[Rev. 5/4/2013 2:51:21 PM]
[NAC-685A Revised Date: 11-07]
CHAPTER 685A - INSURANCE: SURPLUS LINES
GENERAL PROVISIONS
685A.115 Definitions.
685A.120 “Admitted insurer” defined.
685A.123 “Board of directors” defined.
685A.125 “Broker” defined.
685A.130 “Commissioner” defined.
685A.135 “Division” defined.
685A.140 “Eligible insurer” defined.
685A.145 “Ineligible insurer” defined.
685A.148 “Organization” defined.
685A.150 “Producing agent or broker” defined.
ELIGIBLE INSURERS
685A.190 Requirements for approval as eligible insurer.
685A.195 Application: Format.
685A.200 Application: Withdrawal.
BROKERS
685A.205 Duties of brokers; determination of required surplus; removal from list of approved insurers.
685A.215 Conditions for placement.
685A.220 Acceptance of business from agents or brokers.
685A.230 Inspection fee and report.
685A.235 Insurance contract: Inclusion of signature and license number of procuring broker.
685A.240 Broker’s affidavit and report of coverage; annual statement.
685A.250 Records; fiduciary account.
NONPROFIT ORGANIZATION OF BROKERS
685A.350 Duties of organization.
685A.360 General powers of organization.
685A.370 Fee for review of coverage.
685A.380 Board of directors: Duties; assistance with investigations of alleged violations.
685A.390 Books and financial records of organization open to general public; exception; records of Division.
685A.400 Deposit or investment of money; audit of accounts.
TAX ON SURPLUS LINES COVERAGES
685A.420 Allocation of premiums for risks or exposures only partially in State.
GENERAL PROVISIONS
NAC 685A.115 Definitions. (NRS 679B.130, 685A.210) As used in this chapter, unless the context otherwise requires, the words and terms defined in NAC 685A.120 to 685A.150, inclusive, have the meanings ascribed to them in those sections.
[Comm’r of Insurance, PC-22, § 3, eff. 7-18-80]—(NAC A 3-5-91; 3-20-96)
NAC 685A.120 “Admitted insurer” defined. (NRS 679B.130, 685A.210) “Admitted insurer” means an insurer which holds a certificate of authority to transact the business of insurance in this State pursuant to chapter 680A of NRS.
[Comm’r of Insurance, PC-22, § 3, eff. 7-18-80]—(NAC A 3-5-91)—(Substituted in revision for part of NAC 685A.115)
NAC 685A.123 “Board of directors” defined. (NRS 679B.130, 685A.210) “Board of directors” means the board of directors of an organization.
(Added to NAC by Comm’r of Insurance, eff. 3-20-96)
NAC 685A.125 “Broker” defined. (NRS 679B.130, 685A.210) “Broker” means a surplus lines broker who is licensed in accordance with chapter 685A of NRS.
[Comm’r of Insurance, PC-22, § 3, eff. 7-18-80]—(NAC A 3-5-91)—(Substituted in revision for part of NAC 685A.115)
NAC 685A.130 “Commissioner” defined. “Commissioner” means the Commissioner of Insurance.
(Supplied in codification)
NAC 685A.135 “Division” defined. “Division” means the Division of Insurance of the Department of Business and Industry.
(Supplied in codification)
NAC 685A.140 “Eligible insurer” defined. (NRS 679B.130, 685A.210) “Eligible insurer” means an insurer which does not hold a certificate of authority to transact the business of insurance in this State but has qualified to write surplus lines insurance in this State pursuant to chapter 685A of NRS.
[Comm’r of Insurance, PC-22, § 3, eff. 7-18-80]—(NAC A 3-5-91)—(Substituted in revision for part of NAC 685A.115)
NAC 685A.145 “Ineligible insurer” defined. (NRS 679B.130, 685A.210) “Ineligible insurer” means an insurer which does not hold a certificate of authority to transact the business of insurance in this State and has not qualified pursuant to chapter 685A of NRS to write surplus lines insurance in this State.
