reglab/housing_qa huggingface dataset:
NV Rev Stat § 692C.352 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.352 - Exemption from risk management and ORSA requirements.

An insurer is exempt from the requirements of NRS 692C.351 to 692C.3548, inclusive, if:  1. The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and the National Flood Insurance Program, of less than $500,000,000; and  2. The insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums but excluding premiums reinsured with the Federal Crop Insurance Corporation and the National Federal Flood Insurance Program, of less than $1 billion.  (Added to NRS by 2015, 3487)
NV Rev Stat § 692C.3522 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3522 - Filing requirements for exempt member of nonexempt insurance group.

If an insurer qualifies for an exemption pursuant to subsection 1 of NRS 692C.352 and the insurance group of which the insurer is a member does not qualify for an exemption pursuant to subsection 2 of that section, the ORSA Summary Report that may be required under NRS 692C.3514, 692C.3516 and 692C.3518 must include every insurer within the insurance group. This requirement shall be deemed satisfied by the submission of more than one ORSA Summary Report for any combination of insurers, provided that any combination of reports includes every insurer within the insurance group.  (Added to NRS by 2015, 3487)
NV Rev Stat § 692C.3524 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3524 - Filing requirements for nonexempt member of exempt insurance group.

If an insurer does not qualify for an exemption pursuant to subsection 1 of NRS 692C.352 and the insurance group of which the insurer is a member qualifies for an exemption pursuant to subsection 2 of that section, the ORSA Summary Report that may be required under NRS 692C.3514, 692C.3516 and 692C.3518 is the report applicable to that insurer.  (Added to NRS by 2015, 3487)
NV Rev Stat § 692C.3526 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3526 - Waiver of requirements by Commissioner.

An insurer that does not qualify for an exemption pursuant to NRS 692C.352 may apply to the Commissioner for a waiver from the requirements of NRS 692C.351 to 692C.3548, inclusive, based on unique circumstances. In deciding whether to grant the insurer’s request for a waiver, the Commissioner may consider the type and volume of business written, ownership and organizational structure, and any other factor the Commissioner considers relevant to the insurer or insurance group of which the insurer is a member. If the insurer is part of an insurance group with insurers domiciled in more than one state, the Commissioner shall coordinate with the lead state commissioner and with the other domiciliary commissioners in considering whether to grant the insurer’s request for a waiver.  (Added to NRS by 2015, 3487)
NV Rev Stat § 692C.3528 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3528 - Authority of Commissioner to impose certain requirements on exempt insurer.

Notwithstanding the provisions of NRS 692C.352 to 692C.3526, inclusive:  1. The Commissioner may require that an insurer maintain a risk management framework, conduct an ORSA and file an ORSA Summary Report based on unique circumstances, including, without limitation, the type and volume of business written, ownership and organizational structure, federal agency requests and international supervisor requests.  2. The Commissioner may require that an insurer maintain a risk management framework, conduct an ORSA and file an ORSA Summary Report if the insurer has risk-based capital for company action level event, as defined in regulations adopted by the Commissioner, meets one or more of the standards of an insurer deemed to be in hazardous financial condition, as defined in NRS 680A.205, or otherwise exhibits qualities of a troubled insurer as determined by the Commissioner.  (Added to NRS by 2015, 3488)
NV Rev Stat § 692C.353 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.353 - Requirements for exempt insurer no longer qualified for exemption.

If an insurer that qualifies for an exemption pursuant to NRS 692C.352 subsequently no longer qualifies for that exemption as a result of changes in premium as reflected in the insurer’s most recent annual statement, or in the most recent annual statements of the insurers within the insurance group of which the insurer is a member, the insurer shall have 1 year after the date on which the threshold is exceeded to comply with the requirements of NRS 692C.351 to 692C.3548, inclusive.  (Added to NRS by 2015, 3488)
NV Rev Stat § 692C.3532 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3532 - Contents of ORSA Summary Report.

An ORSA Summary Report must be prepared consistent with the ORSA Guidance Manual, subject to the requirements of this section and NRS 692C.3534. Documentation and supporting information must be maintained and made available upon examination or upon request of the Commissioner.  (Added to NRS by 2015, 3488)
NV Rev Stat § 692C.3534 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3534 - Review of ORSA Summary Report.

The review of an ORSA Summary Report, and any additional requests for information, must be made using similar procedures currently used in analysis and examination of multistate or global insurers and insurance groups.  (Added to NRS by 2015, 3488)
NV Rev Stat § 692C.3536 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3536 - Confidentiality of information.

