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Nevada Administrative Code › Chapter 690C - Service Contracts › Section 690C.100 - Submission and approval of contract; fees

Current through June 11, 2024
1. A
		  provider shall not issue, sell or offer for sale a service contract in this
		  State unless the service contract has been:
(a) Filed with the Commissioner in accordance
		  with the System for Electronic Rate and Form Filing developed and implemented
		  by the National Association of Insurance Commissioners or its successor
		  organization; and
(b) Approved by
		  the Commissioner.
Nevada Administrative Code › Chapter 690C - Service Contracts › Section 690C.110 - Information required in contract; status report

Current through June 11, 2024
1. A
		  service contract must clearly state the procedures for making a claim on the
		  contract, including, without limitation:
(a) A
		  toll-free telephone number for claim service.
(b) Procedures for obtaining prior approval
		  of work if such approval is required by the contract.
(c) If the service contract relates to goods
		  that are essential to the health and safety of the holder and the repair of
		  such goods is covered under the terms and conditions of the service contract,
		  procedures for obtaining emergency service on such goods outside of normal
		  business hours, including, without limitation, a statement which provides that
		  if the emergency involves the loss of heating or cooling, loss of plumbing or
		  substantial loss of electrical service and the emergency renders a dwelling
		  unfit for a person to live in because of defects that immediately endanger the
		  health and safety of the occupants of the dwelling:
(1) Repairs will commence within 24 hours
		  after the report of the claim and will be completed as soon as reasonably
		  practicable thereafter; and
(2) If
		  the provider determines that repairs cannot practicably be completed within 3
		  calendar days after the report of the claim, the provider will provide a status
		  report to the holder and to the Commissioner as described in subsection
		  2.
(d) A statement that
		  if the holder is not satisfied with the manner in which the provider is
		  handling the claim on the contract, the holder may contact the Commissioner by
		  use of the toll-free telephone number of the Division. The statement must
		  include the current toll-free telephone number of the Division which can be
		  obtained from the Internet website of the Division.
Nevada Administrative Code › Chapter 690C - Service Contracts › Section 690C.120 - Cancellation of contract: Refund of purchase price; cancellation fee

Current through June 11, 2024
1. Except as otherwise provided in this
		  subsection, if a provider cancels a service contract pursuant to
		  NRS
		  690C.270, the provider shall refund to the
		  holder the portion of the purchase price that is unearned by the provider. The
		  provider may deduct any outstanding balance on the account of the holder from
		  the amount of the purchase price that is unearned by the provider when
		  calculating the amount of the refund. A provider who cancels a contract
		  pursuant to
		  NRS
		  690C.270 may not impose a cancellation
		  fee.
2. Except as otherwise
		  provided in this section, if a holder who is the original purchaser of a
		  service contract submits to the provider a request in writing to cancel the
		  service contract in accordance with the terms of the contract, the provider
		  shall refund to the holder the portion of the purchase price that is unearned
		  by the provider.
3. If a holder
		  requests the cancellation of a service contract pursuant to subsection 2, the
		  provider may impose a reasonable cancellation fee if such a fee is provided for
		  in the terms of the service contract.
4. If the provider transfers a service
		  contract at the request of the holder, the provider may impose a reasonable
		  transfer fee if such a fee is provided for in the terms of the service
		  contract.
5. When calculating the
		  amount of a refund pursuant to subsection 2, the provider may deduct from the
		  portion of the purchase price that is unearned by the provider:
(a) Any outstanding balance on the account of
		  the holder; and
(b) Any
		  cancellation fee imposed pursuant to this section.
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.010 - "Guaranteed asset protection insurance" defined

Current through June 11, 2024
1. As used in this chapter, unless the context otherwise requires, "guaranteed asset protection insurance" means a policy or certificate of insurance written in connection with a credit transaction that covers the difference between the actual cash value of the vehicle and the outstanding loan balance or lease balance in the event of a total loss of the vehicle.
2. An endorsement to a motor vehicle policy is not considered guaranteed asset protection insurance.
Added to NAC by Comm'r of Insurance by R132-05, eff. 10-31-2005; A by R114-06, 3-23-2007, eff. 4-1-2007
NRS 679B.130, 691C.430
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.020 - Scope: "Guaranteed asset protection insurance" interpreted

Current through June 11, 2024
As used in NRS 691C.240, "guaranteed asset protection insurance" has the meaning ascribed to it in NAC 691C.010.
Added to NAC by Comm'r of Insurance by R132-05, eff. 10-31-2005; A by R114-06, 3-23-2007, eff. 4-1-2007
NRS 679B.130, 691C.240, 691C.430
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.030 - Coverage: "Extended coverage" and "standard fire policy" interpreted