[Comm’r of Insurance, PC-22, § 3, eff. 7-18-80]—(NAC A 3-5-91)—(Substituted in revision for part of NAC 685A.115)
NAC 685A.148 “Organization” defined. (NRS 679B.130, 685A.210) “Organization” means a nonprofit organization of surplus lines brokers formed pursuant to NRS 685A.075.
(Added to NAC by Comm’r of Insurance, eff. 3-20-96)
NAC 685A.150 “Producing agent or broker” defined. (NRS 679B.130, 685A.210) “Producing agent or broker” means any agent or broker who is licensed by the Commissioner and acts on behalf of the insured in the placement of risks through a broker.
[Comm’r of Insurance, PC-22, § 3, eff. 7-18-80]—(NAC A 3-5-91)—(Substituted in revision for part of NAC 685A.115)
ELIGIBLE INSURERS
NAC 685A.190 Requirements for approval as eligible insurer. (NRS 679B.130, 685A.070, 685A.210) An insurer, or a broker on behalf of an insurer, who is applying for approval as an eligible insurer for placement of surplus lines insurance coverage shall:
1. File with the Commissioner a written application on a form prescribed by the Commissioner;
2. Submit the appropriate fees; and
3. File with the Commissioner an affidavit that is signed under oath by the president, vice president, or other senior executive officer, and the secretary of the insurer and contains:
(a) The name of the insurer;
(b) The address of the home office, or the address of the principal office or representative in the United States if it is an alien insurer;
(c) The type of insurance to be transacted;
(d) The date of organization or incorporation;
(e) The form of organization;
(f) The name of the state or country of its domicile; and
(g) Any additional information which the Commissioner requires.
(Added to NAC by Comm’r of Insurance, eff. 3-5-91)
NAC 685A.195 Application: Format. (NRS 679B.130, 685A.070, 685A.210)
1. An application must be submitted in a three-ring binder.
2. If a new page is submitted to supplement or amend the application, the date of submission must be noted on the bottom of the page, and the page must be prepared so that it may be placed in the binder with the remainder of the application.
3. Each application must contain:
(a) A table of contents; and
(b) Dividers which separate the sections of the application and indicate the subject contained in each section.
(Added to NAC by Comm’r of Insurance, eff. 3-5-91)
NAC 685A.200 Application: Withdrawal. (NRS 679B.130, 685A.070, 685A.210)
1. An application shall be deemed withdrawn by an applicant if:
(a) The application is incomplete; and
(b) There is no activity by the applicant concerning the application for 60 days after the date of notification of deficiencies by the Commissioner.
2. The Division will provide notice in writing to the applicant that it considers the application withdrawn.
(Added to NAC by Comm’r of Insurance, eff. 3-5-91)
BROKERS
NAC 685A.205 Duties of brokers; determination of required surplus; removal from list of approved insurers. (NRS 679B.130, 685A.070, 685A.210)
1. A broker:
(a) Shall make a reasonable effort to determine the financial solvency of any foreign or alien insurer which is not an admitted insurer before placing any surplus lines insurance with that insurer.
(b) May not place insurance with any foreign or alien insurer for risks located in Nevada unless the insurer has filed a power of attorney appointing the Commissioner as attorney in fact for service of process in Nevada. The power of attorney must be executed on a form provided by the Division and filed with the Division.
2. Upon the Commissioner’s request, whether made before or after the placement of any surplus lines insurance with a foreign or alien insurer which is not an admitted insurer, the broker shall submit to the Commissioner the latest financial statement or any supplemental information concerning the insurer.
3. The Commissioner will determine if an eligible insurer has the surplus required by subsection 2 of NRS 685A.070 by reviewing the financial statement of the insurer in accordance with the provisions of NAC 679B.033.
4. If the Commissioner, pursuant to subsection 3 of NRS 685A.070, removes an unauthorized insurer from his list of approved surplus lines insurers, the insurer is eligible to reapply for approval when the insurer has successfully operated for 3 consecutive calendar years after the year of the termination of approval.
