reglab/housing_qa huggingface dataset:
NV Rev Stat § 694C.270 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.270 - Suspension or revocation of license: Grounds; hearings.

  1. The Commissioner may suspend or revoke the license of a captive insurer if, after a hearing, the Commissioner determines that:  (a) The captive insurer:  (1) Is insolvent or has impaired its required capital or surplus;  (2) Has failed to meet a requirement of NRS 694C.250, 694C.320 or 694C.330;  (3) Has refused or failed to submit an annual report, as required by NRS 694C.400, or any other report or statement required by law or by order of the Commissioner;  (4) Has failed to comply with the provisions of its charter or bylaws;  (5) Has failed to submit to an examination required pursuant to NRS 694C.410;  (6) Has refused or failed to pay the cost of an examination required pursuant to NRS 694C.410;  (7) Has used any method in transacting insurance pursuant to this chapter which is detrimental to the operation of the captive insurer or would make its condition unsound with respect to its policyholders or the general public; or  (8) Has failed to pay taxes on premiums as required by NRS 694C.450 or otherwise to comply with the laws of this State; and  (b) The suspension or revocation of the license of the captive insurer is in the best interest of its policyholders or the general public.  2. The provisions of NRS 679B.310 to 679B.370, inclusive, apply to hearings conducted pursuant to this section.  (Added to NRS by 1999, 3214; A 2007, 3329; 2019, 1712)
NV Rev Stat § 694C.300 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.300 - Authorized and prohibited types of insurance.

  1. Except as otherwise provided in this section, a captive insurer licensed pursuant to this chapter may transact any form of insurance described in NRS 681A.020 to 681A.080, inclusive.  2. A captive insurer licensed pursuant to this chapter:  (a) Shall not directly provide personal motor vehicle or homeowners’ insurance coverage, or any component thereof.  (b) Shall not accept or cede reinsurance, except as otherwise provided in NRS 694C.350.  (c) May provide excess workers’ compensation insurance to its parent and affiliated companies, unless otherwise prohibited by the laws of the state in which the insurance is transacted.  (d) May reinsure workers’ compensation insurance provided pursuant to a program of self-funded insurance of its parent and affiliated companies if:  (1) The parent or affiliated company which is providing the self-funded insurance is certified as a self-insured employer by the Commissioner, if the insurance is being transacted in this State; or  (2) The program of self-funded insurance is otherwise qualified pursuant to, or in compliance with, the laws of the state in which the insurance is transacted.  3. A pure captive insurer shall not insure any risks other than those of its parent and affiliated companies or controlled unaffiliated businesses.  4. An association captive insurer shall not insure any risks other than those of the member organizations of its association and the affiliated companies of the member organizations.  5. A state-chartered risk retention group shall not insure any risks other than those of the members of its association.  6. An agency captive insurer shall not insure any risks other than those of the policies that are placed by or through the insurance agency or brokerage that owns the captive insurer.  7. A rental captive insurer shall not insure any risks other than those of the policyholders or associations that have entered into agreements with the rental captive insurer for the insurance of those risks. Such agreements must be in a form which has been approved by the Commissioner.  8. A sponsored captive insurer shall not insure any risks other than those of its participants.  9. As used in this section, "excess workers’ compensation insurance" means insurance in excess of the specified per-incident or aggregate limit, if any, established by:  (a) The Commissioner, if the insurance is being transacted in this State; or  (b) The chief regulatory officer for insurance in the state in which the insurance is being transacted.  (Added to NRS by 1999, 3208; A 2005, 2154; 2019, 1712)
NV Rev Stat § 694C.310 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.310 - Meetings of board of directors; additional requirements to transact insurance.

  1. The board of directors of a captive insurer shall meet at least once each year in this State. The captive insurer shall:  (a) Maintain its principal place of business in this State; and  (b) Appoint a resident of this State as a registered agent to accept service of process and otherwise act on behalf of the captive insurer in this State. If the registered agent cannot be located with reasonable diligence for the purpose of serving a notice or demand on the captive insurer, the notice or demand may be served on the Secretary of State who shall be deemed to be the agent for the captive insurer.  2. A captive insurer shall not transact insurance in this State unless:  (a) The captive insurer has made adequate arrangements with:  (1) A state-chartered bank, a state-chartered credit union or a thrift company licensed pursuant to chapter 677 of NRS that is located in this State; or  (2) A federally chartered bank that has a branch which is located in this State,  that is authorized pursuant to state or federal law to transfer money.  (b) If the captive insurer employs or has entered into a contract with a natural person or business organization to manage the affairs of the captive insurer, the natural person or business organization meets the standards of competence and experience satisfactory to the Commissioner.  (c) The captive insurer employs or has entered into a contract with a qualified and experienced certified public accountant who is approved by the Commissioner or a firm of certified public accountants that is nationally recognized.  (d) The captive insurer employs or has entered into a contract with qualified, experienced actuaries who are approved by the Commissioner to perform reviews and evaluations of the operations of the captive insurer.  (e) The captive insurer employs or has entered into a contract with an attorney who is licensed to practice law in this State and who meets the standards of competence and experience in matters concerning the regulation of insurance in this State established by the Commissioner by regulation.  (Added to NRS by 1999, 3209; A 2005, 2155; 2019, 1713)
NV Rev Stat § 694C.320 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.320 - Plan for payment of dividends; regulations.

