reglab/housing_qa huggingface dataset:
NV Rev Stat § 694C.050 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.050 - "Association captive insurer" defined.

Association captive insurer means a captive insurer that only insures risks of the member organizations of an association and the affiliated companies of those members if:  1. The association or the member organizations of the association:  (a) Have complete control over the power to vote all the outstanding voting securities of the association captive insurer, if the association captive insurer is incorporated as a stock insurer; or  (b) Have complete voting control over the captive insurer, if the captive insurer is formed as a mutual insurer; and  2. The member organizations of the association collectively constitute all the subscribers of the captive insurer, if the captive insurer is formed as a reciprocal insurer.  (Added to NRS by 1999, 3207; A 2003, 3331; 2019, 1709)
NV Rev Stat § 694C.053 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.053 - "Branch business" defined.

Branch business means any insurance business transacted by a branch captive insurer in this State.  (Added to NRS by 2005, 2147)
NV Rev Stat § 694C.055 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.055 - "Branch captive insurer" defined.

Branch captive insurer means an alien captive insurer licensed pursuant to this chapter to transact the business of insurance through a business unit with a principal place of business in this State.  (Added to NRS by 2005, 2147)
NV Rev Stat § 694C.057 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.057 - "Branch operations" defined.

Branch operations means any business operations of a branch captive insurer in this State.  (Added to NRS by 2005, 2147)
NV Rev Stat § 694C.060 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.060 - "Captive insurer" defined.

Captive insurer means:  1. Any pure captive insurer, association captive insurer, agency captive insurer, rental captive insurer and sponsored captive insurer licensed pursuant to this chapter. The term includes a pure captive insurer who, unless otherwise provided by the Commissioner, is a branch captive insurer with respect to operations in this State.  2. Any state-chartered risk retention group.  (Added to NRS by 1999, 3208; A 2005, 2152; 2019, 1709)
NV Rev Stat § 694C.070 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.070 - "Commissioner" defined.

Commissioner means the Commissioner of Insurance.  (Added to NRS by 1999, 3208)
NV Rev Stat § 694C.075 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.075 - "Controlled unaffiliated business" defined.

Controlled unaffiliated business means any company:  1. That is not in the corporate system of a parent and affiliated companies;  2. That has an existing contractual relationship with a parent or affiliated company; and  3. Whose risks are managed by a captive insurer pursuant to this chapter.  (Added to NRS by 2005, 2147)
NV Rev Stat § 694C.080 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.080 - "Division" defined.

Division means the Division of Insurance of the Department of Business and Industry.  (Added to NRS by 1999, 3208)
NV Rev Stat § 694C.085 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.085 - "Dormant captive insurer" defined.

Dormant captive insurer means any captive insurer that has been issued a certificate of dormancy by the Commissioner pursuant to NRS 694C.259.  (Added to NRS by 2019, 1708)
NV Rev Stat § 694C.090 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.090 - "Member organization" defined.

Member organization means any individual or corporation, limited-liability company, partnership, association or other form of business organization that belongs to an association.  (Added to NRS by 1999, 3208; A 2005, 2152)
NV Rev Stat § 694C.100 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.100 - "Mutual insurer" defined.

Mutual insurer has the meaning ascribed to it in NRS 680A.030.  (Added to NRS by 1999, 3208)
NV Rev Stat § 694C.110 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.110 - "Parent" defined.

Parent means a corporation, limited-liability company, partnership, association or other form of business organization that directly or indirectly owns, controls or holds with power to vote more than 50 percent of the outstanding voting securities of:  1. A pure captive insurer organized as a stock corporation; or  2. The membership of a pure captive insurer organized as a nonprofit corporation.  (Added to NRS by 1999, 3208; A 2005, 2152)
NV Rev Stat § 694C.113 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.113 - "Participant" defined.

Participant means a corporation, association, limited-liability company, partnership, trust, sponsor or other business organization, and any affiliate thereof, that is insured by a sponsored captive insurer, where the losses of the participant are limited by a participant contract to the participant’s pro rata share of the assets of one or more protected cells identified in such participant contract.  (Added to NRS by 2005, 2147)
NV Rev Stat § 694C.115 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.115 - "Participant contract" defined.

Participant contract means a contract by which a sponsored captive insurer insures the risks of a participant and limits the losses of each such participant to its pro rata share of the assets of one or more protected cells identified in the participant contract.  (Added to NRS by 2005, 2148)
NV Rev Stat § 694C.117 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.117 - "Protected cell" defined.

