As used in this
chapter, unless the context otherwise requires, “insurance consultant”
means a person who, for a fee, holds himself out to the public as engaged
in the business of offering advice, counsel, opinion or service with
respect to the benefits, advantages or disadvantages promised pursuant to
any policy of insurance that could be issued in this State.
(Added to NRS by 1995, 1610)
The
provisions of chapters 679A and 679B of NRS and NRS 683A.301 , 683A.341 and 683A.351 apply to an insurance consultant.
(Added to NRS by 2003, 3297 )
1. Except as otherwise provided in subsection 2, no person may
engage in the business of an insurance consultant unless a license has
been issued to him by the Commissioner.
2. An insurance consultant’s license is not required for:
(a) An attorney licensed to practice law in this State who is
acting in his professional capacity;
(b) A licensed insurance agent, broker or surplus lines broker;
(c) A trust officer of a bank who is acting in the normal course of
his employment; or
(d) An actuary or a certified public accountant who provides
information, recommendations, advice or services in his professional
capacity.
3. A person required to be licensed in this State who acts as an
insurance consultant without a license is subject to an administrative
fine of not more than $1,000 for each act or violation.
(Added to NRS by 1995, 1610; A 2003, 3297 )
[Effective until the date of the repeal of the federal law
requiring each state to establish procedures for withholding, suspending
and restricting the professional, occupational and recreational licenses
for child support arrearages and for noncompliance with certain processes
relating to paternity or child support proceedings.]
1. An application for a license to act as an insurance consultant
must be submitted to the Commissioner on forms prescribed by the
Commissioner and must be accompanied by the applicable license fee set
forth in NRS 680B.010 and an
additional fee established by the Commissioner of not more than $15 which
must be deposited in the Insurance Recovery Account created pursuant to
NRS 679B.305 . The license fee and the
additional fee are not refundable. If the applicant is a natural person,
the application must include the social security number of the applicant.
2. An applicant for an insurance consultant’s license must
successfully complete an examination and a course of instruction which
the Commissioner shall establish by regulation.
3. Each license issued pursuant to this chapter is valid for 3
years from the date of issuance or until it is suspended, revoked or
otherwise terminated.
(Added to NRS by 1995, 1610; A 1997, 2189; 2003, 3297 ; 2005, 2125 )
[Effective on the date of the repeal of the federal law
requiring each state to establish procedures for withholding, suspending
and restricting the professional, occupational and recreational licenses
for child support arrearages and for noncompliance with certain processes
relating to paternity or child support proceedings.]
1. An application for a license to act as an insurance consultant
must be made to the Commissioner on forms prescribed by the Commissioner
and must be accompanied by the applicable license fee set forth in NRS
680B.010 and an additional fee
established by the Commissioner of not more than $15 which must be
deposited in the Insurance Recovery Account created pursuant to NRS
679B.305 . The license fee and the
additional fee are not refundable.
2. An applicant for an insurance consultant’s license must
successfully complete an examination and a course of instruction which
the Commissioner shall establish by regulation.
3. Each license issued pursuant to this chapter is valid for 3
years from the date of issuance or until it is suspended, revoked or
otherwise terminated.
(Added to NRS by 1995, 1610; A 1997, 2189; 2003, 3297 ; 2005, 2125 , 2126 , effective on the date of the repeal of
the federal law requiring each state to establish procedures for
withholding, suspending and restricting the professional, occupational
and recreational licenses for child support arrearages and for
noncompliance with certain processes relating to paternity or child
support proceedings)
1. The Commissioner shall prescribe the form of application by a
natural person for a license as an insurance consultant. The applicant
must declare, under penalty of refusal to issue, or suspension or
revocation of, the license, that the statements made in the application
are true, correct and complete to the best of his knowledge and belief.
Before approving the application, the Commissioner must find that the
applicant has:
(a) Attained the age of 18 years.
(b) Not committed any act that is a ground for refusal to issue, or
suspension or revocation of, a license pursuant to NRS 683A.451 .
(c) Paid the fee prescribed for the license and a fee established
by the Commissioner of not more than $15 for deposit in the Insurance
Recovery Account, neither of which may be refunded.
(d) Passed each examination required for the license and
successfully completed each course of instruction which the Commissioner
requires by regulation, unless he is a resident of another state and
holds a similar license in that state.
2. A business organization must be licensed as an insurance
consultant in order to act as such. Application must be made on a form
prescribed by the Commissioner. Before approving the application, the
Commissioner must find that the applicant has:
(a) Paid the fee prescribed for the license and a fee established
by the Commissioner of not more than $15 for deposit in the Insurance
Recovery Account, neither of which may be refunded; and
(b) Designated a natural person who is licensed as an insurance
consultant in this State and who is affiliated with the business
organization to be responsible for the organization’s compliance with the
laws and regulations of this State relating to insurance.
3. The Commissioner may require any document reasonably necessary
to verify information contained in an application.
4. A license issued pursuant to this chapter is valid for 3 years
after the date of issuance or until it is suspended, revoked or otherwise
terminated.