[Comm’r of Insurance, PC-22, § 4, eff. 7-18-80]—(NAC A 3-5-91; 5-27-92)
NAC 685A.215 Conditions for placement. (NRS 679B.130, 685A.040, 685A.210)
1. Insurance which is not readily obtainable from admitted insurers after a diligent effort has been made to obtain the insurance may be obtained from eligible brokers. Upon filing the affidavit required by NRS 685A.050 and the report of coverage, the broker shall affirm that the coverage is unavailable from admitted insurers and provide evidence that at least three insurers which are marketing that line or class of insurance in this State have declined to provide that coverage.
2. The refusal of admitted insurers to write a form of contract is not a basis for a contention that the insurance is not procurable from admitted insurers if the form of contract involves a combination of classes of insurance which cannot lawfully be combined in a single certificate of authority to one insurer. Separate forms of contracts, each incorporating a class or a lawful combination of classes, must be offered to and refused by admitted insurers in the manner set forth in subsection 1 of this section before the insurance may be placed with eligible insurers.
3. Artificial divisions of coverage in one class or in any form of coverage under one class into two or more proposed contracts for the purpose of rendering a portion of the coverage unacceptable to insurers admitted for that class, or for the purpose of obtaining a rate advantage upon the entire risk, is prohibited if the entire coverage sought in that class or form would be acceptable as a single contract to admitted insurers.
[Comm’r of Insurance, PC-22, § 5, eff. 7-18-80]—(NAC A 3-5-91)
NAC 685A.220 Acceptance of business from agents or brokers. (NRS 679B.130, 685A.210)
1. In accepting business from producing agents or brokers, the broker assumes the same statutory responsibilities and obligations as would exist if there were no other producing agent or broker.
2. The broker shall maintain the records and files prescribed by NRS 685A.160 and NAC 685A.250 on coverage placed by him for any producing agent or broker.
[Comm’r of Insurance, PC-22, § 6, eff. 7-18-80]—(NAC A 3-5-91)
NAC 685A.230 Inspection fee and report. (NRS 679B.130, 685A.210)
1. The broker may pass on an inspection fee to the insured and may collect the fee from him as a part of the premium if the fee is directly related to an independent inspection required by insurers for insurance. The broker shall maintain a copy of each inspection report and each invoice or statement related to the report in his files.
2. An inspection fee that is charged to the insured must be shown as a separate item on the broker’s certificate, the cover note, or both.
[Comm’r of Insurance, PC-22, § 7, eff. 7-18-80]—(NAC A 3-5-91; R090-03, 10-30-2003)
NAC 685A.235 Insurance contract: Inclusion of signature and license number of procuring broker. (NRS 679B.130, 685A.210)
1. Immediately following the statement required pursuant to NRS 685A.090, every insurance contract procured and delivered as a surplus lines coverage pursuant to chapter 685A of NRS must bear the original signature and the license number of the broker who procured the insurance contract.
2. As used in this section, “license number” means the number of the license issued by the Commissioner to the broker.
(Added to NAC by Comm’r of Insurance by R090-03, eff. 10-30-2003)
NAC 685A.240 Broker’s affidavit and report of coverage; annual statement. (NRS 679B.130, 685A.050, 685A.170, 685A.210)
1. The following provisions apply to the broker’s affidavit and report of coverage:
(a) Except as otherwise provided in subsection 3, the affidavit and report of coverage must bear the original signature of the broker.
(b) The affidavit and report constitutes the broker’s statement of compliance with NRS 685A.040, 685A.070, 685A.080 and 685A.090.
(c) A separate affidavit and report of coverage must be filed with the broker’s organization upon any renewal or extension of coverage of a contract of insurance.
(d) An amended affidavit and report of coverage must be filed with the broker’s organization for each cancellation and each endorsement which changes the named insured, the description or location of the subject of insurance, or the coverage, conditions, terms, premium or participating insurers.
(e) The broker shall exercise due care in accounting for the premium, including any inspection fee charged as part of the premium, and for the premium tax on each affidavit and report of coverage. The premium tax must be computed upon the total premium or deposit premium, plus the fee allowed by NRS 685A.155, minus any return premium. The premium must include policy, membership, and other fees and assessments charged by the insurer as considerations for the insurance.