Protected cell means a separate account established by a sponsored captive insurer in which assets are maintained for one or more participants in accordance with the terms of one or more participant contracts that fund the liability of the sponsored captive insurer assumed on behalf of the participants as set forth in the participant contracts.  (Added to NRS by 2005, 2148)
NV Rev Stat § 694C.120 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.120 - "Pure captive insurer" defined.

Pure captive insurer means a captive insurer that only insures risks of its parent and affiliated companies or controlled unaffiliated businesses and, unless otherwise provided by the Commissioner, includes a branch captive insurer.  (Added to NRS by 1999, 3208; A 2005, 2152)
NV Rev Stat § 694C.130 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.130 - "Reciprocal insurer" defined.

Reciprocal insurer has the meaning ascribed to it in NRS 680A.040.  (Added to NRS by 1999, 3208)
NV Rev Stat § 694C.140 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.140 - "Rental captive insurer" defined.

Rental captive insurer means a captive insurer formed to enter into contractual agreements with policyholders or associations to offer some or all of the benefits of a program of captive insurance and that only insures risks of such policyholders or associations.  (Added to NRS by 1999, 3208)
NV Rev Stat § 694C.141 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.141 - "Risk retention group" defined.

Risk retention group has the meaning ascribed to it in NRS 695E.110.  (Added to NRS by 2017, 73)
NV Rev Stat § 694C.143 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.143 - "Sponsor" defined.

Sponsor means an insurer licensed pursuant to the laws of any state, a reinsurer authorized or approved under the laws of any state, a captive insurer formed or licensed pursuant to this chapter or a person that:  1. Meets the requirements of subsection 3 of NRS 694C.180 or is approved as a sponsor by the Commissioner; and  2. Is approved by the Commissioner to provide all or part of the capital and surplus required by applicable law and to organize and operate a sponsored captive insurer.  (Added to NRS by 2005, 2148; A 2013, 3371)
NV Rev Stat § 694C.147 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.147 - "Sponsored captive insurer" defined.

Sponsored captive insurer means any captive insurer:  1. In which the minimum capital and surplus required by applicable law is provided by one or more sponsors;  2. That is formed or licensed pursuant to this chapter;  3. That only insures the risks of its participants through separate participant contracts; and  4. That funds the liability for each participant through one or more protected cells where the assets of each protected cell are segregated from the assets of other protected cells and the assets of the general account of the sponsored captive insurer.  (Added to NRS by 2005, 2148)
NV Rev Stat § 694C.149 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.149 - State-chartered risk retention group" defined.

State-chartered risk retention group means any risk retention group that is formed in accordance with the laws of this State.  (Added to NRS by 2015, 3504; A 2017, 73; 2019, 1709)
NV Rev Stat § 694C.150 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.150 - "Stock insurer" defined.

Stock insurer has the meaning ascribed to it in NRS 680A.050.  (Added to NRS by 1999, 3208)
NV Rev Stat § 694C.155 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.155 - Applicability of chapter 696B of NRS to sponsored captive insurer.

The provisions of chapter 696B of NRS apply to a sponsored captive insurer if:  1. The assets of a protected cell are not used to pay any expense or claim other than those that are attributable to the protected cell; and  2. The capital and surplus of the sponsored captive insurer are available at all times to pay any expenses of or claims against the sponsored captive insurer.  (Added to NRS by 2005, 2150)
NV Rev Stat § 694C.160 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.160 - Applicability of other provisions.

  1. The terms and conditions set forth in chapter 696B of NRS pertaining to insurance reorganization, receiverships and injunctions apply to captive insurers incorporated pursuant to this chapter.  2. An agency captive insurer, a rental captive insurer and an association captive insurer are subject to those provisions of chapter 686A of NRS which are applicable to insurers.  3. A state-chartered risk retention group is subject to the following:  (a) The provisions of NRS 681A.250 to 681A.580, inclusive, regarding intermediaries;  (b) The provisions of NRS 681B.550 regarding risk-based capital;  (c) The provisions of chapter 683A of NRS regarding managing general agents;  (d) The provisions of chapter 686A of NRS which are applicable to insurers; and  (e) The provisions of NRS 693A.110 and any regulations adopted pursuant thereto regarding management and agency contracts of insurers.  (Added to NRS by 1999, 3217; A 2017, 73; 2019, 1709)
NV Rev Stat § 694C.170 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.170 - Regulations.

The Commissioner may establish such regulations as are necessary to carry out the provisions of this chapter.  (Added to NRS by 1999, 3217)
NV Rev Stat § 694C.190 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.190 - Name.

