Nevada Revised Statutes 692A.190 – Circumstances in which premiums and charges from personal and controlled insurance constitute unlawful rebates
1. If the premiums and charges received from any one source through personal or controlled insurance exceed 25 percent of the total premiums and charges received by a title insurer during a calendar year, or if the premiums and charges received from all personal and controlled insurance exceed 50 percent of the total premiums and charges received by the title insurer during the calendar year, the excess of those percentages is an unlawful rebate under NRS 686A.130.
Terms Used In Nevada Revised Statutes 692A.190
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. ’Personal or controlled insurance’ means a policy of title insurance under which one of the following is an insured, or the loss is payable to one of the following:
(a) The title insurer who issued the policy or any of the following:
(1) Any person who owns or controls a majority of the voting stock or a controlling interest, directly or indirectly, in the title insurer;
(2) A corporation which is directly or indirectly controlled by a person who also controls the title insurer; or
(3) A corporation which makes consolidated returns for federal income tax purposes with a title insurer or with a corporation which is listed in subparagraph (1) or (2) of this paragraph.
(b) A title insurance agent who is a natural person, a spouse of the title insurance agent, any person related to the title insurance agent within the second degree by blood or marriage, and:
(1) If the employer of the title insurance agent is a natural person, the employer, the employer’s spouse and any person related to the employer within the second degree by blood or marriage;
(2) If the employer of the title insurance agent is a corporation, any person who owns or controls a majority of the voting stock or a controlling interest in the corporation, either directly or indirectly; or
(3) If the employer of the title insurance agent is a partnership or association, any person owning an interest in the partnership or association.
(c) A title insurance agent which is a corporation, and:
(1) Any person who owns or controls, directly or indirectly, a majority of the voting stock or controlling interest in the corporation;
(2) Any corporation which is directly or indirectly controlled by a person who also controls the title insurance agent; or
(3) Any corporation which makes consolidated returns for federal income tax purposes with any corporation described in subparagraph (1) or (2) of this paragraph.
3. Interest which is held by an entity in a fiduciary capacity for the true or beneficial owner of the property need not be included in determinations of which insurance is personal or controlled.