(f) If a type of coverage is on the list of open lines eligible for export which is approved by the Commissioner, statements of declinations from admitted insurers pursuant to subsection 1 of NAC 685A.215 are not required on the affidavit and report of coverage.
(g) The Commissioner may require a broker to file with the broker’s organization a complete copy of the policy, certificate or cover note to substantiate information which he has provided in an affidavit or report of coverage.
2. The annual statement must:
(a) Except as otherwise provided in subsection 3, bear the original signature of the broker;
(b) Include the total direct premiums written on surplus lines coverage, calculated in the same manner as premiums are calculated pursuant to NRS 685A.180;
(c) Include a report, in a form prescribed by the Commissioner, showing the allocation of premiums as required by NRS 680B.030; and
(d) Include a calculation of the premium taxes due to each state or other jurisdiction.
3. If a broker’s affidavit and report of coverage or an annual statement is filed electronically, the broker’s affidavit and report of coverage or the annual statement must be signed with an electronic signature of the broker pursuant to the provisions of chapter 719 of NRS.
[Comm’r of Insurance, PC-2, § 8, eff. 7-18-80]—(NAC A 3-5-91; 3-20-96; R090-03, 10-30-2003; R161-06, 12-07-2006, eff. 1-1-2007)
NAC 685A.250 Records; fiduciary account. (NRS 679B.130, 685A.160, 685A.210)
1. In addition to the records required by NRS 685A.160, the broker shall maintain complete copies of affidavits and reports of coverage, including any amendment to a report, which have been filed with the Commissioner or the broker’s organization.
2. The broker shall maintain a complete log of all surplus lines insurance which he has placed during the calendar year, specifying the name of the insured, policy number, name of the insurer, line of coverage, premium, inspection fee, broker fee, premium tax and type of transaction.
3. The broker’s files, accounts, logs and other records of surplus lines transactions:
(a) Must be maintained in the office of the broker; and
(b) Must be open to examination by the Commissioner at any reasonable time.
4. The broker shall maintain the files, accounts, logs and other records of surplus lines transactions separately from any other records in his place of business.
5. Premium taxes collected by the broker must be deposited in a fiduciary account. The broker shall establish a fiduciary account for the conduct of his business of insurance and maintain the account in a commercial bank or other financial institution depository which is insured by an agency of the Federal Government.
[Comm’r of Insurance, PC-22, § 9, eff. 7-18-80]—(NAC A 3-5-91; 3-20-96; R090-03, 10-30-2003)
NONPROFIT ORGANIZATION OF BROKERS
NAC 685A.350 Duties of organization. (NRS 679B.130, 685A.210) An organization shall:
1. Establish and maintain an office in this State to carry out the applicable provisions of this chapter and chapter 685A of NRS.
2. Maintain a plan of operation which ensures that the members of the organization and all associated surplus lines insurance transactions comply with the provisions of title 57 of NRS and all other applicable rules and regulations adopted by the Commissioner.
3. Require each broker who is a member of the organization to file with the organization:
(a) The broker’s affidavit and report of coverage required by NRS 685A.050 and NAC 685A.240;
(b) A copy of the broker’s cover note, declarations page or certificate;
(c) A copy of the annual statement required by NRS 685A.170; and
(d) A copy of the quarterly tax report required by NRS 685A.175.
4. Maintain each document filed with the organization pursuant to subsection 3.
5. Distribute to the members of the organization the current list of eligible surplus lines insurers and open lines eligible for export.
6. Prepare and submit to the Commissioner on or before May 1 of each year a report summarizing the premiums written in this State as of December 31 of the previous year through eligible surplus lines insurers. The report must identify for each premium written:
(a) The name of the insurer, including the identification number issued to the insurer by the National Association of Insurance Commissioners;
(b) The broker; and
(c) The line of coverage provided.
7. Cooperate with the Commissioner to resolve inquiries concerning the availability of coverage with admitted insurers and provide assistance in the placement of coverage with an eligible surplus lines insurer.
8. If requested by the Commissioner, perform a survey of insurance transacted in this State that reflects coverage placed in this State which involves major risks. The organization shall submit the results of the survey to the Commissioner with the report required by subsection 6.