  1. Except as otherwise provided in this section and NRS 239.0115 and 692C.3516, any documents, materials and other information, including an ORSA Summary Report, in the possession of or control of the Division that are obtained by, created by or disclosed to the Commissioner or any other person in accordance with the provisions of NRS 692C.351 to 692C.3548, inclusive, are proprietary and constitute trade secrets. All such documents, materials or other information are:  (a) Confidential by law and privileged;  (b) Not subject to subpoena; and  (c) Not subject to discovery or admissible in evidence in any private civil action.  2. Notwithstanding any provision of subsection 1 to the contrary, the Commissioner is authorized to use the documents, materials or other information in the furtherance of any regulatory or legal action brought as a part of the Commissioner’s official duties. The Commissioner shall not otherwise make the documents, materials or other information public without the prior written consent of the insurer.  (Added to NRS by 2015, 3488)
NV Rev Stat § 692C.3538 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3538 - Confidential information: Testimonial prohibition; exception.

Neither the Commissioner, nor any other person who received documents, materials or other information received pursuant to NRS 692C.351 to 692C.3548, inclusive, through examination or otherwise, while acting pursuant to the authority of the Commissioner or with whom such documents, materials and other information are shared in accordance with the provisions of those sections, is allowed or required to testify in any private civil action concerning any such documents, materials and information subject to NRS 692C.3536.  (Added to NRS by 2015, 3489)
NV Rev Stat § 692C.3542 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3542 - Sharing of information by Commissioner not delegation of regulatory authority or rulemaking.

The sharing of documents, materials and other information by the Commissioner pursuant to NRS 692C.351 to 692C.3548, inclusive, does not constitute a delegation of regulatory authority or rulemaking, and the Commissioner is solely responsible for the administration, execution and enforcement of the provisions of NRS 692C.351 to 692C.3548, inclusive.  (Added to NRS by 2015, 3490)
NV Rev Stat § 692C.3544 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3544 - Disclosure of information to Commissioner not waiver of privilege of confidentiality.

No waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade secrets materials or other information shall occur as a result of the disclosure of such documents, materials and information to the Commissioner in accordance with the provisions of NRS 692C.3536 to 692C.3546, inclusive, or as a result of sharing as authorized in accordance with the provisions of NRS 692C.351 to 692C.3548, inclusive.  (Added to NRS by 2015, 3490)
NV Rev Stat § 692C.3546 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3546 - Applicability of confidentiality provisions to NAIC and third parties.

Documents, materials or other information in the possession or control of the NAIC or a third-party consultant in accordance with the provisions of NRS 692C.351 to 692C.3548, inclusive, are:  1. Confidential by law and privileged;  2. Not subject to the provisions of chapter 239 of NRS;  3. Not subject to subpoena; and  4. Not subject to discovery or admissible in evidence in any private civil action.  (Added to NRS by 2015, 3490)
NV Rev Stat § 692C.3548 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.3548 - Prohibited acts; penalties.

  1. The failure to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548, inclusive, within the time specified for the filing is a violation of those sections.  2. Except as otherwise provided in subsection 3, if an insurer or group insurer fails, without just cause, to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548, inclusive, the insurer or group insurer, as applicable, shall, after receiving notice and a hearing, pay a civil penalty of $1,500 for each day the insurer or group insurer fails to file the ORSA Summary Report. The civil penalty may be recovered in a civil action brought by the Commissioner. Any civil penalty paid pursuant to this subsection must be deposited in the State General Fund.  3. The maximum civil penalty that may be imposed pursuant to subsection 2 is $100,000. The Commissioner may reduce the amount of the civil penalty if the insurer or group insurer demonstrates to the satisfaction of the Commissioner that the payment of the civil penalty would impose a financial hardship on the insurer or group insurer, as applicable.  (Added to NRS by 2015, 3490)
NV Rev Stat § 692C.355 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.355 - Proposal to acquire or change or continue control of insurer domiciled in State: Notice; action by Commissioner.

An insurer, financial holding company, depositary institution or affiliate of any of them which proposes an acquisition or change or continuation of control of an insurer domiciled in this state shall give notice to the Commissioner of the proposed action no later than 60 days before the proposed action is to become effective. During this period, the Commissioner may collect, review and act upon applications and other documents or reports relating to the proposed action under his or her authority conferred by this title.  (Added to NRS by 2001, 2228)
NV Rev Stat § 692C.359 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.359 - Supervisory college: Commissioner may convene or participate; composition; agreements with other regulatory agencies.

