Nevada Revises Surplus Lines Regulations

The Nevada Department of Insurance recently updated the regulations involving surplus lines premium tax rate, when affidavits must be filed and when annual surveys of transactions must be completed.

Effective December 7, the changes:

• Require brokers file an affidavit and report of coverage with the Nevada Surplus Lines Association upon "extension of coverage" of a contract of insurance.
• Adjusts the fee paid to the stamping office to 0.4 percent of the amount subject to the fee.
  
• No longer require the stamping office to perform an annual survey of surplus lines insurance transactions involving major risks. The survey now only must be performed if requested by the Commissioner.

Additional information is available using the Legislative Tracker page of the NAPSLO website.