reglab/housing_qa huggingface dataset:
NV Rev Stat § 681A.150 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.150 - Requirements for taking credit.

No credit may be taken as an asset or as a deduction from liability on account of reinsurance unless the reinsurer is authorized to transact insurance or reinsurance in this state or the requirements of NRS 681A.155 to 681A.190, inclusive, and in any of these cases the requirements of NRS 681A.200 and 681A.210 also are met.  (Added to NRS by 1995, 1756; A 2015, 3385)
NV Rev Stat § 681A.155 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.155 - Reinsurance ceded to assuming certified reinsurer.

Credit must be allowed when the reinsurance is ceded to an assuming insurer that has been certified by the Commissioner as a reinsurer in this State and secures its obligations in accordance with the requirements of this chapter.  (Added to NRS by 2015, 3381)
NV Rev Stat § 681A.1551 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.1551 - Certified reinsurer: Eligibility.

To be eligible for certification, an assuming insurer must:  1. Be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction, as determined by the Commissioner pursuant to NRS 681A.1553;  2. Maintain minimum capital and surplus, or its equivalent, in an amount to be determined by the Commissioner;  3. Maintain financial strength ratings from two or more rating agencies deemed acceptable by the Commissioner;  4. Agree to submit to the jurisdiction of this State, appoint the Commissioner as its agent for service of process in this State and agree to provide security for 100 percent of the assuming insurer’s liabilities attributable to reinsurance ceded by ceding insurers in the United States for use if the assuming insurer resists enforcement of a final judgment rendered by any court of competent jurisdiction in the United States;  5. Agree to meet applicable information filing requirements as determined by the Commissioner, both with respect to an initial application for certification and on an ongoing basis; and  6. Satisfy any other requirements for certification deemed relevant by the Commissioner.  (Added to NRS by 2015, 3381)
NV Rev Stat § 681A.1552 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.1552 - Certified reinsurer: Additional eligibility requirements for associations.

An association that includes incorporated and individual unincorporated underwriters may be a certified reinsurer. In addition to satisfying the requirements of NRS 681A.1551, to be eligible for certification:  1. The association must satisfy its minimum capital and surplus requirements through the capital and surplus equivalents, net of liabilities, of the association and its members, which must include a joint central fund that may be applied to any unsatisfied obligation of the association or any of its members, in an amount determined by the Commissioner to provide adequate protection;  2. The incorporated members of the association must not engage in any business other than underwriting as a member of the association and are subject to the same level of regulation and solvency control by the association’s domiciliary regulator as are the unincorporated members; and  3. Within 90 days after its financial statements are due to be filed with the association’s domiciliary regulator, the association must provide to the Commissioner an annual certification by the association’s domiciliary regulator of the solvency of each underwriter member or, if a certification is unavailable, financial statements prepared by independent public accountants of each underwriter member.  (Added to NRS by 2015, 3382)
NV Rev Stat § 681A.1553 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.1553 - Certified reinsurer: Qualified jurisdictions.

  1. The Commissioner shall create and publish a list of qualified jurisdictions, pursuant to which an assuming insurer licensed and domiciled in such jurisdiction is eligible to be considered for certification by the Commissioner as a certified reinsurer.  2. In order to determine whether the domiciliary jurisdiction of an alien assuming insurer is eligible to be recognized as a qualified jurisdiction, the Commissioner shall evaluate the appropriateness and effectiveness of the reinsurance supervisory system of the jurisdiction, both initially and on an ongoing basis, and consider the rights, benefits and extent of reciprocal recognition afforded by the alien jurisdiction to reinsurers licensed and domiciled in the United States. A qualified jurisdiction must agree to share information and cooperate with the Commissioner with respect to all certified reinsurers domiciled within that jurisdiction. A jurisdiction may not be recognized as a qualified jurisdiction if the Commissioner has determined that the jurisdiction does not adequately and promptly enforce final judgments rendered by a court of competent jurisdiction in the United States. Additional factors may be considered at the discretion of the Commissioner.  3. The Commissioner may consider the list of qualified jurisdictions maintained by the National Association of Insurance Commissioners in determining qualified jurisdictions.  4. Any jurisdictions that meet the requirements for accreditation pursuant to the National Association of Insurance Commissioners’ financial standards and accreditation program must be recognized as qualified jurisdictions.  5. If a certified reinsurer’s domiciliary jurisdiction ceases to be a qualified jurisdiction, the Commissioner may suspend or revoke the reinsurer’s certification.  (Added to NRS by 2015, 3382)
NV Rev Stat § 681A.1554 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.1554 - Certified reinsurer: Ratings by Commissioner; publication of ratings.

