 683A - Persons Involved in Sale or Administration of Insurance (producer, broker, administrator, managing general agent licensing, appointment, continuing education and discipline) is a state statute published by Nevada Legislature (leg.state.nv.us). It is one of the Nevada documents that insurance license exam questions are written from, including nevada life & health, nevada property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• NRS ch. 683A § 683A.321(1) (Appointment of producer as agent of insurer)

  “Except as otherwise provided in NRS 691E.210, a producer of insurance shall not act as an agent unless he or she is appointed as an agent by the insurer. A producer who is not acting as an agent is a broker who does not need to be appointed.”

• NRS ch. 683A § 683A.291(1) (Exemption from education and examination for producer previously licensed in another state)

  “An applicant for licensing in this state as a producer of insurance who was previously licensed for the same lines of authority in another state need not complete any education or examination if the applicant is currently licensed in that state or, if the application is received within 90 days...”

• NRS ch. 683A § 683A.400(1) (Money received and held in fiduciary capacity by producer of insurance)

  “All money of others received by any person in any way licensed or acting as a producer of insurance, surplus lines broker, motor club agent or bail agent under any insurance policy or undertaking of bail is received and held by the person in a fiduciary capacity. Any such person who diverts or...”

• NRS ch. 683A § 683A.201(2) (License required; exemption for insurers)

  “An insurer is exempt from the requirement for licensure as a producer of insurance, but this exemption does not extend to an insurer’s officers, directors, employees, subsidiaries or affiliates who sell, solicit or negotiate insurance.”

• NRS ch. 683A § 683A.461(5) (Denial, suspension or revocation of or refusal to renew license)

  “A licensee must pay all applicable fees, including renewal fees, and maintain any required education during a period of suspension of his or her license.”

• NRS § 683A.451 (Authority of Commissioner; Grounds for Action)

  “The Commissioner may refuse to issue a license or certificate pursuant to this chapter or may place any person to whom a license or certificate is issued pursuant to this chapter on probation, suspend the person for not more than 12 months, or revoke or refuse to renew his or her license or...”

• NRS § 683A.321 (Appointment of Producer as Agent of Insurer; Fees for Agents; Activities of Producer as Broker)

  “Except as otherwise provided in NRS 691E.210, a producer of insurance shall not act as an agent unless he or she is appointed as an agent by the insurer. A producer who is not acting as an agent is a broker who does not need to be appointed. 2. To appoint a producer of insurance as its agent, an...”

• NRS § 683A.400(2) (Money Received and Held in Fiduciary Capacity by Producer of Insurance: Requirements)

  “Each such person who does not make immediate remittance of the money to the insurer or other person entitled thereto, shall elect and follow with respect to money received for the account of a particular insurer or person either of the following methods: (a) Remit received premiums, less applicable...”

• NRS § 683A.361(3) (Payment, Acceptance and Assignment of Commissions, Brokerage, Fees for Service and Other Valuable Considerations)

  “Commissions for renewal and other deferred commissions may be paid to a person whose activities required the person to be licensed under this title at the time of the sale, solicitation or negotiation and the person was so licensed at that time.”

• NRS § 683A.301(2) (Use of True or Fictitious Name by Applicant for License or Licensee)

  “2. The Commissioner may disapprove in writing the use of a true name, other than the true name of a natural person who is the applicant or licensee, or a fictitious name of any applicant or licensee, on any of the following grounds: (a) The name interferes with or is deceptively similar to a name...”

• NRS § 683A.351(2) and (3) (Records of Transactions: Maintenance; Examination by Commissioner; Destruction)

  “2. The records must be open to examination of the Commissioner at all times, and the Commissioner may at any time require the licensee to furnish to the Commissioner, in such a manner or form as the Commissioner requires, any information kept or required to be kept in those records. The records may...”

• NRS § 683A.331(5) and (6) (Termination of Appointment, Employment or Other Relationship of Producer to Insurer; Civil Immunity for Provision of Certain Information Regarding Termination)

  “5. In the absence of actual malice, an insurer, its authorized representative, a producer of insurance, the Commissioner, and any organization of which the Commissioner is a member which compiles information and makes it available to other commissioners of insurance or to regulatory or law...”

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