9. Hold a meeting at least annually.
(Added to NAC by Comm’r of Insurance, eff. 3-20-96; A by R161-06, 12-7-2006, eff. 1-1-2007)
NAC 685A.360 General powers of organization. (NRS 679B.130, 685A.210) An organization may:
1. Examine and evaluate the business of insurance to identify changes in coverage, premiums and volume that affect the business of insurance in this State, and make reports of such examinations to the Commissioner or the general public, or both.
2. Develop and maintain projects and programs dedicated to the continuing education and the technical and managerial skills of the members of the organization.
(Added to NAC by Comm’r of Insurance, eff. 3-20-96)
NAC 685A.370 Fee for review of coverage. (NRS 679B.130, 685A.075, 685A.210) Each broker who is a member of an organization shall pay to the organization a fee for the review of surplus lines coverage. The fee must be paid within 30 days after the broker receives an invoice from the organization. The fee for each policy is 0.4 percent of the amount subject to tax pursuant to NRS 685A.180.
(Added to NAC by Comm’r of Insurance, eff. 3-20-96; A by R090-03, 10-30-2003; R161-06, 12-7-2006, eff. 1-1-2007)
NAC 685A.380 Board of directors: Duties; assistance with investigations of alleged violations. (NRS 679B.130, 685A.210)
1. The board of directors shall:
(a) Promptly report alleged violations of this chapter and chapters 685A and 685B of NRS to the Commissioner;
(b) Report to the Commissioner:
(1) Delinquent, inaccurate, incomplete or improper affidavits, tax reports, annual statements or declinations filed by brokers with the organization pursuant to NAC 685A.350; and
(2) Insurance fraud or illegal insurance activity;
(c) Recommend to the Commissioner the class or classes of insurance to be included within the open lines eligible for export; and
(d) Maintain a current list of open lines eligible for export.
2. The board of directors may contract with accountants, experts, investigators and attorneys to assist, in cooperation with the Commissioner, with investigations of alleged violations of this chapter and chapters 685A and 685B of NRS.
(Added to NAC by Comm’r of Insurance, eff. 3-20-96)
NAC 685A.390 Books and financial records of organization open to general public; exception; records of Division. (NRS 679B.130, 685A.077, 685A.210)
1. The books and financial records of an organization must be open to inspection by members of the general public upon written request, excluding records of investigations that are confidential pursuant to NRS 679B.190.
2. All forms and other documents that a broker files with his organization shall be deemed the records of the Division.
(Added to NAC by Comm’r of Insurance, eff. 3-20-96; A by R090-03, 10-30-2003)
NAC 685A.400 Deposit or investment of money; audit of accounts. (NRS 679B.130, 685A.075, 685A.210)
1. The money maintained by an organization must be:
(a) Deposited in a bank chartered by this State;
(b) Deposited in a bank that is a member of the United States Federal Reserve System;
(c) Invested in public obligations as described in NRS 682A.060; or
(d) Invested in federal agency securities as described in NRS 682A.070.
2. The board of directors shall engage a certified public accountant to audit the accounts of the organization and prepare an audit report before the annual meeting of the board, or more often if necessary or required by the Commissioner.
