reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS › Section 693A.680 - Written contract specifying responsibilities of controlling producer and controlled insurer

Current through June 11, 2024
1. A controlled
					insurer shall not accept insurance business from a controlling producer and a
					controlling producer shall not place insurance with a controlled insurer unless
					there is a written contract, which has been approved by the board of directors
					of the controlled insurer, between the controlling producer and the controlled
					insurer that specifies the responsibilities of each party.
2. Such a contract must contain a provision
					that allows a controlled insurer, upon written notice to a controlling
					producer, to terminate the contract for cause. The controlled insurer shall
					suspend the authority of the controlling producer to place insurance with the
					controlled insurer and shall not accept insurance business from the controlling
					producer during the pendency of any dispute regarding the cause for the
					termination of the contract.
3. A
					controlling producer shall not assign, in whole or in part, a contract entered
					into pursuant to subsection 1.
Added to NAC by Comm'r
						of Insurance, eff. 6-28-96; A by
						R094-14,
						eff. 12/21/2015
NRS
							679B.130,
							693A.110
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS › Section 693A.690 - Responsibilities of controlling producer: Accounting to controlled insurer; remission of money to controlled insurer; holding of money for controlled insurer; maintenance of records for controlled insurer

Current through June 11, 2024
1. A
					controlling producer shall provide an accounting to a controlled insurer that
					sets forth all material transactions executed by the controlling producer that
					affect the controlled insurer, including information necessary to identify and
					explain all commissions, charges and other fees already received by the
					controlling producer or still owing by the controlled insurer to the
					controlling producer.
2. A
					controlling producer shall remit all money due under the terms of a contract
					entered into with a controlled insurer to the controlled insurer at least once
					each month on a date agreed to by the parties. Premiums or installments thereof
					must be remitted to the controlled insurer no later than 90 days after the
					effective date of any policy of insurance placed with the controlled insurer
					pursuant to the contract.
3. Except
					as otherwise provided in this subsection, all money collected by a controlling
					producer for a controlled insurer must be held by the controlling producer in a
					fiduciary capacity, in one or more bank accounts established for the controlled
					insurer in banks that are members of the Federal Reserve System. A controlling
					producer which is not required to be licensed in this State shall hold money
					for the controlled insurer in compliance with the requirements of the
					controlling producer's domiciliary jurisdiction.
4. A controlling producer shall maintain
					records of all insurance business written for a controlled insurer separate
					from all other records of the controlling producer.
Added to NAC by Comm'r
						of Insurance, eff. 6-28-96; A by
						R094-14,
						eff. 12/21/2015
NRS
							679B.130,
							693A.110
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS › Section 693A.700 - Standards, rules, procedures, rates and conditions of controlled insurer; rates of commissions, charges and other fees of controlling producer

Current through June 11, 2024
1. A controlled
					insurer shall provide to the controlling producer its underwriting standards,
					rules, procedures and manuals setting forth the rates to be charged and the
					conditions for the acceptance or rejection of risks. The controlling producer
					shall adhere to the standards, rules, procedures, rates and conditions of the
					controlled insurer. The standards, rules, procedures, rates and conditions of
					the controlled insurer must be the same as those the insurer applies to
					comparable business placed with the controlled insurer by a producer other than
					the controlling producer.
2. The
					contract between the controlling producer and the controlled insurer must
					specify the rates and terms of the controlling producer's commissions, charges
					or other fees and the purposes for those commissions, charges and fees. The
					rates of the commissions, charges and other fees must not be greater than those
					applicable to comparable business placed with the controlled insurer by
					producers other than the controlling producer.
3. As used in this section, "comparable
					business" includes insurance of the same lines, insurance of the same kinds,
					risks of the same kinds, limits on policies of insurance that are similar and
					business of a similar quality to the business between the controlling producer
					and the controlled insurer.
Added to NAC by Comm'r
						of Insurance, eff. 6-28-96; A by
						R094-14,
						eff. 12/21/2015
NRS
							679B.130,
							693A.110
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS › Section 693A.710 - Conditions for payments of compensation or commissions

