Licensing Requirements: Surplus lines brokers are required to be licensed under Nevada law. Nev. Rev. Stat. § 685A.120. To qualify for a resident surplus lines broker license, an applicant must
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. All money received by an insurance
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Producers may charge certain fees depending on whether the
When a producer charges a fee to a client, the fee must be set forth in a written contract signed by the client. Nev. Rev. Stat. § 686A.230; Nev. Admin. Code § 686A.330.
What entities are covered? Covered entities: “Any data collector that owns or licenses computerized data which includes personal information.” § 603A.220(1). A data collector is “any governmental agency, institution of