  1. The Commissioner may, for any registered insurer who is part of an insurance holding company system with international operations, convene a supervisory college or participate in a supervisory college convened by a state, federal or international regulatory agency with authority over any insurer who is part of the insurance holding company system:  (a) To determine whether or not the registered insurer is in compliance with the provisions of this chapter;  (b) To assess the business strategy, financial position, legal and regulatory compliance, risk exposure, risk management and governance procedures of the registered insurer; or  (c) As part of an examination of the registered insurer pursuant to NRS 692C.410.  2. In convening a supervisory college pursuant to subsection 1, the Commissioner may, without limitation:  (a) Establish:  (1) The membership of the supervisory college;  (2) The functions of the supervisory college; and  (3) The role of each regulatory agency participating in the supervisory college;  (b) Designate a regulatory agency as supervisor of the supervisory college; and   (c) Coordinate the activities of the supervisory college, including, without limitation:  (1) Meetings;  (2) Supervisory activities; and  (3) The sharing of information among members of the supervisory college.  3. In convening or participating in a supervisory college pursuant to this section, the Commissioner may enter into agreements with other state, federal or international regulatory agencies concerning the governance of a supervisory college. Such an agreement must meet the confidentiality requirements of NRS 692C.420.  4. The provisions of this section must not be construed to:  (a) Limit the authority of the Commissioner; or  (b) Delegate to any supervisory college the authority of the Commissioner to regulate a registered insurer or any affiliate of a registered insurer pursuant to this title.  5. As used in this section, "supervisory college" means a temporary or permanent forum for communication and cooperation between regulators, including, without limitation, state, federal and international regulatory agencies which are charged with regulating and supervising an insurer.  (Added to NRS by 2013, 3359)
NV Rev Stat § 692C.360 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.360 - Transactions with affiliates; regulations.

  1. Material transactions by registered insurers with their affiliates are subject to all of the following standards:  (a) The terms must be fair and reasonable.  (b) Charges or fees for services performed must be reasonable.  (c) Expenses incurred and payment received must be allocated to the insurer in conformity with customary accounting practices concerning insurance consistently applied.  (d) The books, accounts and records of each party must be so maintained as to disclose clearly and accurately the precise nature and details of the transactions and must include any accounting information required to support the reasonableness of any charges or fees.  (e) The insurer’s surplus as regards policyholders following any dividends or distributions to shareholder affiliates must be reasonable in relation to the insurer’s outstanding liabilities and adequate to its financial needs.  2. The Commissioner may adopt regulations governing agreements for sharing the cost of services or management between registered insurers and their affiliates.  (Added to NRS by 1973, 1046; A 1995, 1776; 2013, 3367)
NV Rev Stat § 692C.367 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.367 - Insurer prohibited from entering into separate transactions with affiliate with intent to avoid review; review of transactions by Commissioner; insurer to notify Commissioner of large investment in corporation.

  1. A domestic insurer may not intentionally enter into transactions which are part of a plan or series of like transactions with affiliates if the purpose of those separate transactions is to avoid the threshold provided in NRS 692C.363 and thus avoid the review that would otherwise occur. If the Commissioner determines that such separate transactions were entered into over any 12-month period for that purpose, the Commissioner may exercise his or her authority pursuant to NRS 692C.410 to 692C.490, inclusive.  2. The Commissioner, in reviewing transactions pursuant to this section and NRS 692C.363, shall consider whether the transactions comply with the standards set forth in NRS 692C.360 and 692C.370 and whether the transactions may adversely affect the interests of policyholders.  3. A domestic insurer shall notify the Commissioner within 30 days after it makes an investment in any corporation if the total investment in that corporation by it and its affiliates exceeds 10 percent of the corporation’s voting securities.  (Added to NRS by 1995, 1774)
NV Rev Stat § 692C.370 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.370 - Adequacy of surplus.