A captive insurer shall not use or adopt a name that is the same, deceptively similar or likely to be confused with or mistaken for any other existing business name registered in this state.  (Added to NRS by 1999, 3210)
NV Rev Stat § 694C.200 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.200 - Authorization to apply for license in certain circumstances; license required to transact insurance; penalty.

  1. A captive insurer, when authorized by its articles of association, articles of incorporation or charter, may apply to the Commissioner for a license to transact insurance.  2. A captive insurer shall not transact insurance in this State unless the captive insurer first obtains a license from the Commissioner.  3. A person who violates this section is subject to the provisions of, and shall be punished pursuant to, the Unauthorized Insurers Act set forth in NRS 685B.020 to 685B.087, inclusive.  (Added to NRS by 1999, 3208)
NV Rev Stat § 694C.210 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.210 - Application: Requirement; contents.

A captive insurer must apply to the Commissioner for a license. The application must include:  1. A certified copy of the charter and bylaws of the captive insurer;  2. A pro forma financial statement for the captive insurer that has been prepared by a certified public accountant or an actuary authorized by the Division to conduct business in this State;  3. Any other statements or documents that the Commissioner requires to be filed with the application;  4. Evidence of:  (a) The amount and liquidity of its assets relative to the risks to be assumed by the captive insurer;  (b) The expertise, experience and character of the persons who will manage the captive insurer;  (c) The overall soundness of the plan of operation of the captive insurer; and  (d) The adequacy of the programs of the captive insurer providing for loss prevention by its parent or member organizations, as applicable; and  5. Such other information deemed to be relevant by the Commissioner in ascertaining whether the proposed captive insurer will be able to meet its policy obligations.  (Added to NRS by 1999, 3210; A 2011, 3393)
NV Rev Stat § 694C.215 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.215 - Sponsored captive insurer required to file certain information with Commissioner.

In addition to the information required pursuant to NRS 694C.210, each sponsored captive insurer shall file with the Commissioner:  1. Information demonstrating the manner in which the applicant will account for the loss and expense experience of each protected cell, at a level of detail deemed sufficient by the Commissioner, and the method of reporting such information;  2. A written acknowledgment that all financial records of the sponsored captive insurer, including, but not limited to, records pertaining to any protected cells, must be made available for inspection or examination by the Commissioner or a designee of the Commissioner;  3. All contracts entered into between the sponsored captive insurer and any participant, including, but not limited to, participant contracts; and  4. Evidence satisfactory to the Commissioner indicating that expenses will be allocated to each protected cell in a fair and equitable manner.  (Added to NRS by 2005, 2151)
NV Rev Stat § 694C.220 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.220 - Fees for application; Commissioner authorized to retain professional services; cost of services.

An application by a captive insurer for licensure must include a nonrefundable application fee of $500. The Commissioner may retain legal, financial and examination services from outside the Division to review and make recommendations regarding the qualifying examination of the applicant. The cost of those services must be paid by the applicant. The provisions of NRS 679B.230 to 679B.287, inclusive, apply to examinations, investigations and processing conducted pursuant to this section.  (Added to NRS by 1999, 3210)
NV Rev Stat § 694C.230 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.230 - Issuance of license; annual renewal; fees.

  1. If the Commissioner determines that the documents and statements filed by the captive insurer satisfy the requirements for licensure, the Commissioner shall issue a license to the captive insurer. The license may be renewed annually upon the satisfaction of all requirements imposed by the Commissioner and payment of all applicable renewal fees.  2. A captive insurer must pay a fee of $300 for the issuance of a license and, on or before March 1 of each year, an annual fee of $300 and, in addition to any other fee or charge, all applicable fees required pursuant to NRS 680C.110 for the renewal of a license.  (Added to NRS by 1999, 3210; A 2005, 2153; 2009, 1814)
NV Rev Stat § 694C.240 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.240 - Insurer to include business plan with application for issuance and renewal of license; updates to business plan.

A captive insurer shall include its business plan with its application for the issuance and renewal of a license. If the captive insurer makes any changes to the business plan, the captive insurer shall, as soon as practicable, file a copy of the updated business plan with the Commissioner.  (Added to NRS by 1999, 3210)
NV Rev Stat § 694C.250 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.250 - Capital required: Amount; form; Commissioner authorized to prescribe additional requirements; letter of credit; use of surplus note.