The Commissioner may approve an ongoing plan for the payment of dividends or other distributions by a captive insurer if, at the time of each payment or distribution, the retention of capital by the captive insurer is in excess of the amounts required by the Commissioner. The Commissioner shall adopt by regulation:  1. A specific amount that a captive insurer must have in excess capital for the approval of an ongoing plan for the payment of dividends or other distributions; or  2. A formula pursuant to which the specific amount of required excess capital may be calculated.  (Added to NRS by 1999, 3211)
NV Rev Stat § 694C.330 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.330 - Payment of dividends and extraordinary dividends.

  1. Except as otherwise provided in this section, a captive insurer shall pay dividends out of, or make any other distributions from, its capital or surplus, or both, in accordance with the provisions set forth in NRS 692C.370, 693A.140, 693A.150 and 693A.160.   2. A captive insurer other than a state-chartered risk retention group shall not pay extraordinary dividends out of, or make any other extraordinary distribution with respect to, its capital or surplus, or both, in violation of this section unless the captive insurer has obtained the prior approval of the Commissioner to make such a payment or distribution. As used in this subsection, "extraordinary dividend" and "extraordinary distribution" mean any dividend or distribution of cash or other property, the fair market value of which, together with that of other dividends or distributions within the preceding 12 months, exceeds the greater of:  (a) Ten percent of the surplus of the captive insurer as of December 31 next preceding the date of the dividend or distribution; or  (b) The net income of the captive insurer for the 12-month period ending December 31 next preceding the date of the dividend or distribution.  3. A state-chartered risk retention group shall not pay any dividend or distribution without prior approval of the Commissioner.  (Added to NRS by 1999, 3212; A 2011, 3393; 2019, 1714)
NV Rev Stat § 694C.340 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.340 - Compliance with requirements relating to investments; loan to parent or affiliated company in certain circumstances.

  1. Except as otherwise provided in this section and NRS 694C.382, an association captive insurer, an agency captive insurer, a rental captive insurer, a sponsored captive insurer or a state-chartered risk retention group shall comply with the requirements relating to investments set forth in chapter 682A of NRS. Upon the request of the association captive insurer, agency captive insurer, rental captive insurer, sponsored captive insurer or state-chartered risk retention group, the Commissioner may approve the use of reliable, alternative methods of valuation and rating.  2. A pure captive insurer is not subject to any restrictions on allowable investments, except that the Commissioner may prohibit or limit any investment that threatens the solvency or liquidity of the pure captive insurer.  3. A pure captive insurer may make a loan to its parent or affiliated company if the loan:  (a) Is first approved in writing by the Commissioner;  (b) Is evidenced by a note that is in a form that is approved by the Commissioner; and  (c) Does not include any money that has been set aside as capital or surplus as required by subsection 1 of NRS 694C.250.  (Added to NRS by 1999, 3214; A 2005, 2156; 2007, 3329; 2019, 1714)
NV Rev Stat § 694C.350 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.350 - Reinsurance; credit for reserves on risks or portions of risks in certain circumstances; plan for workers’ compensation deemed reinsurance in certain circumstances.

  1. A captive insurer may provide reinsurance on risks ceded by any other insurer.  2. A captive insurer may take credit for reserves on risks or portions of risks ceded to a reinsurer that is in compliance with NRS 681A.140 to 681A.240, inclusive. A captive insurer shall not take credit for reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with NRS 681A.140 to 681A.240, inclusive.  3. The Commissioner may authorize a captive insurer to take credit for reserves on risks or portions of risks ceded to a pool, an exchange or an association acting as a reinsurer. The Commissioner may require such documents, financial information or other evidence as the Commissioner determines necessary to show that the pool, exchange or association will be able to provide adequate security for its financial obligations. The Commissioner may deny authorization or impose any limitations on the activities of a reinsurance pool, exchange or association that, in the judgment of the Commissioner, are necessary and proper to provide adequate security for the ceding captive insurer and for the protection and benefit of the general public.  4. For the purposes of this chapter, insurance provided by a captive insurer of any plan for workers’ compensation of its parent and affiliated companies which is certified or otherwise qualified in the state in which the insurance is provided as a self-insurance plan shall be deemed to be reinsurance.  (Added to NRS by 1999, 3215)
NV Rev Stat § 694C.360 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.360 - Use of insurance of captive insurer to satisfy requirements relating to insurance on vehicles subject to Nevada Transportation Authority or Taxicab Authority prohibited; exception.