5. An insurance consultant may qualify for a license pursuant to
this chapter in one or more of the lines of authority set forth in
paragraphs (a) to (d), inclusive, of subsection 1 of NRS 683A.261 .
(Added to NRS by 1995, 1611; A 2001, 2211 ; 2003, 3298 ; 2005, 2126 )
[Effective until the date of the repeal of the federal law requiring each
state to establish procedures for withholding, suspending and restricting
the professional, occupational and recreational licenses for child
support arrearages and for noncompliance with certain processes relating
to paternity or child support proceedings.]
1. A license may be renewed for additional 3-year periods by
submitting to the Commissioner an application for renewal and:
(a) If the application is made:
(1) On or before the expiration date of the license, the
applicable renewal fee and an additional fee established by the
Commissioner of not more than $15 for deposit in the Insurance Recovery
Account; or
(2) Not more than 30 days after the expiration date of the
license, the applicable renewal fee plus any late fee required and an
additional fee established by the Commissioner of not more than $15 for
deposit in the Insurance Recovery Account;
(b) If the applicant is a natural person, the statement required
pursuant to NRS 683C.043 ; and
(c) If the applicant is a resident, proof of the successful
completion of appropriate courses of study required for renewal, as
established by the Commissioner by regulation.
2. The fees specified in this section are not refundable.
(Added to NRS by 1995, 1610; A 1997, 2190; 2001, 2210 ; 2003, 3298 ; 2005, 2126 )
[Effective on the date of the repeal of the federal law requiring each
state to establish procedures for withholding, suspending and restricting
the professional, occupational and recreational licenses for child
support arrearages and for noncompliance with certain processes relating
to paternity or child support proceedings.]
1. A license may be renewed for additional 3-year periods by
submitting to the Commissioner an application for renewal and:
(a) If the application is made:
(1) On or before the expiration date of the license, the
applicable renewal fee and an additional fee established by the
Commissioner of not more than $15 for deposit in the Insurance Recovery
Account; or
(2) Not more than 30 days after the expiration date of the
license, the applicable renewal fee plus any late fee required and an
additional fee established by the Commissioner of not more than $15 for
deposit in the Insurance Recovery Account; and
(b) If the applicant is a resident, proof of the successful
completion of appropriate courses of study required for renewal, as
established by the Commissioner by regulation.
2. The fees specified in this section are not refundable.
(Added to NRS by 1995, 1610; A 1997, 2190; 2001, 2210 ; 2003, 3298 ; 2005, 2126 , 2127 , effective on the date of the repeal of
the federal law requiring each state to establish procedures for
withholding, suspending and restricting the professional, occupational
and recreational licenses for child support arrearages and for
noncompliance with certain processes relating to paternity or child
support proceedings)
[Expires by
limitation on the date of the repeal of the federal law requiring each
state to establish procedures for withholding, suspending and restricting
the professional, occupational and recreational licenses for child
support arrearages and for noncompliance with certain processes relating
to paternity or child support proceedings.]
1. A natural person who applies for the issuance or renewal of a
license to act as an insurance consultant shall submit to the
Commissioner the statement prescribed by the Division of Welfare and
Supportive Services of the Department of Health and Human Services
pursuant to NRS 425.520 . The statement
must be completed and signed by the applicant.
2. The Commissioner shall include the statement required pursuant
to subsection 1 in:
(a) The application or any other forms that must be submitted for
the issuance or renewal of the license; or
(b) A separate form prescribed by the Commissioner.
3. A license to act as an insurance consultant may not be issued
or renewed by the Commissioner if the applicant is a natural person who:
(a) Fails to submit the statement required pursuant to subsection
1; or
(b) Indicates on the statement submitted pursuant to subsection 1
that he is subject to a court order for the support of a child and is not
in compliance with the order or a plan approved by the district attorney
or other public agency enforcing the order for the repayment of the
amount owed pursuant to the order.
4. If an applicant indicates on the statement submitted pursuant
to subsection 1 that he is subject to a court order for the support of a
child and is not in compliance with the order or a plan approved by the
district attorney or other public agency enforcing the order for the
repayment of the amount owed pursuant to the order, the Commissioner
shall advise the applicant to contact the district attorney or other
public agency enforcing the order to determine the actions that the
applicant may take to satisfy the arrearage.
(Added to NRS by 1997, 2188)
[Expires by limitation on the date of the repeal of the federal
law requiring each state to establish procedures for withholding,
suspending and restricting the professional, occupational and
recreational licenses for child support arrearages and for noncompliance
with certain processes relating to paternity or child support
proceedings.]
1. If the Commissioner receives a copy of a court order issued
pursuant to NRS 425.540 that provides
for the suspension of all professional, occupational and recreational
licenses, certificates and permits issued to a person who is the holder
of a license to act as an insurance consultant, the Commissioner shall
deem the license issued to that person to be suspended at the end of the
30th day after the date on which the court order was issued unless the
Commissioner receives a letter issued to the holder of the license by the
district attorney or other public agency pursuant to NRS 425.550 stating that the holder of the license has
complied with the subpoena or warrant or has satisfied the arrearage
pursuant to NRS 425.560 .