Current through June 11, 2024
1. As used in NRS 691C.260:
(a) "Extended coverage" includes, but is not limited to, coverage against all direct losses by:
(1) Fire;
(2) Lightning;
(3) Internal or other explosion;
(4) Riot;
(5) Vehicles;
(6) Civil commotion;
(7) Fireplace or other smoke;
(8) Hail;
(9) Aircraft;
(10) Windstorm;
(11) Volcanic eruption;
(12) Vandalism and malicious mischief;
(13) Burglary;
(14) Weight of ice, snow or sleet;
(15) Discharge of water or steam;
(16) Falling objects;
(17) Freezing;
(18) Sudden tearing, cracking or burning;
(19) Electrical current;
(20) Flood;
(21) Earthquake;
(22) Theft; and
(23) Mysterious disappearance.
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.050 - Guaranteed asset protection insurance: Coverage of insurance deductible

Current through June 11, 2024
Guaranteed asset protection insurance must cover an insurance deductible, up to $1,000, as part of a claim settlement.
Added to NAC by Comm'r of Insurance by R132-05, eff. 10-31-2005; A by R114-06, 3-23-2007, eff. 4-1-2007
NRS 679B.130, 691C.430
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.060 - Actuarial justification of filed rates

Current through June 11, 2024
Rates filed pursuant to NRS 691C.320 must be actuarially justified based on:
1. Actual and expected loss experience;
2. General and administrative expenses;
3. Loss settlement and adjustment expenses;
4. Reasonable producer compensation;
5. The manner in which premiums are charged;
6. Other acquisition costs;
7. Reserves;
8. Taxes;
9. Regulatory license fees and fund assessments;
10. Reasonable insurer profit; and
11. Other relevant data consistent with generally accepted actuarial standards.
Added to NAC by Comm'r of Insurance by R132-05, eff. 10-31-2005
NRS 679B.130, 691C.320, 691C.430
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.100 - Rates considered to be reasonable in relation to benefits provided and not excessive (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R114-06, 3-23-2007, eff. 4-1-2007; R by R027-17A, eff. 12/19/2017
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.110 - Credit personal property insurance with closed-end single premium: Recommended premium rate for dual-interest coverage with theft (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R114-06, 3-23-2007, eff. 4-1-2007; R by R027-17A, eff. 12/19/2017
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.120 - Credit personal property insurance with closed-end single premium: Recommended premium rate for dual-interest coverage without theft (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R114-06, 3-23-2007, eff. 4-1-2007; R by R027-17A, eff. 12/19/2017
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.130 - Credit personal property insurance with closed-end single premium: Recommended premium rate for single-interest coverage with theft (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R114-06, 3-23-2007, eff. 4-1-2007; R by R027-17A, eff. 12/19/2017
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.140 - Credit personal property insurance with closed-end single premium: Recommended premium rate for single-interest coverage without theft (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R114-06, 3-23-2007, eff. 4-1-2007; R by R027-17A, eff. 12/19/2017
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.150 - Open-end credit property insurance with monthly outstanding balance: Recommended premium rate for dual-interest coverage with theft (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R114-06, 3-23-2007, eff. 4-1-2007; R by R027-17A, eff. 12/19/2017
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.160 - Open-end credit property insurance with monthly outstanding balance: Recommended premium rate for dual-interest coverage without theft (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R114-06, 3-23-2007, eff. 4-1-2007; R by R027-17A, eff. 12/19/2017
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.170 - Guaranteed asset protection insurance: Recommended premium rates (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R114-06, 3-23-2007, eff. 4-1-2007; R by R027-17A, eff. 12/19/2017
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.180 - Submission of rates for review and approval by Commissioner

Current through June 11, 2024
All rates for policies of credit personal property insurance, including rates for guaranteed asset protection insurance, must be submitted for review and approval by the Commissioner pursuant to NRS 691C.320. Any rates for credit personal property insurance, including, without limitation, rates for guaranteed asset protection insurance, filed before April 1, 2007, are null and void effective July 1, 2007.
Added to NAC by Comm'r of Insurance by R114-06, 3-23-2007, eff. 4-1-2007
NRS 679B.130, 691C.320, 691C.430
Nevada Administrative Code › Chapter 691C - Credit Personal Property Insurance › Section 691C.190 - Annual reports of experience data; review of recommended premium rates by Commissioner (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Insurance by R114-06, 3-23-2007, eff. 4-1-2007; R by R005-16, eff. 6/28/2016
NRS 679B.130, 691C.340, 691C.430
Nevada Administrative Code › Chapter 691D - Portable Electronics Insurance › Section 691D.300 - Notice sent by electronic means: Requirements; maintenance of records; duplication

Current through June 11, 2024
1. An insurer under a policy of portable electronics insurance may send by electronic mail or other electronic means any notice required by chapter 691D of NRS if:
(a) The insurer has notified the policyholder and each enrolled customer that:
(1) Notice will be sent by electronic mail or other electronic means; and
(2) The policyholder or enrolled customer has a right to refuse, in writing, to receive notices electronically; and
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.Sec. 2 - NEW