Current through June 11, 2024
1. If a contract between a controlling
					producer and a controlled insurer provides that the controlling producer is to
					be compensated for insurance business placed with the controlled insurer
					contingent upon the controlled insurer making a profit on that business, the
					compensation may not be determined or paid:
(a) If the insurance is liability insurance,
					for at least 5 years after the premiums on the insurance are earned.
(b) If the insurance is other than liability
					insurance, for at least 1 year after the premiums are earned on the
					insurance.
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS › Section 693A.720 - Limit on writings of controlling producer: Provision; notification

Current through June 11, 2024
1. A contract
					between a controlling producer and a controlled insurer must provide a limit on
					the controlling producer's writings that is within the limit on the controlled
					insurer's surplus and total writings. A different limit for each line or
					subline of insurance may be established in the contract.
2. A controlled insurer shall notify the
					controlling producer when the producer is approaching the limit established
					pursuant to subsection 1. The controlled insurer shall not accept insurance
					business from the controlling producer if the producer has reached the limit.
					The controlling producer shall not place insurance business with the controlled
					insurer if the producer has been notified by the controlled insurer that he or
					she has reached his or her limit.
Added to NAC by Comm'r
						of Insurance, eff. 6-28-96; A by
						R094-14,
						eff. 12/21/2015
NRS
							679B.130,
							693A.110
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS › Section 693A.730 - Reinsurance by controlled insurer; contents of guidelines for underwriting

Current through June 11, 2024
Except as otherwise provided in this section, a controlling
						producer may negotiate for but shall not require a controlled insurer to
						reinsure business that the controlling producer places with the controlled
						insurer. The controlling producer may require the controlled insurer to enter
						into contracts for facultative reinsurance pursuant to obligatory facultative
						agreements if the written contract between the controlling producer and the
						controlled insurer contains guidelines for underwriting. If the reinsurance has
						been ceded and assumed, the guidelines for underwriting must include a list of
						reinsurers with whom obligatory facultative agreements are in effect, the
						coverages and amounts or percentages that may be reinsured and a schedule of
						commissions.
Added to NAC by Comm'r
						of Insurance, eff. 6-28-96; A by
						R094-14,
						eff. 12/21/2015
NRS
							679B.130,
							693A.110
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS › Section 693A.740 - Audit committee: Establishment, composition; duties

Current through June 11, 2024
1. The board of directors of a controlled
					insurer shall establish an audit committee composed of directors who are not
					officers, employees or direct stockholders of the controlled insurer.
2. The audit committee shall meet annually
					with the chief executive officer of the controlled insurer, the independent
					certified public accountants of the controlled insurer, and an independent
					casualty actuary or other professional who is an independent specialist on
					reserves for losses and who is acceptable to the Commissioner, to review and
					determine if the controlled insurer's reserves for losses are adequate. The
					audit committee shall report the results of the determination to the board of
					directors.
Added to NAC by Comm'r
						of Insurance, eff. 6-28-96
NRS
							679B.130,
							693A.110
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS › Section 693A.750 - Required filing and reporting by controlled insurer

Current through June 11, 2024
1. In addition to any other required
					certification of reserves for losses, a controlled insurer shall, on April 1 of
					each year, file with the Commissioner an opinion of an independent actuary or
					other independent specialist on reserves for losses who is acceptable to the
					Commissioner, a report of loss ratios for each line of insurance written which
					attests to the adequacy of reserves established for losses incurred and
					outstanding as of December 31, preceding, including the losses incurred but not
					reported on insurance business placed with the controlled insurer by his or her
					controlling producer.
2. The
					controlled insurer shall report annually to the Commissioner the amount of
					commissions paid to the controlling producer, the percentage which the amount
					represents of the net premiums written, and comparable amounts and percentages
					paid to noncontrolling producers for placements of the same kinds of
					insurance.
Added to NAC by Comm'r
						of Insurance, eff. 6-28-96; A by
						R094-14,
						eff. 12/21/2015
NRS
							679B.130,
							693A.110
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS › Section 693A.760 - Notice of relationship between controlling producer and controlled insurer; statement required if business is placed through producer who is not controlling producer

