2001 REGULAR SESSION (71st)                                                                     A AB618 R1 1153

Amendment No. 1153

 

Senate Amendment to Assembly Bill No. 618  First Reprint                                                (BDR 57‑564)

Proposed by: Committee on Commerce and Labor

Amendment Box: Replaces Amendment No. 1077.

Resolves Conflicts with: N/A

Amends:         Summary:               Title:               Preamble:               Joint Sponsorship:

 

Adoption of this amendment will MAINTAIN a 2/3s majority vote requirement for final passage of AB618 R1 (§§ 67, 88, 89, 166.5, 183, 209).

 

ASSEMBLY ACTION              Initial and Date              |SENATE ACTION                        Initial and Date

       Adopted       Lost                                               |          Adopted       Lost                                           

Concurred In                     Not                                                        |Concurred In  Not                                 

       Receded        Not                                               |         Receded        Not                                           

 

     Amend the bill as a whole by deleting sec. 79 and inserting:

     “Sec. 79.  (Deleted by amendment.)”.

     Amend sec. 96, page 36, by deleting lines 19 through 22 and inserting:

     “Sec. 96. 1.  A producer of insurance shall not act as an agent unless he is appointed as an agent by the insurer. A producer who is not acting as an agent is a broker who does not need to be appointed.”.

     Amend sec. 96, page 36, by deleting lines 37 through 42 and inserting:

     “5.  A broker shall not place insurance, other than life insurance, health insurance, annuity contracts or coverage written pursuant to the Surplus Lines Law set forth in chapter 685A of NRS, that covers property or risks within this state unless the broker does so with a licensed agent of an authorized insurer.

     6.  A producer who is acting as an agent may also act as and be a broker with regard to insurers for which he 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 he is appointed as an agent is that of insurer and agent, and not insurer and broker.

     7.  As used in this section:

     (a) “Agent” means a producer of insurance who is”.

     Amend sec. 96, page 36, between lines 44 and 45, by inserting:

     “(b) “Broker” means a producer of insurance who:

          (1) Is not an agent of an insurer;

          (2) Solicits, negotiates or procures insurance on behalf of an insured or prospective insured; and

          (3) Does not have the power, by his own actions as a broker, to obligate an insurer upon any risk or with reference to any transaction of insurance.”.