Current through June 11, 2024
1. A license as a title agent issued pursuant
		  to this chapter and chapter 692A of NRS continues in force for 3 years unless
		  it is suspended, revoked or otherwise terminated. The license may be renewed
		  upon submission of the statement required pursuant to
		  NRS
		  692A.1033 and payment of all applicable fees
		  for renewal to the Commissioner on or before the last day of the month in which
		  the license is renewable.
2. A
		  license which is not renewed expires at midnight on the last day of the month
		  specified on the license for the renewal. The Commissioner may accept a request
		  for renewal received by the Commissioner within 30 days after the expiration of
		  the license if the request is accompanied by the statement required pursuant to
		  NRS
		  692A.1033 and a fee for renewal of 150
		  percent of all applicable fees otherwise required, except for any fee required
		  pursuant to NRS
		  680C.110.
Added
			 to NAC by Commr of Insurance by
			 R184-22A,
			 eff. 12/29/2022
NRS
				679B.130,
				692A.090,
				692A.100
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.010 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise
			 requires:
1. The words and terms
		  defined in
		  NRS
		  692A.015 to
		  692A.080,
		  inclusive, have the meanings ascribed to them in those sections.
2. "Bona fide resident" means a:
(a) Person who actually resides in this State
		  with the intent that it be his or her domicile; or
(b) Firm or corporation which maintains its
		  principal place of business in this State and whose articles of incorporation
		  or partnership agreement authorizes it to do business in this State.
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.020 - Actions not considered as soliciting applications or negotiating contracts

Current through June 11, 2024
The Commissioner will not consider the following as soliciting
			 applications for insurance or negotiating contracts of title insurance:
1. The searching, examining or abstracting of
		  a title.
2. Services which are
		  solely clerical or administrative conducted by salaried employees of a title
		  agent or title insurer.
Added to NAC by Comm'r of
			 Insurance, eff. 6-23-86
NRS
				679B.130,
				692A.090
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.030 - Licenses: Application

Current through June 11, 2024
1. A written
		  application for a title agent's or escrow officer's license must be filed with
		  the Commissioner by the person applying for the license, accompanied by all
		  applicable fees. The application must include the following:
(a) The name of the person applying for a
		  license.
(b) Evidence that he or
		  she is a bona fide resident of this State or resides not more than 50 miles
		  from the border of this State.
(c)
		  The name and address of each of his or her employers for at least 2 years
		  immediately preceding the application.
(d) A description of his or her experience
		  relating to title insurance or escrow and evidence of his or her knowledge of
		  the laws of this State pertaining to insurance.
(e) A statement whether:
(1) The person is or was previously licensed
		  to transact the business of insurance or to handle escrows, settlements or
		  closings and, if so, where he or she was licensed and whether that license was
		  ever suspended or revoked or the renewal of continuance of it
		  refused;
(2) The person has ever
		  been denied such a license; and
(3)
		  The person has ever had a contract as an agent or escrow officer cancelled and,
		  if so, the reasons for that cancellation.
(f) Any other information reasonably required
		  by the Commissioner to determine the person's qualifications for the
		  license.
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.040 - Licenses: Qualifications

Current through June 11, 2024
Any natural person for whom a title agent's or
				escrow officer's license is issued, continued or permitted to exist
				must:
1. Be at least 18 years of
				age;
2. If he or she is applying
				for a title agent's license, be appointed an agent by an authorized title
				insurer, or be authorized to act by a licensed title agent which is a firm or
				corporation;
3. If he or she is
				applying for an escrow officer's license, be employed as an escrow officer by
				an authorized title insurer or title agent; and
4. Be competent, trustworthy and financially
				responsible.
Added to NAC by Comm'r of
				Insurance, eff. 6-23-86
NRS
				679B.130,
				692A.090,
				692A.100,
				692A.103
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.050 - Licenses: Firm or corporation licensed only as title agent

Current through June 11, 2024
1. A firm or corporation may be licensed only
				as a title agent.
2. The
				application of a firm or corporation for a license as a title agent must
				include:
(a) The information required for a
				natural person;
(b) The names of
				all its members, officers and directors; and
(c) The name of each natural person who is
				authorized to act for the firm or corporation pursuant to the
				license.
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.055 - Licensing of title agents: Required experience; proof of experience

Current through June 11, 2024
1. A person who wishes to obtain a license as
				a title agent must:
(a) Have at least 1 year
				of recent experience relating to title insurance of a nature sufficient to
				allow the person to fulfill the responsibilities of a title agent; or
(b) Attain a score of 70 or more on an
				examination on the subject of title insurance prescribed by the Commissioner
				within 1 year immediately preceding the date of the application for the
				license.
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.060 - Licensing of escrow officers: Proof of experience

Current through June 11, 2024
1.
				Except as otherwise provided in subsection 2, a person applying for a license
				as an escrow officer must submit to the Commissioner proof of the experience
				required by NRS 692A. 103 in the form of a statement from each person who
				employed him or her within the 2 years immediately preceding the date of the
				application and from whom the person applying for the escrow officer's license
				claims to have obtained such experience. Each statement must be signed and
				attested to by the employer and must include:
(a) The name and address of the employer of
				the person applying for the license;
(b) The name and title of the immediate
				supervisor of that person, if any;
(c) A description of the duties and
				responsibilities of that person while so employed and their relation to
				escrow;
(d) The period during which
				that person fulfilled those duties and responsibilities; and
(e) The reason that person left the
				employment of his or her employer.
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.070 - Display of license

