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NRS 681A.520

Managers: Sharing of interim profits

(Added to NRS by 1995, 1764)

If a contract between a manager for reinsurance and the reinsurer he or she represents provides for a sharing of interim profits by the manager for reinsurance, the interim profits must not be paid until 1 year after the end of each underwriting period for property insurance and 5 years after the end of each underwriting period for casualty insurance, and not until the adequacy of reserves on remaining claims has been verified pursuant to NRS 681A.550.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.