Does Nevada have an independently procured coverage provision?
Answer: Refer to NRS 680B.040.The form may be obtained from http://tax.doi.nv.gov. Click on "Common Forms" on left side of home page. Scroll down to "Insurance Premium Tax", scroll down to Independently Procured Insurance and click on the PDF icon to print the form.
Are there any exemptions to the Surplus Lines Law?
Answer: There are only five (5) exemptions to the Surplus Lines Law.The five exemptions are wet marine, property located outside Nevada, railroads, aircraft of common carriers, automobile liability written through Mexican insurers and covering in Mexico and not U.S.A. Refer to NRS 685A.020.
How do I correct a filing that was made incorrectly?
Answer: NSLA is unable to amend any filings made by a broker.It is the broker’s responsibility to file an amended affidavit to make a correction to a filing already processed.
How can I print a confirmation to provide verification of filing?
Answer: After a filing has been submitted to NSLA and we have registered the filing, you may print a confirmation for your records or for another entity requesting a copy of confirmation of filing. Please call our office for instructions.
What is a surplus line broker’s certificate?
Answer: This should not be confused with a “certificate” issued as proof of insurance to third parties, typically by a retail agent/broker, such as an “ACORD” certificate. A surplus line broker’s certificate is a document evidencing the placement of insurance with an eligible non-admitted insurer.
What is a binder or cover note and can I file an affidavit using a binder in lieu of the declaration page?
Answer: A binder is a temporary insurance contract providing coverage until the insurer either issues, or declines to issue, a formal policy.The binder includes the usual terms of the type of policy bound. Binders are sometimes called “cover notes” especially by alien insurers.You may use a binder or cover note to file an affidavit if a policy has non been received within 60 days of the effective date. We prefer you wait for the actual policy. If a policy premium is different from the premium originally submitted on the binder, the broker must file an amended affidavit. It is not necessary to file a policy if a binder was filed and contained all the required information.
What is a master policy and the filing requirements?
Answer: A master policy is a single contract issued to a group, such as an association and filed on a group basis.This type of coverage is typically issued for an indefinite term, so there is no expiration date.Group members receive certificates as evidence of membership summarizing benefits provided and are considered third party beneficiaries of the master policy. If the master policy is filed with a master policy number and one group name, an affidavit would be required on the inception date and each anniversary of the inception date. If the individual insured is being filed separately under the certificate name and number, it would be treated as individual policies and an affidavit would be required for each certificate.
Are Risk Purchasing Groups (RPG) handled differently from other placements?
Answer: Risk Purchasing Groups placements are not treated any differently from other surplus lines placements.
Does Nevada maintain an export list?
Answer: The Nevada Division of Insurance maintains the export list.The export list contains the line and class of business that can be exported to the surplus lines market without the broker having to conduct a diligent search of the admitted market. All policies are assigned a code to provide the Nevada Division of Insurance with a more accurate scope of the broad range of businesses that utilize the surplus line market.
Does Nevada have an industrial insured exemption provision?
Answer: Refer to NRS680A.070
Note: No action or inaction of this Association shall relieve any member and/or broker of responsibility to comply with the law. Each member shall hold harmless the Association, its Board of Directors, Executive Director and employees from any liability that may arise by reason of any member’s failure to comply with any law. NSLA makes reasonable efforts to track laws and regulations of interest to its membership but does not warrant the accuracy of any version of laws, regulations, forms or materials posted on this website. This website is not intended to offer legal advise.