Does Insurance Agent or Broker Relationship Control in Nevada

Which Relationship Controls in Nevada

In Nevada it is possible for a licensed insurance agent to act as a broker. Nevada rules allow a broker to charge fees under a written agreement for consultation services. Agents are not allowed to charge fees. This means it is important to understand which set of rules apply.

Agent Relationship Controls Broker

https://law.justia.com/codes/nevada/2017/chapter-683a/statute-683a.321/https://law.justia.com/codes/nevada/2017/chapter-683a/statute-683a.321/

"6. A producer who is acting as an agent may also act as and be a broker with regard to insurers for which he or she is not acting as an agent. The sole relationship between an insurer and a broker who is appointed as an agent by the insurer as to any transactions arising during the period in which the broker is appointed as an agent is that of insurer and agent, and not insurer and broker."


Generally speaking the ability to charge fees in Nevada is addressed under the Illegal Dealing in Premiums law. Find that law here...

https://law.justia.com/codes/nevada/2017/chapter-686a/statute-686a.230/

This is a common area of insurance law where additional fees are addressed in many states.

Here is an outside legal opinion published on this issue...

http://www.forc.org/Public/Journals/2015/Articles/Summer/Vol26Ed2Article3.aspx