Current through June 11, 2024
Each title agent's or escrow officer's license
				must be conspicuously displayed in the licensee's place of business in a place
				customarily open to the public.
Added to NAC by Comm'r of
				Insurance, eff. 6-23-86
NRS
				679B.130,
				692A.090
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.080 - Appointment of title agents

Current through June 11, 2024
1. A title insurer
				which transacts its business directly in this State shall appoint a natural
				person who is licensed as a title agent to manage each of its main locations in
				this State. The insurer shall authorize him or her to appoint other title
				agents and to employ escrow officers to act on behalf of the insurer in this
				State.
2. A licensed title agent
				which is a firm or corporation and is appointed by a title insurer to transact
				its business in this State may authorize a natural person to act as a title
				agent for the firm or corporation if:
(a) That
				person complies with the provisions of NAC 692A.030, 692A.040 and 692A.060;
				and
(b) The underwriting agreement
				between the title insurer and the firm or corporation permits such an
				authorization of a natural person.
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.090 - Appointment of title agent or employment of escrow officer: Filing of required documents; effect of filing and failure to file

Current through June 11, 2024
1.
				Each title insurer appointing a title agent or employing an escrow officer in
				this State shall file with the Commissioner:
(a) A written appointment of the title agent
				or notice of the employment of the escrow officer;
(b) The appropriate fee; and
(c) A copy of any underwriting agreement
				between the title insurer and the title agent.
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.100 - Termination of appointment of title agent or employment of escrow officer

Current through June 11, 2024
When a
				title insurer or a title agent which is a firm or corporation terminates the
				appointment of a title agent or the employment of an escrow officer, he or she
				shall promptly submit to the Commissioner written notice of the effective date
				of the terminations and may be required by the Commissioner:
1. To submit proof that he or she has given,
				if possible, written notice to the title agent or escrow officer; and
2. Upon written request, to file a statement
				of the cause, if any, for the termination.
Added to NAC by Comm'r of
				Insurance, eff. 6-23-86
NRS
				679B.130,
				692A.090
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.110 - Annual certification of certain title agents, escrow officers and employees

Current through June 11, 2024
A firm or corporation licensed to act as a
				title agent, or a natural person appointed by a title insurer pursuant to NAC
				692A.080, shall certify to the Commissioner on January 1 of each year the name
				of any:
1. Person he or she has
				appointed to act as a title agent;
2. Person he or she supervises or employs as
				an escrow officer; and
3. Other
				person he or she employs who performs other than clerical functions.
Added to NAC by Comm'r of
				Insurance, eff. 6-23-86
NRS
				679B.130,
				692A.090
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.115 - Certification required before allowing title agent or escrow officer to perform certain acts

Current through June 11, 2024
A title insurer or title agent that appoints or
				employs a title agent or an escrow officer shall not allow the title agent to
				issue a policy of title insurance or the title agent or escrow officer to
				disburse money from an escrow account unless the title agent or escrow officer
				is certified to the Commissioner pursuant to
				NRS
				692A.110 and NAC 692A.110.
Added to NAC by Comm'r of Insurance
				by R121-06, eff. 9-18-2006
NRS
				679B.130,
				692A.090
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.120 - Supervision and examination: Interpretation of term

Current through June 11, 2024
As used in
				NRS
				692A.1045, the Commissioner will interpret
				"supervision and examination" to include:
1. An audit;
2. An investigation; and
3. A hearing.
Added to NAC by Comm'r of
				Insurance, eff. 9-16-92
NRS
				679B.130,
				692A.090,
				692A.1045
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.130 - Supervision and examination: Imposition of fees and charges

Current through June 11, 2024
1. Except as otherwise provided in subsection
				2, the fees to be paid by title agents and title insurers for supervision and
				examination may include, without limitation:
(a) For a financial examiner or market
				conduct examiner, a daily salary as defined in the
Financial
				Condition
Examiners Handbook or the
Market Regulation
				Handbook
, as applicable, published by the National Association of
				Insurance Commissioners, which has been adopted by reference in NAC
				679B.033, or such other
				compensation as the Commissioner may authorize.
(b) For expert assistants, a daily salary or
				other compensation based upon the rate established in the contract approved by
				the State Board of Examiners.
(c)
				The maximum per diem rate for the location of the examination as set forth in
				the Federal Travel Regulation System, 41 C.F.R. chapters 300 to 304,
				inclusive.
(d) Expenses for
				transportation, including, without limitation, the cost of airfare, rail fare,
				taxicab fare and automobile rental and the reimbursement of any personal
				automobile expenses necessary to reach the location of the examination. The
				calculation of expenses for transportation may include expenses for
				transportation incurred by virtue of the length of time necessary to complete
				the examination.
(e) Upon approval
				of the Commissioner, miscellaneous expenses incurred by the examiner and
				assistants while performing an examination. Miscellaneous expenses may include,
				without limitation, expenses for telephone calls, facsimile transmissions and
				postal charges relating to the examination.
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.140 - Supervision and examination: Billing and payment of fees and charges