  1. A captive insurer must not be issued a license, and shall not hold a license, unless the captive insurer has and maintains, in addition to any other capital or surplus required to be maintained pursuant to subsection 3, unimpaired paid-in capital and unencumbered surplus of:  (a) For a pure captive insurer, not less than $200,000;  (b) For an association captive insurer, not less than $500,000;  (c) For an agency captive insurer, not less than $600,000;  (d) For a rental captive insurer, not less than $800,000;  (e) For a sponsored captive insurer, not less than $500,000; and  (f) For a state-chartered risk retention group, not less than $500,000.  2. Except as otherwise provided by the Commissioner pursuant to subsection 3, the capital and surplus required to be maintained pursuant to this section must be in the form of cash or an irrevocable letter of credit.  3. The Commissioner may prescribe additional requirements relating to capital or surplus based on the type, volume and nature of the insurance business that is transacted by the captive insurer and requirements regarding which capital and surplus, if any, may be in the form of an irrevocable letter of credit.  4. A letter of credit used by a captive insurer as evidence of capital and surplus required pursuant to this section must:  (a) Be issued by a bank chartered by this State or a bank that is a member of the United States Federal Reserve System and has been approved by the Commissioner; and  (b) Include a provision pursuant to which the letter of credit is automatically renewable each year, unless the issuer gives written notice to the Commissioner and the captive insurer at least 90 days before the expiration date.  5. A surplus note used by a captive insurer as evidence of capital and surplus required pursuant to this section must:  (a) Be subject to strict control by the Commissioner and have been approved by the Commissioner as to form and content.  (b) Be subordinate to:  (1) Policyholders;  (2) Claims by claimants and beneficiaries under policies; and  (3) All other classes of creditors pursuant to paragraph (k) of subsection 1 of NRS 696B.420.  (c) Require prior approval of the Commissioner for any:  (1) Payment of interest; and  (2) Repayment of principal.  (d) Be accompanied by proceeds which are received by the captive insurer in the form of:  (1) Cash; or  (2) Other assets that:  (I) Are acceptable to the Commissioner;  (II) Have values that are readily determined; and  (III) Have liquidity that is satisfactory to the Commissioner.  (e) Be accounted for in such a manner that interest shall not be recorded as a liability or an expense until approval for payment of such interest has been granted by the Commissioner.  (Added to NRS by 1999, 3211; A 2005, 2153; 2007, 3328; 2019, 1711)
NV Rev Stat § 694C.259 (2021)
2021 Nevada Revised Statutes|Chapter 694C - Captive Insurers|NRS 694C.259 - Certificate of dormancy: Application; powers and duties of certificate holder; renewal; surrender; revocation; regulations.

  1. A captive insurer which ceases to transact the business of insurance, including, without limitation, the issuance of insurance policies and the assumption of reinsurance, may apply to the Commissioner for a certificate of dormancy.  2. Upon application by a captive insurer pursuant to subsection 1, the Commissioner may issue a certificate of dormancy to the captive insurer. The Commissioner may issue a certificate of dormancy to a captive insurer even if the captive insurer retains liabilities that are associated with policies that were written or assumed by the captive insurer provided that the captive insurer has otherwise ceased to transact the business of insurance.  3. A dormant captive insurer shall:  (a) Possess and thereafter maintain unimpaired paid-in capital and surplus of not less than $25,000.  (b) Pursuant to NRS 694C.230, pay an annual fee and, in addition to any other fee or charge, all applicable fees required pursuant to NRS 680C.110 for the renewal of a license.  (c) Be subject to examination for any year for which the dormant captive insurer is not in compliance with the provisions of this section.  4. A dormant captive insurer may:  (a) At the discretion of the Commissioner, be subject to examination for any year for which the dormant captive insurer is in compliance with the provisions of this section.  (b) Continue to adjudicate and settle insurance claims under any contract of insurance or reinsurance that the captive insurer issued during any period in which the captive insurer was not a dormant captive insurer. The effective date of such a contract of insurance or reinsurance must be before the date on which the Commissioner issued a certificate of dormancy to the captive insurer.  5. A dormant captive insurer is not:  (a) Subject to or liable for the payment of any tax pursuant to NRS 694C.450.  (b) Required to:  (1) Prepare audited financial statements;  (2) Obtain actuarial certifications or opinions; or  (3) File annual reports with the Commissioner pursuant to NRS 694C.400.  6. A certificate of dormancy is subject to renewal after 5 years and is forfeited if not renewed within that period.  7. Except as otherwise provided by this section, before issuing any insurance policy or otherwise transacting the business of insurance, a dormant captive insurer must apply to the Commissioner for approval to surrender its certificate of dormancy and resume transacting the business of insurance.  8. The Commissioner shall revoke the certificate of dormancy of a dormant captive insurer that is not in compliance with the provisions of this section.  9. The Commissioner may adopt regulations necessary to carry out the provisions of this section.  (Added to NRS by 2019, 1708)