Nevada Administrative Code
Chapter 679B - Commissioner of Insurance
GENERAL PROVISIONS
Section 679B.035 - Conflicts of interest: Adoption of policy by licensed insurer domiciled in Nevada; filing of disclosure

Universal Citation: NV Admin Code 679B.035

Current through February 27, 2024

1. A licensed insurer that is domiciled in this State shall adopt a conflict of interest policy for its attorneys-in-fact, trustees, managers, officers and directors. For any person governed by the policy, the policy must include:

(a) A requirement that the person annually disclose any outside commitment, personal or otherwise, that would conflict with his or her duty to further the interests of the insurer;

(b) A clear expression that the person has a duty of care to protect the interests of the insurer above anyone other than the insurer; and

(c) A requirement that the person provide a complete annual disclosure of each material relationship that he or she has with the insurer or a consultant or service provider to the insurer.

2. Each attorney-in-fact, trustee, manager, officer or director of a licensed insurer that is domiciled in this State shall annually file a disclosure of his or her conflicts of interest with the board of directors or subscribers' advisory committee of the insurer.

3. Nothing in this section shall be construed to prevent an attorney-in-fact, trustee, manager, officer or director of a licensed insurer that is domiciled in this State from being a director or officer of more than one insurance company or insurer.

4. As used in this section:

(a) "Material relationship" means any relationship in which an attorney-in-fact, trustee, manager, officer or director of a licensed insurer that is domiciled in this State, any member of such a person's immediate family or any business with which such a person is affiliated receives compensation or payment of any other item of value from the insurer or a consultant or service provider, as applicable, to the insurer of an amount greater than $15,000 within any 12-month period.

(b) "Service provider" means any manager, auditor, accountant, actuary, investment adviser, attorney, managing general underwriter, managing general agent, attorney-in-fact or any other person responsible for underwriting, the determination of rates, the collection of premiums, adjusting and settling claims or the preparation of financial statements.

Added to NAC by Comm'r of Insurance by R078-16A, eff. 12/21/2016

NRS 679B.130

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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