Current through June 11, 2024
1. A controlling
					producer, before the effective date of a policy of insurance, shall deliver
					written notice to the prospective insured that discloses the relationship
					between the controlling producer and the controlled insurer.
2. If a controlling producer places insurance
					business through a producer who is not a controlling producer, the controlling
					producer shall retain in his or her records a signed statement from the other
					producer indicating that the other producer is aware of the relationship
					between the controlling producer and the controlled insurer and will notify the
					insured of the relationship.
Added to NAC by Comm'r
						of Insurance, eff. 6-28-96; A by
						R094-14,
						eff. 12/21/2015
NRS
							679B.130,
							693A.110
Nevada Administrative Code › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS › Section 693A.770 - Procedure upon noncompliance with certain provisions

Current through June 11, 2024
1. If the Commissioner believes that a
					controlling producer has not complied with a provision of NAC 693A.600 to
					693A.770, inclusive, and sections 2 and 3 or any order issued pursuant to those
					sections, the Commissioner may:
(a) After
					giving notice and an opportunity to be heard pursuant to
					NRS
					679B.310 to
					679B.370,
					inclusive, and sections 2 and 3 order the controlling producer to cease placing
					insurance business with a controlled insurer.
(b) Invoke the aid of the courts to enjoin an
					existing or threatened violation of a provision of NAC 693A.600 to 693A.770,
					inclusive, or to enforce an order made pursuant to paragraph (a).
Nevada Administrative Code › Chapter 694C - Captive Insurers › GENERAL PROVISIONS › Section 694C.010 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
				the words and terms defined in NAC 694C.020, 694C.030 and 694C.080 have the
				meanings ascribed to them in those sections.
Supplied in codification;
				A by Comm'r of Insurance by R064-06, 9-18-2006
NRS
				  679B.130,
				  694C.170
Nevada Administrative Code › Chapter 694C - Captive Insurers › GENERAL PROVISIONS › Section 694C.020 - "Accountant," "certified public accountant" and "independent certified public accountant" defined

Current through June 11, 2024
"Accountant," "certified public accountant" or "independent
				certified public accountant" means an independent certified public accountant
				or accounting firm in good standing with the American Institute of Certified
				Public Accountants and with all states in which the accountant or accounting
				firm is licensed to practice.
Added to NAC by Comm'r of
				Insurance by R064-06, eff. 9-18-2006
NRS
				  679B.130,
				  694C.170
Nevada Administrative Code › Chapter 694C - Captive Insurers › GENERAL PROVISIONS › Section 694C.080 - "Work papers" defined

Current through June 11, 2024
"Work papers" includes, without limitation, schedules,
				analyses, reconciliations, abstracts, memoranda, narratives, flow charts,
				copies of records of a captive insurer and any other documents prepared or
				obtained by an independent certified public accountant and his or her employees
				in the conduct of their examination of a captive insurer.
Added to NAC by Comm'r of
				Insurance by R125-99, eff. 1-27-2000
NRS
				  679B.130,
				  694C.170
Nevada Administrative Code › Chapter 694C - Captive Insurers › GENERAL PROVISIONS › Section 694C.090 - Adoption of certain publications by reference