Current through June 11, 2024
1. The Commissioner will bill the title agent
				or title insurer monthly for the amount due unless, in the opinion of the
				Commissioner, it is more practical under the circumstances to bill him or her
				upon the completion of the supervision or examination.
2. Except as otherwise provided in subsection
				3, within 30 days after the date on which the bill is postmarked, the title
				agent or title insurer shall pay the amount due in full.
3. Upon request, the Commissioner will, if
				appropriate, allow a title agent to pay the applicable fees and charges in
				periodic payments. The title agent shall include in the request for periodic
				payments a proposed schedule for payment and evidence of the financial hardship
				which would be created by immediate payment of the bill.
Added to NAC by Comm'r of
				Insurance, eff. 9-16-92
NRS
				679B.130,
				692A.090,
				692A.1045
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.150 - Supervision and examination: Failure to pay fees and charges

Current through June 11, 2024
The
				failure to pay any fee or charge required by
				NRS
				692A.1045 constitutes grounds for suspension
				or revocation of the license of a title agent or the license or certificate of
				authority of the title insurer, as appropriate.
Added to NAC by Comm'r of
				Insurance, eff. 9-16-92
NRS
				679B.130,
				692A.090,
				692A.1045
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.160 - Grounds for disciplinary action: Failure to maintain adequate supervision of escrow officer or title agent

Current through June 11, 2024
For the purposes of
				NRS
				692A.105 and
				692A.107,
				a title insurer or title agent maintains adequate supervision of a title agent
				or an escrow officer he or she has appointed or employed if he or she:
1. Designates a supervisor to assist the
				title agent or escrow officer. The supervisor must be:
(a) Licensed as a title agent pursuant to
				this chapter and chapter 692A of NRS; and
(b) Present at the location where the title
				agent or escrow officer does business, or immediately available to the title
				agent or escrow officer, at least one-half of the time the location is open to
				the public.
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.170 - Reporting of certain violations to Commissioner of Mortgage Lending

Current through June 11, 2024
A title
				insurer, title agent or escrow officer who has knowledge of a violation of any
				provision of
				NRS
				645B.900 or
				645E.900
				shall promptly report the facts and circumstances concerning the violation to
				the Commissioner of Mortgage Lending.
Added to NAC by Comm'r of Insurance
				by R121-06, eff. 9-18-2006
NRS
				679B.130,
				692A.090
Nevada Administrative Code › Chapter 692A - Title Insurance › Section 692A.180 - Maintenance of records

Current through June 11, 2024
A title insurer, title agent or escrow officer
				who is required to maintain records pursuant to this chapter or chapter 692A of
				NRS may maintain the records in any permanent form, including, without
				limitation, electronic form.
Added to NAC by Comm'r of Insurance
				by R121-06, eff. 9-18-2006
NRS
				679B.130,
				692A.090
Nevada Administrative Code › Chapter 692C - Holding Companies › GENERAL PROVISIONS › Section 692C.005 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
				the words and terms defined in NAC
				692C.010 and
				692C.014 have the meanings
				ascribed to them in those sections.
Added to NAC
				by Comm'r of Insurance by
				R094-17A,
				eff. 5/16/2018
NRS 679B.130,
				  692C.120,
				  692C.3505
Nevada Administrative Code › Chapter 692C - Holding Companies › GENERAL PROVISIONS › Section 692C.014 - "Senior management" defined

Current through June 11, 2024
"Senior management" means each corporate officer responsible
				for reporting information to the board of directors of an insurer or insurance
				group at regular intervals, as determined by the board of directors in
				compliance with applicable state or federal law and regulations, or providing
				this information to shareholders or regulators in compliance with applicable
				state or federal law and regulations. The term includes, without limitation,
				the:
1. Chief executive
			 officer;
2. Chief financial
			 officer;
3. Chief information
			 officer;
4. Chief legal officer or
			 general counsel;
5. Chief operating
			 officer;
6. Chief procurement
			 officer;
7. Chief revenue
			 officer;
8. Chief technology
			 officer; and
9. Chief visionary
			 officer.
Added to NAC
				by Comm'r of Insurance by
				R094-17A,
				eff. 5/16/2018
NRS 679B.130,
				  692C.120,
				  692C.3505
Nevada Administrative Code › Chapter 692C - Holding Companies › GENERAL PROVISIONS › Section 692C.015 - Severability

Current through June 11, 2024
If any provision of this chapter or the application thereof to
				any person or circumstance is held invalid, such invalidity does not affect the
				provisions or application of this chapter that can be given effect without the
				invalid provision or application, and to this end the provisions of this
				chapter are declared to be severable.
Added to NAC by Comm'r of
				Insurance by R026-02, eff. 5-31-2002
NRS
				  679B.130,
				  692C.120
Nevada Administrative Code › Chapter 692C - Holding Companies › ACQUISITIONS, MERGERS, REGISTRATION, SUBSIDIARIES AND TRANSACTIONS › Section 692C.020 - Form for filing statement relating to acquisition or merger