2. The Commissioner shall reinstate a license to act as an
insurance consultant that has been suspended by a district court pursuant
to NRS 425.540 if the Commissioner
receives a letter issued by the district attorney or other public agency
pursuant to NRS 425.550 to the person
whose license was suspended stating that the person whose license was
suspended has complied with the subpoena or warrant or has satisfied the
arrearage pursuant to NRS 425.560 .
(Added to NRS by 1997, 2189)
A partnership or corporation licensed as an
insurance consultant must require a license of each natural person who is
authorized to act for the corporation or partnership. Each natural person
must be named in the partnership’s or corporation’s license and qualify
as an individual licensee.
(Added to NRS by 1995, 1611)
In advance of rendering any service, a written
agreement on a form approved by the Commissioner must be prepared by the
insurance consultant and must be signed by both the consultant and the
client. The agreement must outline the professional services to be
provided by the consultant and state his fee for those services. The
consultant shall retain a copy of the agreement for not less than 3 years
after completion of the services. A copy of the agreement must be made
available to the Commissioner upon request.
(Added to NRS by 1995, 1611)
A person licensed pursuant to this chapter may not
concurrently hold a license as a producer of insurance or a surplus lines
broker’s license in any line.
(Added to NRS by 1995, 1611; A 2003, 3299 )
A licensed insurance consultant
shall not employ, be employed by or be in partnership with, or receive
any remuneration arising out of his activities as an insurance consultant
from, any licensed producer of insurance or surplus lines broker or
insurer.
(Added to NRS by 1995, 1611; A 2003, 3299 )
An insurance consultant is obligated
under his license to:
1. Serve with objectivity and complete loyalty the interests of
his client; and
2. Render to his client information, counsel and service which, to
the best of the consultant’s knowledge, understanding and opinion, best
serves the client’s insurance needs and interests.
(Added to NRS by 1995, 1611)
A licensee shall inform the
Commissioner of all locations from which business is conducted and of any
change of business or residence address, in writing or by any other means
acceptable to the Commissioner, within 30 days after the change. If a
licensee changes his address without giving written notice and the
Commissioner is unable to locate the licensee after making a diligent
effort, the Commissioner may revoke the license without a hearing. The
mailing of a letter by certified mail, return receipt requested,
addressed to the licensee at his last mailing address appearing on the
records of the Division, and the return of the letter undelivered,
constitutes a diligent effort by the Commissioner.
(Added to NRS by 2003, 3297 )
1. A nonresident who is licensed by this state as an insurance
consultant shall appoint the Commissioner, in writing, as his attorney
upon whom may be served all legal process issued in connection with any
action or proceeding brought or pending in this state against or
involving him and relating to transactions under his Nevada license. The
appointment is irrevocable and remains in force so long as such an action
or proceeding exists or may arise. Duplicate copies of process must be
served upon the Commissioner, or other person in apparent charge of the
Division during his absence, accompanied by payment of the fee for
service of process. Promptly after any such service, the Commissioner
shall forward a copy of the process by certified mail, return receipt
requested, to the nonresident licensee at his business address of most
recent record with the Division. Process so served and the copy so
forwarded constitutes personal service upon the licensee for all purposes.
2. Each such nonresident licensee shall also file with the
Commissioner his written promise to appear before the Commissioner
pursuant to notice of hearing, order to show cause, or subpoena issued by
the Commissioner and sent by certified mail to the licensee at his
business address of most recent record with the Division, and that if he
fails to appear, he thereby consents to any subsequent suspension,
revocation or refusal to renew his license.
(Added to NRS by 2001, 2210 )
1. The Commissioner may place an insurance consultant on
probation, suspend his license for not more than 12 months, or revoke or
refuse to renew his license, or may impose an administrative fine or take
any combination of the foregoing actions, for one or more of the causes
set forth in NRS 683A.451 .
2. The provisions of NRS 683A.461 also apply to an insurance consultant.
(Added to NRS by 2001, 2210 )
1. Upon suspension, limitation or revocation of the license of an
insurance consultant, the Commissioner shall immediately notify the
licensee in person or by mail addressed to him at his most recent address
of record with the Division. Notice by mail is effective when mailed.
2. The Commissioner shall not again issue a license under this
chapter to any natural person whose license has been revoked until at
least 1 year after the revocation has become final, and thereafter not
until the person again qualifies for it under this chapter. A person
whose license has been revoked twice is not eligible for any license
under this title.
3. If the license of a business organization is suspended, limited
or revoked, no member, officer or director of the organization may be
licensed, or designated in a license to exercise its powers, during the
period of suspension or revocation, unless the Commissioner determines
upon substantial evidence that the member, officer or director was not
personally at fault and did not knowingly aid, abet, assist or acquiesce
in the matter for which the license was suspended or revoked.
(Added to NRS by 2001, 2210 )
|
