Binders: Issuance; period of effectiveness.

1. A binder may be issued only by a resident or nonresident agent appointed by the insurer which is to issue the policy. 2. Except as provided in subsection 3, a binder must not be effective for more than 90 days. 3. The effective period of a binder may be extended 30 days at a time with the written approval of the Commissioner. (Added to NRS by 1983, 1120)