Current through June 11, 2024
1. A person required to file a statement with
			 the Commissioner pursuant to
			 NRS
			 692C.180 shall furnish the required
			 information on the form provided by the Commissioner entitled "Form A -
			 Statement Regarding the Acquisition of Control of or Merger with a Domestic
			 Insurer."
2. If the subject of the
			 proposed acquisition is deemed to be a domestic insurer pursuant to subsection
			 5 of
			 NRS
			 692C.180 solely because it controls a
			 domestic insurer:
(a) The names of the
			 domestic insurers must be shown on the cover page of Form A in substantially
			 the following form:
.................................................. , a
				subsidiary of ............................................................
				.
(domestic insurer) (subject of proposed acquisition)
(b) For the purposes of Form A,
			 the term "insurer" means the subject of the proposed acquisition and its
			 subsidiary.
Nevada Administrative Code › Chapter 692C - Holding Companies › ACQUISITIONS, MERGERS, REGISTRATION, SUBSIDIARIES AND TRANSACTIONS › Section 692C.030 - Forms for filing registration statement

Current through June 11, 2024
1. Except as
			 otherwise provided in section 3 , an insurer required to file a registration
			 statement with the Commissioner pursuant to NRS
			 NRS
			 692C.270 shall furnish the required
			 information on the forms provided by the Commissioner entitled "Form B
			 -Insurance Holding Company System Annual Registration Statement" and "Form C -
			 Summary of Registration Statement." A domestic insurer shall file Form B and
			 Form C with the Commissioner not later than June 30 of each year. An insurer
			 shall file Form C with the agency that regulates insurance in each state in
			 which the insurer is authorized to do business, if the information is requested
			 by that agency.
2. The insurer may
			 attach any exhibit to the form if the exhibit is clearly marked to indicate the
			 matter to which it refers.
3. If
			 there is any change in the information provided on Form B, the insurer shall
			 file an amendment to that form within 15 days after the month in which the
			 change occurred. The insurer shall file the amendment on that form by
			 completing only those items which were affected by the change and by including,
			 at the top of the first page of the form, "Amendment No. . ....... (number of
			 amendment) to Form B for ........ (year)" and the day and month on which the
			 change occurred.
4. Form B and Form
			 C must be completed in accordance with the current version of the Insurance
			 Holding Company System Reporting Instructions of the National Association of
			 Insurance Commissioners and the instructions provided by the Commissioner. A
			 copy of Form B and Form C and the general instructions for Form B and Form C
			 may be obtained at
http://doi.nv.gov
.
Added to NAC by Comm'r of
				Insurance, eff. 4-25-96; A by R026-02, 5-31-2002; A by
				R078-16A,
				eff. 12/21/2016
NRS
				679B.130,
				692C.120,
				692C.270,
				692C.310,
				692C.320
Nevada Administrative Code › Chapter 692C - Holding Companies › ACQUISITIONS, MERGERS, REGISTRATION, SUBSIDIARIES AND TRANSACTIONS › Section 692C.035 - Filing registration statement or similar report on behalf of affiliated insurer; filing consolidated statement or report

Current through June 11, 2024
1. Except as otherwise provided in subsection
			 4:
(a) An authorized insurer may file a
			 registration statement on behalf of any affiliated insurer that is required to
			 register pursuant to
			 NRS
			 692C.260 to
			 692C.350,
			 inclusive. A registration statement may include information not required
			 pursuant to chapter 692C of NRS regarding any insurer in the insurance holding
			 company system even if the insurer is not authorized to do business in this
			 State. Except as otherwise provided in paragraph (b), the registration
			 statement must be filed on Form B, as set forth in NAC
			 692C.030.
(b) In lieu of filing a registration
			 statement on Form B, an authorized insurer may file a copy of the registration
			 statement or similar report that it is required to file in its state of
			 domicile if:
(1) The statement or report
			 includes information that is substantially similar to the information required
			 to be furnished on Form B; and
(2)
			 The authorized insurer is the principal insurance company in the insurance
			 holding company system.
Nevada Administrative Code › Chapter 692C - Holding Companies › ACQUISITIONS, MERGERS, REGISTRATION, SUBSIDIARIES AND TRANSACTIONS › Section 692C.040 - Form for notice of intent to enter into transaction

Current through June 11, 2024
1. An insurer required to give notice to the
			 Commissioner of its intention to enter into any transaction set forth in
			 NRS
			 692C.363 shall furnish the required
			 information on the form provided by the Commissioner entitled "Form D - Prior
			 Notice of a Transaction." The insurer may attach any exhibit to the form if the
			 exhibit is clearly marked to indicate the matter to which it refers.
2. Form D must be completed in accordance
			 with the current version of the Insurance Holding Company System Reporting
			 Instructions of the National Association of Insurance Commissioners and the
			 instructions provided by the Commissioner. A copy of Form D and the general
			 instructions for Form D may be obtained at
http://doi.nv.gov
.
Added to NAC by Comm'r of
				Insurance, eff. 4-25-96; A by R026-02, 5-31-2002; A by
				R078-16A,
				eff. 12/21/2016
NRS
				679B.130,
				692C.120,
				692C.363
Nevada Administrative Code › Chapter 692C - Holding Companies › ACQUISITIONS, MERGERS, REGISTRATION, SUBSIDIARIES AND TRANSACTIONS › Section 692C.045 - Potential competitive impact of proposed merger or acquisition: Required notice and form