(Added to NAC by Comm’r of Insurance, eff. 3-20-96; A by R090-03, 10-30-2003)
TAX ON SURPLUS LINES COVERAGES
NAC 685A.420 Allocation of premiums for risks or exposures only partially in State. (NRS 679B.130, 685A.180, 685A.210) For the purpose of determining the tax payable to the Commissioner pursuant to NRS 685A.180, a broker shall make the following allocation to this State of premiums as to persons, property, subjects or risks in this State insured under policies and contracts covering persons, property, subjects or risks located or resident in more than one state:
PROPERTY INSURANCE
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Code:
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Type of Insurance:
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Allocation of Premium:
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01 |
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Real property, including buildings and other permanent additions |
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Insured value of structures and other property located in this State |
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02 |
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Personal property, including inland marine |
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Insured value of personal property permanently or principally located in this State |
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03 |
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Business interruption (The interruption of business activity for certain number of days or for period based on time value) |
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Insured value of time element coverage or time value coverage in this State |
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04 |
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Farm owners, home owners and business owners |
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Insured value of structures and other property located in this State |
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05 |
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Aircraft |
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Insured value of aircraft principally kept or used in this State |
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06 |
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Motor vehicles |
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Insured value of motor vehicle that is principally garaged or used in this State |
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07 |
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Kidnapping and ransom of employees |
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Number of insured employees who are principally employed in this State |
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08 |
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Ocean marine |
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Insured value of all vessels registered in this State or other property used at a marina located in this State |
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FIDELITY AND SURETY
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Code:
11 |
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Type of Insurance:
Fidelity bonds, forgery bonds and other indemnity bonds |
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Allocation of Premium:
Number of insured employees who work in this State |
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12 |
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Banker’s blanket bonds |
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Number of insured employees who work in this State |
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13 |
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Performance bonds |
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Total value of bonds on portion of contract performed in this State |
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14 |
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Other surety bonds |
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Total value of bonds on portion of contract performed in this State |
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CREDIT INSURANCE
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Code:
21 |
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Type of Insurance:
Credit insurance |
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Allocation of Premium:
Value of debt insured in this State |
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RESIDUAL VALUE INSURANCE
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Code:
31 |
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Type of Insurance:
Residual value of property |
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Allocation of Premium:
Insured value of underlying property |
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LIABILITY INSURANCE
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Code:
41 |
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Type of Insurance:
Manufacturers and contractors |
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Allocation of Premium:
Amount of payroll of manufacturer or contractor in this State |
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42 |
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Premises-operations (Operation of premises of business) |
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Amount of gross receipts, or in the absence of gross receipts, on square footage of premises located in this State |
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43 |
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Owners and contractors protective |
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Cost of the contracts of owners and contractors in this State |
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44 |
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Products |
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Number of units manufactured in this State |
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45 |
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Completed operations |
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Receipts relating to completed operations in this State |
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46 |
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Municipalities, public authorities and other local governments |
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Number of municipalities, public authorities and other local governments in this State |
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47 |
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Child care services provided by a business |
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Number of children cared for by a business in this State |
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48 |
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Specific contractual transactions |
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Value of all transactions executed in this State |
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49 |
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Recreational activities |
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Amount of receipts collected for admission to recreational activities in this State |
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50 |
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Impairment of the environment |
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Number of buildings or operations in this State that represent a risk of impairment to the environment |
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51 |
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Abatement of asbestos |
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Amount of payroll of all employees of a business who are engaged in the abatement of asbestos in this State |
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52 |
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Benefit programs for employees and other members |
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Number of employees and other members in this State |
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53 |
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Special events |
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Number of persons who attend special events in this State |
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54 |
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Professional liability |
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Number of persons insured as professionals in this State |
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55 |
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Errors and omissions |
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Revenue generated from performance of business in this State |
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56A |
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Operation of an organization for profit |
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Amount of revenue generated from operation of organization in this State |
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56B |
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Operation of a nonprofit organization |
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Number of directors and officers based in this State |
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57 |
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Operation of a hospital or nursing home |
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Number of beds for inpatient care, plus one additional bed for each 100 visits by outpatients at locations in this State |
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58 |
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Liquor liability |
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Receipts from sale of alcoholic beverages in this State |
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59 |
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Railroad protective |
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Miles of railroad track located in this State |
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60 |
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Aircraft |
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Number of aircraft principally kept or used in this State |
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61 |
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Motor vehicles |
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Number of motor vehicles principally garaged or used in this State |
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62 |
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Umbrella coverage |
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Predominant coverage, unless underlying coverages are separate, pursuant to classifications of insurance set forth in this section |
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63 |
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Excess liability coverage |
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If excess coverage is directly over primary coverage, pursuant to classifications of insurance set forth in this section, but if excess coverage is directly over umbrella coverage, pursuant to classification of umbrella coverage set forth in this section |
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(Added to NAC by Comm’r of Insurance, eff. 12-13-96)