Section 693A.710 - Conditions for payments of compensation or commissions1. If a contract between a controlling producer and a controlled insurer provides that the controlling producer is to be compensated for insurance business placed with the controlled insurer contingent upon the controlled insurer making a profit on that business, the compensation may not be determined or paid: (a) If the insurance is liability insurance, for at least 5 years after the premiums on the insurance are earned.(b) If the insurance is other than liability insurance, for at least 1 year after the premiums are earned on the insurance.2. Any commissions owed to a controlling producer may not be paid until the adequacy of the controlled insurer's reserves on remaining claims has been independently verified pursuant to subsection 1 of NAC 693A.750.Nev. Admin. Code § 693A.710
Added to NAC by Comm'r of Insurance, eff. 6-28-96; A by R094-14, eff. 12/21/2015