Current through June 11, 2024
1. An insurer shall
			 give notice to the Commissioner of the potential competitive impact of a
			 proposed merger or acquisition by a non-domiciliary insurer doing business in
			 this state or by a domestic insurer on the form provided by the Commissioner
			 entitled "Form E - Pre-Acquisition Notification Form Regarding the Potential
			 Competitive Impact of a Proposed Merger or Acquisition by a Non-Domiciliary
			 Insurer Doing Business in this State or by a Domestic Insurer."
2. Form E must be completed in accordance
			 with the current version of the Insurance Holding Company System Reporting
			 Instructions of the National Association of Insurance Commissioners and the
			 instructions provided by the Commissioner. A copy of Form E and the general
			 instructions for Form E may be obtained at
http://doi.nv.gov
.
3. In addition to the information required by
			 Form E, the Commissioner may require an insurer to submit the opinion of an
			 expert concerning the potential competitive impact of the proposed merger or
			 acquisition.
Added to NAC by Comm'r of
				Insurance by R026-02, eff. 5-31-2002; A by
				R078-16A,
				eff. 12/21/2016
NRS
				679B.130,
				692C.120,
				692C.254
Nevada Administrative Code › Chapter 692C - Holding Companies › ACQUISITIONS, MERGERS, REGISTRATION, SUBSIDIARIES AND TRANSACTIONS › Section 692C.050 - Additional information relating to acquisitions, mergers, registration and transactions

Current through June 11, 2024
After receiving any form specified in NAC 692C.020 to 692C.045,
				inclusive, the Commissioner may request additional information if it is
				necessary to clarify any information included on the form.
Added to NAC by Comm'r of
				Insurance, eff. 4-25-96; A by R026-02, 5-31-2002
NRS
				  679B.130,
				  692C.120
Nevada Administrative Code › Chapter 692C - Holding Companies › ACQUISITIONS, MERGERS, REGISTRATION, SUBSIDIARIES AND TRANSACTIONS › Section 692C.055 - Form for filing annual report of enterprise risk; amendment to form if change in information; "principal of a registered insurer" interpreted

Current through June 11, 2024
1. The principal of a registered insurer that
			 is required to file an annual report of enterprise risk with the Commissioner
			 pursuant to NRS
			 NRS
			 692C.290 shall furnish the required
			 information on the form provided by the Commissioner entitled "Form F -
			 Enterprise Risk Report." The principal shall file Form F with the Commissioner
			 not later than June 30 of each year.
2. The insurer may attach any exhibit to the
			 form if the exhibit is clearly marked to indicate the matter to which it
			 refers.
3. If there is any change
			 in the information provided on Form F, the insurer shall file an amendment to
			 that form within 15 days after the end of the month in which the change
			 occurred. The insurer shall file the amendment on that form by completing only
			 those items which were affected by the change and by including, at the top of
			 the first page of the form, "Amendment No. . ....... (number of amendment) to
			 Form F for ........ (year)" and the day and month on which the change occurred.
4. Form F must be completed in
			 accordance with the current version of the Insurance Holding Company System
			 Reporting Instructions of the National Association of Insurance Commissioners
			 and the instructions provided by the Commissioner. A copy of Form F and the
			 general instructions for Form F may be obtained at
http://doi.nv.gov
.
5. For the purposes of this section and
			 NRS
			 692C.290, the Commissioner interprets the
			 term "principal of a registered insurer" to mean a person who controls a
			 registered insurer and is not controlled by any other person.
Added to NAC
				by Comm'r of Insurance by
				R078-16A,
				eff. 12/21/2016
NRS
				679B.130,
				692C.120,
				692C.290
Nevada Administrative Code › Chapter 692C - Holding Companies › ACQUISITIONS, MERGERS, REGISTRATION, SUBSIDIARIES AND TRANSACTIONS › Section 692C.060 - Agreement between registered insurer and affiliate for sharing cost of services or for management services

Current through June 11, 2024
Any agreement between a registered insurer and an affiliate for
				sharing the cost of services or for management services must, to the extent
				applicable:
1. Identify the person
			 providing the services and the nature of those services;
2. Set forth the methods to allocate each
			 cost;
3. Require:
(a) Timely settlement, not less frequently
			 than quarterly; and
(b) Compliance
			 with the requirements set forth in the
Accounting Practices and
			 Procedures Manual
published by the National Association of Insurance
			 Commissioners, as adopted by reference in NAC
			 679B.033;
Nevada Administrative Code › Chapter 692C - Holding Companies › ACQUISITIONS, MERGERS, REGISTRATION, SUBSIDIARIES AND TRANSACTIONS › Section 692C.070 - Authority to organize or acquire subsidiary

