Nonresident Business Entity Requirements Checklist
EFFECTIVE JULY 1, 2009
All Business Entities:
“Business entity” refers to a corporation, limited liability company, limited liability partnership and associations or other legal forms of organization. A business entity that is required to be licensed in this state, that transacts insurance without a license, is subject to an administrative fine of not more than $1,000 per act or violation.
Uniform Application for Business Entity:
Apply online utilizing the Division’s licensing portal powered by Sircon.
Nonresident business entities must apply electronically utilizing the Division’s Sircon’s Compliance Express Portal or through the National Insurance Producer Registry (NIPR). Electronic transaction fees may apply.
Fees effective July 1 , 2009:
The licensing fee is $195. The modification fee is $60. Fees are payable by check or money order to the Nevada Division of Insurance, and are nonrefundable.
Corporations, Limited Liability Companies, Limited Liability Partnerships and Associations should contact the Nevada Secretary of State at (775) 684-5708, or by logging on to www.nvsos.gov for any forms it may require to register the business entity. The Secretary of State Qualification to Do Business is not a perquisite for the issuance of nonresident license in this state.
The applicant must be actively licensed in their Home State for the same lines of authority and/or license type applied for in Nevada. The Nevada Division of Insurance will verify the information through the National State Producer Licensing Database. The cancellation of a home state license will result in the cancellation of a nonresident license issued in this state.
Uniform Application for Individual Insurance Producer License, Form 327:
Resident individuals who are not currently licensed in Nevada must submit the Uniform Application for Individual Insurance Producer License application, Form 327. The licensing fee is $255 ($195 plus $60 for the agency affiliation). Resident individual licensing requirements can be found at Form 301.
Nonresident individuals who are not currently licensed in Nevada must submit the Uniform Application for Individual Insurance Producer License, Form 327, or apply electronically through the National Insurance Producer Registry or through Sircon’s Compliance Express. Electronic transaction fees may apply. The licensing fee is $255 ($195 plus $60 for the agency affiliation).
Designated Individuals: Upon the issuance of the business entity license, any individual selling, soliciting, or negotiating insurance risk on behalf of the entity in this state must be designated to the business entity’s license. Those persons are not required to be officers, directors or partners within the business entity.
If the individual is currently licensed in Nevada, the business entity may submit the individual’s association one of two ways:
Online through Sircon’s Compliance Express (the modification/affiliation fee is $60 plus any online processing fees.
Hardcopy filings submitted utilizing the Individual Modification Form, Form 327A.
A producer contracted with an insurer must be appointed within 15 days after the contract is executed or within 15 days of the license being issued by the Division. The date of issuance will be available on the NAIC Producer Database. The appointment must include the lines of authority under which the license is issued. The Division will accept electronic or paper appointments. The appointment fee is $15 and renews annually on July 1.
Contact the Division’s Producer Licensing Section in Carson City at (775) 687-0700, option 1, in Las Vegas at (702) 486-4595 or anywhere in Nevada toll free at (800) 992-0900.
Title 57 of the Nevada Revised Statutes (NRS) governs the business of insurance. Nevada’s laws and regulations are available online at www.leg.state.nv.us.