2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.296 - Group capital calculation: Recognition and acceptance.

1. A non-United States jurisdiction is considered to recognize and accept the group capital calculation if it satisfies the following criteria:
(a) With respect to paragraph (d) of subsection 3 of NRS 692C.290:
(1) The non-United States jurisdiction recognizes the United States’s state regulatory approach to group supervision and group capital, by providing confirmation by a competent regulatory authority, in such jurisdiction, that insurers and insurance groups whose lead state is accredited by the NAIC under the NAIC Accreditation Program shall be subject only to worldwide prudential insurance group supervision including worldwide group governance, solvency and capital, and reporting, as applicable, by the lead state and will not be subject to group supervision, including, without limitation, worldwide group governance, solvency and capital, and reporting, at the level of the worldwide parent undertaking of the insurance or reinsurance group by the non-United States jurisdiction; or
(2) If no United States insurance groups operate in the non-United States jurisdiction, that non-United States jurisdiction indicates formally in writing to the lead state commissioner with a copy to the International Association of Insurance Supervisors that the group capital calculation is an acceptable international capital standard. This serves as the documentation otherwise required in subparagraph (1).
(b) The non-United States jurisdiction provides confirmation by a competent regulatory authority in such jurisdiction that information regarding insurers and their parent, subsidiary or affiliated entities, if applicable, shall be provided to the lead state commissioner in accordance with a memorandum of understanding or similar document between the commissioner and such jurisdiction, including, without limitation, the International Association of Insurance Supervisors Multilateral Memorandum of Understanding or other multilateral memoranda of understanding coordinated by the NAIC. The Commissioner shall determine, in consultation with the NAIC, whether the requirements of the information sharing agreements are in force.
2. For the purposes of subsection 1, a list of non-United States jurisdictions that recognize and accept the group capital calculation, published by the NAIC, may be considered as further specified by the following:
(a) A list of jurisdictions that recognize and accept the group capital calculation pursuant to paragraph (d) of subsection 3 of NRS 692C.290, published by the NAIC, may be used to assist the lead state commissioner in determining which insurers shall file an annual group capital calculation. The list may be used to clarify those situations in which a jurisdiction is exempted from filing under paragraph (d) of subsection 3 of NRS 692C.290. To assist with a determination under subsection 4 of NRS 692C.290, the list may be used to identify whether a jurisdiction that is exempted under either paragraph (c) or (d) of subsection 3 of NRS 692C.290 requires a group capital filing for any United States based insurance group’s operations in that non-United States jurisdiction.
(b) For a non-United States jurisdiction where no United States insurance groups operate, the confirmation provided to meet the requirement of subparagraph (2) of paragraph (a) of subsection 1 serves as support for a recommendation to be published as a jurisdiction that recognizes and accepts the group capital calculation adopted by the NAIC.
3. If the lead state commissioner makes a determination pursuant to paragraph (d) of subsection 3 of NRS 692C.290 that differs from the list published by the NAIC, the lead state commissioner must provide thoroughly documented justification to the NAIC and other states.
4. Upon determination by the lead state commissioner that a non-United States jurisdiction no longer meets one or more of the requirements to recognize and accept the group capital calculation, the lead state commissioner may provide a recommendation to the NAIC that the non-United States jurisdiction be removed from the list of jurisdictions that recognize and accept the group capital calculation.
(Added to NRS by 2021, 2985)