Insurance provided by a captive insurer in accordance with this chapter may not be used to satisfy the requirements set forth in chapter 706 of NRS relating to the insurance required to be maintained by vehicles subject to the jurisdiction of the Nevada Transportation Authority or Taxicab Authority, unless the Nevada Transportation Authority or Taxicab Authority, as appropriate, specifically approves the use of insurance provided by a captive insurer for that purpose.  (Added to NRS by 1999, 3215)
NV Rev Stat § 694C.370 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.370 - Insurer not required to join rating organization.

A captive insurer is not required to join a rating organization.  (Added to NRS by 1999, 3215)
NV Rev Stat § 694C.380 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.380 - Insurer prohibited from joining or contributing to assigned risk pool or insurance insolvency guaranty fund.

A captive insurer shall not join or contribute financially to an assigned risk pool or insurance insolvency guaranty fund in this state. A captive insurer or its insured, its parent or an affiliated company, or any member organization of its association shall not receive any benefit from such a pool or fund for claims arising out of the operations of the captive insurer.  (Added to NRS by 1999, 3215; A 2017, 73)
NV Rev Stat § 694C.382 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.382 - Combining assets for investment.

Notwithstanding the provisions of this chapter, the assets of two or more protected cells may be combined for the purpose of investment, and such combination must not be construed as defeating the separation of the assets for accounting or other purposes. Sponsored captive insurers shall comply with the investment requirements set forth in NRS 694C.340, if applicable, except to the extent that credit for reinsurance ceded to reinsurers is allowed pursuant to NRS 694C.350 or to the extent otherwise deemed reasonable and appropriate by the Commissioner. Notwithstanding the provisions of this chapter, the Commissioner may approve the use of alternative reliable methods of valuation and rating.  (Added to NRS by 2005, 2150)
NV Rev Stat § 694C.384 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.384 - Security for branch operations.

  1. As security for the payment of liabilities attributable to the branch operations of a branch captive insurer, the Commissioner shall require that a trust fund, funded by an irrevocable letter of credit or other acceptable asset, be established and maintained in the United States for the benefit of United States policyholders and ceding United States insurers under insurance policies or reinsurance contracts issued or assumed by the branch captive insurer through its branch operations.  2. The amount of the security must be not less than the total amount required by NRS 694C.250, and any reserves on such insurance policies or reinsurance contracts, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses and unearned premiums with regard to business written through the branch operations. The Commissioner may authorize a branch captive insurer that is required to post security for loss reserves on branch business by its reinsurer to reduce the funds in the trust account required by this section by that same amount as long as the security remains posted with the reinsurer.  3. If the form of the security is a letter of credit, the letter of credit must be established, issued or confirmed by a bank chartered in this State or a bank that is a member of the Federal Reserve System.  (Added to NRS by 2005, 2150; A 2007, 3330)
NV Rev Stat § 694C.386 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.386 - Alien captive insurer; issuance of certificate; registration.

An alien captive insurer licensed as a branch captive insurer shall petition the Commissioner to issue a certificate setting forth the finding of the Commissioner that, after considering the character, reputation, financial responsibility, insurance experience and business qualifications of the officers and directors of the alien captive insurer, the licensing and maintenance of the branch operations will promote the general welfare of the State. The alien captive insurer may register to do business in this State after the certificate is issued by the Commissioner.  (Added to NRS by 2005, 2150)
NV Rev Stat § 694C.388 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.388 - Reports and statements of alien captive insurer.

Before March 1 of each year or, if approved by the Commissioner, not more than 60 days after the expiration of the fiscal year of the branch captive insurer, the branch captive insurer shall file with the Commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurer is domiciled. The reports and statements must be verified by oath of two of the executive officers of the alien captive insurer. If the Commissioner is satisfied that the annual report filed by the alien captive insurer in the jurisdiction in which it is domiciled provides adequate information concerning the financial condition of the alien captive insurer, the Commissioner may waive the requirement for completion of the captive annual statement for business written in the alien jurisdiction.  (Added to NRS by 2005, 2150)
NV Rev Stat § 694C.389 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.389 - State-chartered risk retention group: Requirements.