The Commissioner shall:  1. Assign a rating to each certified reinsurer, giving due consideration to the financial strength ratings which have been assigned to certified reinsurers by rating agencies that the Commissioner deems acceptable pursuant to regulations adopted by the Commissioner; and  2. Publish a list of all certified reinsurers and the ratings that he or she has assigned to those certified reinsurers.  (Added to NRS by 2015, 3383)
NV Rev Stat § 681A.1556 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.1556 - Certified reinsurer: Applicant certified in certain jurisdictions may be deemed by Commissioner to be certified in Nevada.

If an applicant for certification has been certified as a reinsurer in a National Association of Insurance Commissioners accredited jurisdiction, the Commissioner has the discretion to defer to that jurisdiction’s certification, and has the discretion to defer to the rating assigned by that jurisdiction, and such assuming insurer shall be considered to be certified in this State.  (Added to NRS by 2015, 3384)
NV Rev Stat § 681A.1557 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.1557 - Certified reinsurer: Inactive status.

A certified reinsurer that ceases to assume new business in this State may request to maintain its certification in inactive status to continue to qualify for a reduction in security for its in-force business. An inactive certified reinsurer must continue to comply with all applicable requirements of NRS 681A.150 to 681A.190, inclusive, and the Commissioner shall assign a rating that takes into account, if relevant, the reasons why the reinsurer is not assuming new business.  (Added to NRS by 2015, 3384)
NV Rev Stat § 681A.170 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.170 - Reinsurance ceded to assuming alien insurer.

  1. Except as otherwise provided in subsection 2, credit must be allowed if reinsurance is ceded to an assuming insurer which is domiciled and licensed in, or in the case of a branch in the United States of an alien assuming insurer is entered through, a state which employs standards regarding credit for reinsurance substantially similar to those applicable under this chapter and the assuming insurer or branch in the United States of an alien assuming insurer:  (a) Maintains a surplus as regards policyholders in an amount not less than $20,000,000;  (b) Submits to the authority of this state to examine its books and records; and  (c) Files with the Commissioner a properly executed Form AR-1, provided on the Internet website of the Division, as evidence of its submission to this State’s jurisdiction.  2. The requirement of paragraph (a) of subsection 1 does not apply to reinsurance ceded and assumed pursuant to pooling among insurers affiliated with the same holding company.  (Added to NRS by 1995, 1757; A 2015, 3386)
NV Rev Stat § 681A.190 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.190 - Reinsurance ceded to group of incorporated insurers under common administration.

  1. Credit must be allowed if reinsurance is ceded to a group of incorporated insurers under common administration which:  (a) Does not engage in any business other than underwriting as a member of the group;  (b) Is subject to the same amount of regulation and solvency control by the group’s domiciliary regulator as are the unincorporated members of the group;  (c) Reports annually to the Commissioner the information required by subsection 1 of NRS 681A.180;  (d) Has continuously transacted insurance outside the United States for at least 3 years immediately before making an application for accreditation;  (e) Submits to this state’s authority to examine its books and records and bears the expense of the examination;  (f) Has aggregate policyholders’ surplus of $10,000,000,000; and  (g) Maintains a trust pursuant to subsection 2.  2. The trust must be in an amount equal to the group’s several liabilities attributable to business ceded by ceding insurers in the United States to any member of the group pursuant to contracts of reinsurance issued in the name of the group, and the group shall maintain a joint surplus in trust of which $100,000,000 must be held jointly for the benefit of ceding insurers in the United States to any member of the group as additional security for any such liabilities.  3. Each member of the group shall, within 90 days after the date its financial statements must be filed with the group’s domiciliary regulator, make available to the Commissioner an annual certification of the member’s solvency by the member’s domiciliary regulator and its independent public accountant.  (Added to NRS by 1995, 1757; A 2003, 3285)
NV Rev Stat § 681A.200 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.200 - Requirements for establishment or amendment of certain trusts.