Current through June 11, 2024
The Commissioner hereby adopts the following publications by
				reference:
1. The Property/Casualty
			 Insurance Annual and Quarterly Statement Blanks (ASB-PU) and the
			 Property/Casualty Annual and Quarterly Statement Instructions (ASI-PU),
			 published by the National Association of Insurance Commissioners. A copy of
			 these publications may be purchased from the National Association of Insurance
			 Commissioners, 1100 Walnut Street, Suite 1500, Kansas City, Missouri
			 64106-2197, by telephone at (816) 783-8300, by electronic mail at
			 prodserv@naic.org or at the Internet address
http://www.naic.org//prod_serv_alpha_listing.htm#
,
			 at a cost of $225, plus $32 for shipping, for ASB-PU and $250, plus $32 for
			 shipping, for ASI-PU.
2. The most
			 recent edition of the AICPA Professional Standards, published by the American
			 Institute of Certified Public Accountants. A copy of this publication may be
			 obtained from the American Institute of Certified Public Accountants by
			 telephone at (888) 777-7077 or at the Internet address
http://www.aicpastore.com
, at a
			 cost of $179 for members of the AICPA or $219 for nonmembers or as an online
			 subscription at a cost of $159 for members of the AICPA or $199 for nonmembers.
			 If the publication adopted by reference pursuant to this subsection is revised,
			 the Commissioner will review the revision to determine its suitability for this
			 State. If the Commissioner determines that the revision is not suitable for
			 this State, the Commissioner will hold a public hearing to review his or her
			 determination and give notice of that hearing within 90 days after the date of
			 the publication of the revision. If, after the hearing, the Commissioner does
			 not revise his or her determination, the Commissioner will give notice that the
			 revision is not suitable for this State within 90 days after the hearing. If
			 the Commissioner does not give such notice, the revision becomes part of the
			 publication adopted by reference pursuant to this subsection.
3. The FASB Accounting Standards Codification
			 published by the Financial Accounting Standards Board. A copy of this
			 publication may be obtained at the Internet address
http://www.fasb.org
or by telephone at
			 (800) 748-0659 at a cost of $940 for the Professional View online subscription
			 or $255 for the bound edition. The Basic View online subscription is available
			 free of charge.
4. The Domestic Per
			 Diem Rates, published by the General Services Administration. A copy of this
			 publication may be obtained, free of charge, from the General Services
			 Administration at the Internet address
http://www.gsa.gov/perdiem
.
Added to NAC by Comm'r of
				Insurance by R125-99, eff. 1-27-2000; A by R064-06, 9-18-2006; R069-07,
				12-4-2007; A by
				R080-16A,
				eff. 11/2/2016; A by
				R089-17AP,
				eff. 5/16/2018
NRS 679B.130,
				694C.170
Nevada Administrative Code › Chapter 694C - Captive Insurers › GENERAL PROVISIONS › Section 694C.092 - Periodic review of publications adopted by reference

Current through June 11, 2024
The Commissioner will periodically review:
1. The Property/Casualty Insurance Annual
and Quarterly
Statement Blanks (ASB-PU) and the
Property/Casualty
Annual
and Quarterly
Statement Instructions (ASI-PU), as adopted by reference in subsection 1 of NAC
			 694C.090;
2.
The
FASB Accounting Standards Codification
, as
				adopted by reference in subsection 3 of NAC
				694C.090; and
3. The Domestic Per Diem Rates, as adopted by
			 reference in subsection 4 of NAC
			 694C.090, and determine within
			 30 days after the review whether any change made to a publication listed in
			 subsection 1 , 2 or 3 is appropriate for application in this State. If the
			 Commissioner does not disapprove a change to an adopted publication within 30
			 days after the review, the change is deemed to be approved by the
			 Commissioner.
Added to NAC by Comm'r of
				Insurance by R069-07, eff. 12-4-2007; A by
				R080-16A,
				eff. 11/2/2016
NRS 679B.130,
				694C.170;
Nevada Administrative Code › Chapter 694C - Captive Insurers › LICENSING › Section 694C.100 - Qualifying investigation or examination of applicant

Current through June 11, 2024
The Commissioner may perform a qualifying investigation or
				examination of an applicant either before or after the applicant is issued a
				certificate of authority. Such an investigation or examination may consist of a
				general survey of the corporate records of the applicant, including:
1. The charter, bylaws and minute books of
			 the applicant;
2. Verification of
			 the principal place of business of the applicant;
3. A determination of the assets and
			 liabilities of the applicant;
4. A
			 review of the accounting systems and rules for underwriting of the applicant;
			 and
5. A review of such other
			 factors as the Commissioner deems necessary.
Added to NAC by Comm'r of
				Insurance by R125-99, eff. 1-27-2000; A by R064-06,
				9-18-2006
NRS
				  679B.130,
				  694C.170
Nevada Administrative Code › Chapter 694C - Captive Insurers › LICENSING › Section 694C.110 - Authority of Commissioner to establish review panel for applications