A state-chartered risk retention group must comply with all of the laws, regulations and requirements applicable to liability insurers in this State, unless otherwise approved by the Commissioner.  (Added to NRS by 2017, 73)
NV Rev Stat § 694C.390 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.390 - State-chartered risk retention group: Required filings.

  1. In addition to the information required pursuant to NRS 694C.210, a state-chartered risk retention group must submit to the Commissioner in summary form:  (a) The identities of:  (1) All members of the group;  (2) All organizers of the group;  (3) Those persons who will provide administrative services to the group; and  (4) Any person who will influence or control the activities of the group;  (b) The amount and nature of initial capitalization of the group;  (c) The coverages to be offered by the group; and  (d) Each state in which the group intends to operate.  2. Before it may transact insurance in any state, the state-chartered risk retention group must submit to the Commissioner, for approval by the Commissioner, a plan of operation. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation within 10 days after the change. The group shall not offer any additional kinds of liability insurance, in this State or in any other state, until a revision of the plan is approved by the Commissioner.  3. A state-chartered risk retention group chartered in this State must file with the Commissioner on or before March 1 of each year a statement containing information concerning the immediately preceding year which must:  (a) Be submitted in a form prescribed by the National Association of Insurance Commissioners;  (b) Be prepared in accordance with the Annual Statement Instructions for the type of insurer to be reported on as adopted by the National Association of Insurance Commissioners for the year in which the insurer files the statement;  (c) Utilize accounting principles in a manner that remains consistent among financial statements submitted each year and that are substantively identical to:  (1) Generally accepted accounting principles, including any useful or necessary modifications or adaptations thereof that have been approved or accepted by the Commissioner for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the Commissioner; or  (2) Statutory accounting principles, as described in the Accounting Practices and Procedures Manual adopted by the National Association of Insurance Commissioners effective on January 1, 2001, and as amended by the National Association of Insurance Commissioners after that date; and  (d) Be submitted electronically, if required by the Commissioner.  4. The Commissioner shall transmit to the National Association of Insurance Commissioners a copy of:  (a) All information submitted by a state-chartered risk retention group to the Commissioner pursuant to subsections 1 and 3; and  (b) Any revisions to a plan of operation submitted to the Commissioner pursuant to subsection 2.  (Added to NRS by 2015, 3504; A 2019, 1715)
NV Rev Stat § 694C.410 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.410 - Examination by Commissioner; Commissioner authorized to obtain professional services; cost of examination.

  1. Except as otherwise provided in this section, at least once every 3 years, and at such other times as the Commissioner determines necessary, the Commissioner, or a designee of the Commissioner, shall visit each captive insurer and thoroughly inspect and examine the affairs of the captive insurer to ascertain:  (a) The financial condition of the captive insurer;  (b) The ability of the captive insurer to fulfill its obligations; and  (c) Whether the captive insurer has complied with the provisions of this chapter and the regulations adopted pursuant thereto.  2. Upon the application of a captive insurer, the Commissioner may conduct the visits required pursuant to subsection 1 every 5 years if the captive insurer conducts comprehensive annual audits:  (a) The scope of which is satisfactory to the Commissioner; and  (b) Which are conducted by an independent auditor appointed by the Commissioner.  3. The provisions of subsections 1 and 2 do not apply to a pure captive insurer. The Commissioner may conduct an examination of a pure captive insurer at any reasonable time to ascertain:  (a) The financial condition of the pure captive insurer;  (b) The ability of the pure captive insurer to fulfill its obligations; and  (c) Whether the pure captive insurer has complied with the provisions of this chapter and the regulations adopted pursuant thereto.  4. The Commissioner may contract to obtain legal, financial and examination services from outside the Division to conduct the examination and make recommendations to the Commissioner. The cost of the examination must be paid to the Commissioner by the captive insurer.  5. The provisions of NRS 679B.230 to 679B.287, inclusive, apply to examinations conducted pursuant to this section.  (Added to NRS by 1999, 3213; A 2011, 3394)
NV Rev Stat § 694C.415 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.415 - Examinations: Branch captive insurer; alien captive insurer.

  1. The examination of a branch captive insurer pursuant to NRS 694C.410 must be of branch business and branch operations only, so long as the branch captive insurer provides to the Commissioner on an annual basis a certificate of compliance, or equivalent documentation, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurer is formed, and demonstrates to the satisfaction of the Commissioner that it is operating in a sound financial condition and in accordance with all applicable laws and regulations of that jurisdiction.  2. As a condition of licensure, the alien captive insurer must authorize the Commissioner to examine the affairs of the alien captive insurer in the jurisdiction in which the alien captive insurer is formed.  (Added to NRS by 2005, 2151)