Current through June 11, 2024
Except as otherwise provided by specific statute, the authority
				to organize or acquire one or more subsidiaries conferred on a domestic insurer
				by
				NRS
				692C.130 is in addition to any authority to
				invest in a subsidiary conferred on a domestic insurer by any other provision
				of title 57 of NRS.
Added to NAC
				by Comm'r of Insurance by
				R078-16A,
				eff. 12/21/2016
NRS
				679B.130,
				692C.120,
				692C.130
Nevada Administrative Code › Chapter 692C - Holding Companies › CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 692C.200 - Determination by insurer or insurance group of appropriate format for providing information; provision of additional information

Current through June 11, 2024
Each insurer or insurance group may:
1. Determine the appropriate format of the
			 corporate governance annual disclosure for providing the information required
			 by NRS
			 692C.3501 to
			 692C.3509, inclusive, and NAC
			 692C.200 to
			 692C.220, inclusive;
			 and
2. Customize the format of the
			 corporate governance annual disclosure to provide any additional information
			 necessary for the Commissioner to understand the structure of and policies and
			 practices used by the insurer or insurance group for corporate
			 governance.
Added to NAC
				by Comm'r of Insurance by
				R094-17A,
				eff. 5/16/2018
NRS 679B.130,
				  692C.120,
				  692C.3505
Nevada Administrative Code › Chapter 692C - Holding Companies › CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 692C.205 - Disclosure requirements

Current through June 11, 2024
If an insurer is a member of an insurance group and submits the
				corporate governance annual disclosure to the insurance commissioner of the
				lead state for the insurance group pursuant to subsection 1 of
				NRS
				692C.3504, the insurer shall, upon request,
				also submit a copy of the corporate governance annual disclosure to the chief
				regulatory official of any state where an insurer that is a member of the
				insurance group is, under the laws of that state, considered to be a domestic
				insurer of that state.
Added to NAC
				by Comm'r of Insurance by
				R094-17A,
				eff. 5/16/2018
NRS 679B.130,
				  692C.120,
				  692C.3505
Nevada Administrative Code › Chapter 692C - Holding Companies › CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 692C.210 - Cross-referencing of documents; privacy and confidentiality

Current through June 11, 2024
1. An insurer or insurance group may
			 cross-reference in a corporate governance annual disclosure other documents,
			 including, without limitation:
(a) An ORSA
			 Summary Report;
(b) A form which is
			 substantially similar to the Form B-Insurance Holding Company System Annual
			 Registration Statement of the National Association of Insurance
			 Commissioners;
(c) A form which is
			 substantially similar to the Form F-Enterprise Risk Report of the National
			 Association of Insurance Commissioners; or
(d) Any documents, materials or reports
			 required by other state, federal and international financial regulatory
			 agencies.
Nevada Administrative Code › Chapter 692C - Holding Companies › CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 692C.215 - Annual submission of amended version of disclosure or letter indicating no changes; submission deemed to satisfy requirements of statute

Current through June 11, 2024
1. After an insurer or an insurance group has
			 submitted an initial corporate governance annual disclosure pursuant to
			 subsection 1 of NRS
			 692C.3504, the insurer or insurance group
			 shall, not later than June 1 of each subsequent calendar year:
(a) If any changes were made to the corporate
			 governance annual disclosure filed in the immediately preceding calendar year,
			 submit an amended version of the corporate governance annual disclosure filed
			 in the immediately preceding calendar year that indicates any changes to the
			 corporate governance annual disclosure filed in the immediately preceding
			 calendar year; or
(b) If no changes
			 were made to the corporate governance annual disclosure filed in the
			 immediately preceding calendar year, submit a letter stating that no changes
			 were made to the corporate governance annual disclosure filed in the
			 immediately preceding calendar year.
Nevada Administrative Code › Chapter 692C - Holding Companies › CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 692C.220 - Requirements and contents of disclosure

Current through June 11, 2024
1. Each insurer or
			 insurance group shall:
(a) Be as descriptive
			 as possible in completing the corporate governance annual disclosure;
			 and
(b) Include, without
			 limitation, documents used in the corporate governance of the insurer or
			 insurance group that demonstrate the strength of the framework and practices of
			 the corporate governance of the insurer or insurance group.
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › DOMESTIC STOCK INSURERS › Section 693A.010 - Application of provisions

Current through June 11, 2024
The provisions of NAC 693A.010 to 693A.560, inclusive, apply to
						each domestic stock insurer which has any class of equity security held of
						record by 100 or more persons, except:
1. If 95 percent or more of the equity
					securities of the insurer are owned or controlled by a parent or an affiliated
					insurer, and the remaining securities are held of record by fewer than 500
					persons.
2. A domestic stock
					insurer which files with the United States Securities and Exchange Commission
					forms of proxies, consents and authorizations which comply with the
					requirements to the Securities Exchange Act of 1934 as amended, (
					15 U.S.C.
					§§
									77 a, et seq.), and applicable
					regulations, is exempt from the provisions of NAC 693A.010 to 693A.560,
					inclusive, with respect to any class of securities subject to the jurisdiction
					of the Securities and Exchange Commission.
Comm'r of Insurance, M-4
						§ 1, eff. 5-13-72-NAC A 6-28-96
NRS
							679B.130,
							693A.080