  1. A trust for the purposes of NRS 681A.180 or 681A.190, and any amendment to the trust, must be established or amended in a form approved by:  (a) The Commissioner; and  (b) The commissioner of insurance or other appropriate person of:  (1) The state in which the trust is domiciled; or  (2) Any other state that, pursuant to the trust instrument, accepts regulatory authority over the trust.  2. The form of the trust and any amendment to the trust must be filed with the commissioner of insurance or other appropriate person of each state in which the policyholders of the ceding insurer who are the beneficiaries of the trust are domiciled.  3. The trust instrument must provide that contested claims become valid, enforceable and payable from money held in the trust fund to the extent that the contested claims remain unsatisfied, within 30 days after the entry of the final order of any court of competent jurisdiction in the United States. The trust must vest legal title to its assets in the trustees of the trust for its policyholders and ceding insurers in the United States, their assigns and successors in interest. The trust and the assuming insurer are subject to examination as determined by the Commissioner. The trust must remain in effect for as long as the assuming insurer or any member or former member of the group of insurers has outstanding obligations due under the agreements for reinsurance subject to the trust.  4. Not later than February 28 of each year the trustees of the trust shall report to the Commissioner in writing setting forth the balance of the trust and listing the trust’s investments at the end of the preceding year and shall certify the date of termination of the trust, if so planned, or certify that the trust will not expire before the next following December 31.  (Added to NRS by 1995, 1758; A 2003, 3285)
NV Rev Stat § 681A.210 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.210 - Requirements when assuming insurer is not licensed or accredited to transact insurance or reinsurance in this State.

  1. Except as otherwise provided in subsection 2, if the assuming insurer is not licensed or accredited to transact insurance or reinsurance in this State, the credit permitted by NRS 681A.170 or 681A.180 must not be allowed unless the assuming insurer agrees in the agreements for reinsurance:  (a) That in the event of the failure of the assuming insurer to perform its obligations under the terms of the agreement, the assuming insurer, at the request of the ceding insurer, will submit to the jurisdiction of any court of competent jurisdiction in any state of the United States, will comply with all requirements necessary to give the court jurisdiction, and will abide by the final decision of the court or of any appellate court in the event of an appeal;  (b) To designate the Commissioner or a designated attorney as its true and lawful attorney upon whom may be served any lawful process in an action, suit or proceeding instituted by or on behalf of the ceding company; and  (c) To comply with the conditions set forth in subsection 5 of NRS 681A.180.  2. This section does not conflict with or override the obligation of the parties to an agreement for reinsurance to arbitrate their disputes if such an obligation is created in the agreement.  (Added to NRS by 1995, 1758; A 2003, 3286; 2015, 3389)
NV Rev Stat § 681A.215 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.215 - Requirements when assuming insurer does not meet certain requirements.

Credit must be allowed when the reinsurance is ceded to an assuming insurer not meeting the requirements of NRS 681A.150 to 681A.190, inclusive, but only as to the insurance of risks located in jurisdictions where the reinsurance is required by applicable law or regulation of that jurisdiction.  (Added to NRS by 2015, 3384)
NV Rev Stat § 681A.220 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.220 - Requirements when assuming insurer does not meet certain other requirements.

Credit must be allowed if reinsurance is ceded to an assuming insurer not meeting the requirements of NRS 681A.110 and 681A.150 to 681A.190, inclusive, but only with respect to the insurance of risks located in jurisdictions where such reinsurance is required by applicable law or regulation of that jurisdiction.  (Added to NRS by 1995, 1758; A 2015, 3389)
NV Rev Stat § 681A.230 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.230 - Ceding insurer to be allowed credit if reinsurance lawfully ceded to qualified assuming insurer; domiciliary liquidator of insolvent ceding insurer to give notice to assuming insurer of any claim against ceding insurer.

  1. Credit must be allowed as an asset or as a deduction from liability to any ceding insurer for reinsurance lawfully ceded to an assuming insurer qualified therefor pursuant to NRS 681A.110 and 681A.150 to 681A.190, inclusive, but no such credit may be allowed unless the contract for reinsurance provides in substance that, in the event of the insolvency of the ceding insurer, the reinsurance is payable pursuant to a contract reinsured by the assuming insurer on the basis of reported claims allowed in any liquidation proceedings, subject to court approval, without diminution because of the insolvency of the ceding insurer. Except as otherwise provided in NRS 686C.223, those payments must be made directly to the ceding insurer or to its domiciliary liquidator unless:  (a) The contract of reinsurance or other written contract specifically designates another payee of the payments in the event of the insolvency of the ceding insurer; or  (b) The assuming insurer, with the consent of the persons directly insured, has assumed the obligations from the policies issued by the ceding insurer as direct obligations of the assuming insurer, and in substitution for the obligations of the ceding insurer, to the payees under those policies.  2. The domiciliary liquidator of an insolvent ceding insurer shall give written notice to the assuming insurer of the pendency of any claim against the ceding insurer on any contract reinsured within a reasonable time after such a claim is filed in the liquidation proceeding. During the pendency of the claim, the assuming insurer may investigate the claim and, at its own expense, interpose in the proceeding in which the claim is to be adjudicated any defense that the assuming insurer deems available to the ceding insurer or its liquidator.  (Added to NRS by 1995, 1759; A 1997, 3021; 2001, 1025; 2015, 3389)
NV Rev Stat § 681A.235 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.235 - Management of concentration risk by ceding insurer.