For the purposes of this chapter, in determining whether or not an insurer’s surplus as regards policyholders is reasonable in relation to the insurer’s outstanding liabilities and adequate to its financial needs, the following factors among others must be considered:  1. The size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, operating results, insurance in force and other appropriate criteria.  2. The extent to which the insurer’s business is diversified among the several lines of insurance.  3. The number and size of risks insured in each line of business.  4. The extent of the geographical dispersion of the insurer’s insured risks.  5. The nature and extent of the insurer’s reinsurance program.  6. The quality, diversification and liquidity of the insurer’s investment portfolio.  7. The recent past and projected future trend in the size of the insurer’s surplus as regards policyholders.  8. The surplus as regards policyholders maintained by other comparable insurers.  9. The adequacy of the insurer’s reserves.  10. The quality and liquidity of investments in affiliates or subsidiaries made pursuant to NRS 692C.180 to 692C.250, inclusive. The Commissioner may treat any such investment as a disallowed asset for purposes of determining the adequacy of surplus as regards policyholders whenever in the judgment of the Commissioner such investment so warrants.  11. The quality of the insurer’s earnings and the extent to which the reported earnings of the insurer include extraordinary items. As used in this subsection, the term "extraordinary item" means a nonrecurring occurrence or event.  (Added to NRS by 1973, 1046; A 1995, 1777; 2011, 3392)
NV Rev Stat § 692C.372 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.372 - Group-wide supervision of internationally active insurance groups: Definitions.

As used in NRS 692C.372 to 692C.378, inclusive, unless the context otherwise requires, the words and terms defined in NRS 692C.374 and 692C.376 have the meanings ascribed to them in those sections.  (Added to NRS by 2017, 68)
NV Rev Stat § 692C.374 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.374 - Group-wide supervision of internationally active insurance groups: "Group-wide supervisor" defined.

Group-wide supervisor means a regulatory official who is authorized to engage in conducting and coordinating supervision activities across an insurance group and who is determined or acknowledged by the Commissioner pursuant to NRS 692C.378 to have sufficient significant contacts with the internationally active insurance group.  (Added to NRS by 2017, 68)
NV Rev Stat § 692C.376 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.376 - Group-wide supervision of internationally active insurance groups: "Internationally active insurance group" defined.

Internationally active insurance group means an insurance holding company system which:  1. Includes an insurer registered under NRS 692C.260; and  2. Meets the following criteria:  (a) Writes premiums in at least three countries;  (b) Writes 10 percent or more of the insurance holding company system’s total gross written premiums outside of the United States; and  (c) Based on a 3-year rolling average, has total assets of $50 billion or more or total gross written premiums of $10 billion or more.  (Added to NRS by 2017, 68)
NV Rev Stat § 692C.380 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.380 - Extraordinary distributions to shareholders: Definition.

For purposes of NRS 692C.360 to 692C.400, inclusive, an extraordinary dividend or distribution includes any dividend or distribution of cash or other property, whose fair market value together with that of other dividends or distributions made within the preceding 12 months exceeds the lesser of:  1. Ten percent of the insurer’s surplus as regards policyholders as of December 31 next preceding the dividend or distribution; or  2. The net gain from operations of the insurer, if the insurer is a life insurer, or the net income, not including realized capital gains if the insurer is not a life insurer, for the 12-month period ending December 31 next preceding the dividend or distribution,  but does not include pro rata distributions of any class of the insurer’s own securities.  (Added to NRS by 1973, 1047; A 1995, 1777; 2003, 325; 2015, 3502)
NV Rev Stat § 692C.400 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.400 - Extraordinary distributions to shareholders: Conditional declaration.

Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the Commissioner’s approval thereof, and such a declaration shall confer no rights upon shareholders until:  1. The Commissioner has approved the payment of such dividend or distribution; or  2. The Commissioner has not disapproved such payment within the 30-day period referred to in NRS 692C.390.  (Added to NRS by 1973, 1047)
NV Rev Stat § 692C.402 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.402 - Sources from which receiver appointed under order for liquidation or rehabilitation of insurer is authorized to recover.

  1. If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order may recover on behalf of the insurer:  (a) From any parent corporation or holding company, or person or affiliate who otherwise controlled the insurer, the amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock; or  (b) Any payment in the form of a bonus, settlement on termination, or extraordinary adjustment of salary in a lump sum made by the insurer or a subsidiary to a director, officer or employee,  if the distribution or payment is made at any time during the year preceding the petition for liquidation, conservation or rehabilitation, as the case may be, subject to the limitations of subsection 2 and of NRS 692C.404.  2. Such a distribution is not recoverable if the parent or affiliate shows that, when paid, the distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that the distribution might adversely affect its ability to fulfill its contractual obligations.  (Added to NRS by 1995, 1774)