Nevada Personal Lines
Insurance Exam (285
Questions & Answers )
Transacting Insurance
Refers to any of the following acts, whether done for
profit or not:
-- Soliciting and inducement,
-- Negotiating,
-- Effecting of a contract of insurance,
-- Transaction of matters pertaining to an insurance policy
after it is issued.
Hearings:
Written notice of a hearing must be provided to involved
parties at least 20 days in advance.
In the case of a person aggrieved by any act, threatened
act, regulation, or order of the Commissioner, an
application must be filed with the Division within 60
days after the person knew or reasonably should have
known of the act, regulation, or order.
If the application is found to be made in good faith, the
Commissioner will hold the hearing within 30 days after
the application’s filing.
,Within 30 days after the hearing, the Commissioner will
issue a decision on the matter in the form of a written
order.
Insurer
Includes every person engaged as principal and as
indemnitor, surety, or contractor in the business of
entering into contracts of insurance.
Authorized Insurer
An insurance company that has qualified and received a
Certificate of Authority from the Department of Insurance
to transact insurance in the state.
Unauthorized Insurer
An insurance company that has not applied, or has
applied and been denied a Certificate of Authority.
Certificate of Authority is NOT required for:
-- Transactions involving surplus lines coverage.
-- Investigations, settlements, or litigations of claims
under a policy that was lawfully written in Nevada in the
past, by an insurer that no longer holds a certificate of
authority.
-- Transactions involving group life and health coverage
for Nevada residents if the master policy was lawfully sold
by a foreign insurer under the laws of its home state.
-- Transactions of excess liability insurance for an
,employer of more than 250 people who has a self-insured
retention of at least $25 million and pays at least $1
million in premiums for property and casualty insurance.
-- Issuance of annuities by an affiliate of an unauthorized
insurer if the affiliate is approved by the Commissioner,
organized as a nonprofit educational corporation, issues
annuities only to nonprofit institutions of education and
research, and reports and pays any premium taxes on the
annuities per state requirement.
Any insurer who transacts insurance business without
a certificate of authority is guilty of a misdemeanor.
Any insurer who transacts insurance business without
a certificate of authority is guilty of a misdemeanor.
Examinations:
-- Every insurer licensed in Nevada must be examined at
least once every 5 years.
-- Commission can examine authorized insurers in Nevada
as often as they see fit.
-- Failure to cooperate with an examination is
a misdemeanor in the state of Nevada.
-- Examination expenses must be paid at the time of
receipt by the insurer or individual examined.
Premiums
The fee for insurance.
Licensing
, A Nevada producer license must state the licensee's
name, address, personal identification number, the date
of issuance, the lines of authority, and the date of
expiration, and it must contain any other information the
Commissioner deems necessary.
The license must be made available for public inspection
upon request.
Persons Required to Be Licensed:
A producer is a person who sells, solicits, or negotiates
insurance. A producer may qualify for a license in one or
more lines of authority:
-- Life insurance, which includes benefits from
endowments and annuities.
-- Accident and health insurance, which may include
benefits for disability.
-- Property insurance.
-- Casualty insurance, which includes liability coverage
and surety indemnifying financial institutions or providing
bonds for fidelity, performance of contracts, or financial
guaranty.
-- Variable annuities and variable life insurance.
-- Credit insurance, including credit life, credit accident
and health, credit property, credit involuntary
unemployment, guaranteed protection of assets, and any
other form of insurance offered in connection with an
Insurance Exam (285
Questions & Answers )
Transacting Insurance
Refers to any of the following acts, whether done for
profit or not:
-- Soliciting and inducement,
-- Negotiating,
-- Effecting of a contract of insurance,
-- Transaction of matters pertaining to an insurance policy
after it is issued.
Hearings:
Written notice of a hearing must be provided to involved
parties at least 20 days in advance.
In the case of a person aggrieved by any act, threatened
act, regulation, or order of the Commissioner, an
application must be filed with the Division within 60
days after the person knew or reasonably should have
known of the act, regulation, or order.
If the application is found to be made in good faith, the
Commissioner will hold the hearing within 30 days after
the application’s filing.
,Within 30 days after the hearing, the Commissioner will
issue a decision on the matter in the form of a written
order.
Insurer
Includes every person engaged as principal and as
indemnitor, surety, or contractor in the business of
entering into contracts of insurance.
Authorized Insurer
An insurance company that has qualified and received a
Certificate of Authority from the Department of Insurance
to transact insurance in the state.
Unauthorized Insurer
An insurance company that has not applied, or has
applied and been denied a Certificate of Authority.
Certificate of Authority is NOT required for:
-- Transactions involving surplus lines coverage.
-- Investigations, settlements, or litigations of claims
under a policy that was lawfully written in Nevada in the
past, by an insurer that no longer holds a certificate of
authority.
-- Transactions involving group life and health coverage
for Nevada residents if the master policy was lawfully sold
by a foreign insurer under the laws of its home state.
-- Transactions of excess liability insurance for an
,employer of more than 250 people who has a self-insured
retention of at least $25 million and pays at least $1
million in premiums for property and casualty insurance.
-- Issuance of annuities by an affiliate of an unauthorized
insurer if the affiliate is approved by the Commissioner,
organized as a nonprofit educational corporation, issues
annuities only to nonprofit institutions of education and
research, and reports and pays any premium taxes on the
annuities per state requirement.
Any insurer who transacts insurance business without
a certificate of authority is guilty of a misdemeanor.
Any insurer who transacts insurance business without
a certificate of authority is guilty of a misdemeanor.
Examinations:
-- Every insurer licensed in Nevada must be examined at
least once every 5 years.
-- Commission can examine authorized insurers in Nevada
as often as they see fit.
-- Failure to cooperate with an examination is
a misdemeanor in the state of Nevada.
-- Examination expenses must be paid at the time of
receipt by the insurer or individual examined.
Premiums
The fee for insurance.
Licensing
, A Nevada producer license must state the licensee's
name, address, personal identification number, the date
of issuance, the lines of authority, and the date of
expiration, and it must contain any other information the
Commissioner deems necessary.
The license must be made available for public inspection
upon request.
Persons Required to Be Licensed:
A producer is a person who sells, solicits, or negotiates
insurance. A producer may qualify for a license in one or
more lines of authority:
-- Life insurance, which includes benefits from
endowments and annuities.
-- Accident and health insurance, which may include
benefits for disability.
-- Property insurance.
-- Casualty insurance, which includes liability coverage
and surety indemnifying financial institutions or providing
bonds for fidelity, performance of contracts, or financial
guaranty.
-- Variable annuities and variable life insurance.
-- Credit insurance, including credit life, credit accident
and health, credit property, credit involuntary
unemployment, guaranteed protection of assets, and any
other form of insurance offered in connection with an