  1. A ceding insurer shall take steps to manage its reinsurance recoverables proportionate to its own book of business. A domestic ceding insurer shall notify the Commissioner within 30 days after reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, exceeds 50 percent of the domestic ceding insurer’s last reported surplus to policyholders, or after it is determined that reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. The notification must demonstrate that the exposure is safely managed by the domestic ceding insurer.  2. A ceding insurer shall take steps to diversify its reinsurance program. A domestic ceding insurer shall notify the Commissioner within 30 days after ceding to any single assuming insurer, or group of affiliated assuming insurers, more than 20 percent of the ceding insurer’s gross written premium in the preceding calendar year, or after it has determined that the reinsurance ceded to any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. The notification must demonstrate that the exposure is safely managed by the domestic ceding insurer.  (Added to NRS by 2015, 3384)
NV Rev Stat § 681A.240 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.240 - Requirements for reduction from liability when assuming insurer does not meet certain requirements concerning risk-based capital.

A reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of NRS 681A.110 or the regulations of the Commissioner concerning risk-based capital must be allowed in an amount not exceeding the liabilities carried by the ceding insurer and the reduction must be in the amount of assets held by or on behalf of the ceding insurer, including assets held in trust for the ceding insurer, under a contract of reinsurance with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer, or, in the case of a trust, held in a qualified financial institution in the United States. The security may be in any of the following forms:  1. Cash.  2. Securities listed by the Securities Valuation Office of the National Association of Insurance Commissioners and qualifying as admitted assets.  3. Irrevocable, unconditional letters of credit, each issued or confirmed by a qualified financial institution in the United States whose letters of credit are acceptable to the Commissioner, no later than December 31 of the year for which filing is made, and in the possession of the ceding company on or before the date of filing its annual statement. A letter of credit meeting applicable standards of acceptability of its issuer as of the date of its issuance or confirmation, notwithstanding the issuing or confirming institution’s subsequent failure to meet applicable standards of acceptability, continues to be acceptable as security until its expiration, extension, renewal, modification or amendment, whichever first occurs.  4. Any other form of security acceptable to the Commissioner.  (Added to NRS by 1995, 1759; A 2013, 3353)
NV Rev Stat § 681A.250 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.250 - Definitions.

As used in NRS 681A.250 to 681A.580, inclusive, unless the context otherwise requires, the words and terms defined in NRS 681A.260 to 681A.410, inclusive, have the meanings ascribed to them in those sections.  (Added to NRS by 1995, 1759)
NV Rev Stat § 681A.260 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.260 - "Actuary" defined.

Actuary means a person who is a member in good standing of the American Academy of Actuaries or its successor organization.  (Added to NRS by 1995, 1759)
NV Rev Stat § 681A.270 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.270 - "Automatic agreement" defined.

Automatic agreement means an agreement between a reinsured and reinsurer whereby the ceding company is obligated to cede certain risks as provided in the agreement and the reinsurer is obligated to accept.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.280 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.280 - "Broker for reinsurance" defined.

Broker for reinsurance means a person who negotiates a contract of reinsurance between a reinsured and reinsurer on behalf of the reinsured and who receives a commission for placement and other services rendered. The term does not include the ceding insurer.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.290 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.290 - "Cede" defined.

Cede means to pass on to another insurer, who is designated the reinsurer, all or part of the insurance written by an insurer with the object of reducing the possible liability of the ceding insurer.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.300 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.300 - "Cession" defined.

Cession means the unit of insurance passed to a reinsurer by a primary company which issued a policy to the original insured.  (Added to NRS by 1995, 1760)
NV Rev Stat § 681A.310 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.310 - "Controlling person" defined.

Controlling person means a person who directly or indirectly has the power to direct, or cause to be directed, the management, control or activities of an intermediary.  (Added to NRS by 1995, 1760)