Current through June 11, 2024
In contracting with outside resources, including attorneys,
				accountants and actuaries, for the review of the applications for licenses for
				captive insurers pursuant to
				NRS
				694C.220, the Commissioner may establish a
				review panel from a pool of qualified members as determined by the
				Commissioner.
Added to NAC by Comm'r of
				Insurance by R125-99, eff. 1-27-2000
NRS
				  679B.130,
				  694C.170,
				  694C.220
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.200 - Annual report of financial condition

Current through June 11, 2024
1. A report of
			 financial condition filed by an association captive insurer, an agency captive
			 insurer or a rental captive insurer pursuant to
			 NRS
			 694C.400 must be verified by the oath of two
			 executive officers of the captive insurer.
2. A captive insurer other than a pure
			 captive insurer or a state-chartered risk retention group shall file with the
			 Commissioner a report of its financial condition. The report must be:
(a) Prepared in accordance with generally
			 accepted accounting principles in the United States and stated in United States
			 dollars, and must contain the footnotes and opinions of the independent
			 certified public accountant or other person who prepared the report;
			 and
(b) Accompanied by a statement,
			 prepared by the independent certified public accountant or other person who
			 prepared the report certifying that all financial requirements established by
			 law and the articles of incorporation, bylaws and the business plan of the
			 captive insurer have been met.
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.220 - Independent certified public accountant: Report of retention by insurer; acknowledgment of applicable requirements

Current through June 11, 2024
1. A captive
			 insurer shall report to the Commissioner in writing the name and address of the
			 independent certified public accountant whom the captive insurer has retained
			 to conduct the annual audit required to be filed pursuant to NAC 694C.210
			 within 90 days after becoming subject to chapter 694C of NRS.
2. The captive insurer shall:
(a) Obtain a letter from the independent
			 certified public accountant which states that the accountant is aware of the
			 provisions of title 57 of NRS, and the regulations adopted pursuant thereto,
			 that relate to accounting and financial matters, and which affirms that the
			 accountant will express his or her opinion on the financial statements of the
			 captive insurer in terms of their conformity to the accounting practices
			 prescribed or otherwise permitted by
			 NRS
			 694C.400, and the regulations adopted
			 pursuant thereto, specifying such exceptions as he or she deems appropriate;
			 and
(b) File a copy of the letter
			 with the Commissioner.
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.222 - Criteria for recognition as qualified independent certified public accountant by Commissioner

Current through June 11, 2024
1. Except as
			 otherwise provided in subsection 2, the Commissioner will recognize an
			 independent certified public accountant as a qualified independent certified
			 public accountant if the independent certified public accountant conforms to
			 the standards contained in the
Code of Professional Conduct
of
			 the American Institute of Certified Public Accountants, and the
Rules
			 of Professional Conduct
adopted by reference in NAC 628.500 and the
			 regulations of the Nevada State Board of Accountancy, or other similar
			 code.
2. The Commissioner will not
			 recognize as a qualified independent certified public accountant an independent
			 certified public accountant who:
(a) Is not in
			 good standing with the American Institute of Certified Public Accountants and
			 in all states in which the independent certified public accountant is licensed
			 or certified to practice;
(b) Has
			 either directly or indirectly entered into an agreement of indemnity or release
			 from liability with respect to an audit of a captive insurer if the intent or
			 effect of the agreement or release is to shift or limit in any manner the
			 potential liability of the accountant for failure to adhere to applicable
			 auditing or professional standards, whether or not resulting in part from a
			 knowing or other misrepresentation made by the captive insurer or its
			 representatives;
(c) Has been
			 convicted of fraud, bribery, a violation of the Racketeer Influenced and
			 Corrupt Organizations Act,
			 18
			 U.S.C. §§
										1961 to
			 1968,
			 inclusive, or any other dishonest conduct or practices under federal or state
			 law;
(d) Has been found to have
			 violated any provision of title 57 of NRS, or any regulation adopted pursuant
			 thereto, with respect to any previous annual audited financial report submitted
			 pursuant to
			 NRS
			 694C.400 and NAC 694C.200 and 694C.210;
			 or
(e) Has demonstrated a pattern
			 or practice of failing to detect or disclose material information in previous
			 annual audited financial reports filed pursuant to
			 NRS
			 694C.400 and NAC 694C.200 and
			 694C.210.
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.224 - Hearing to determine whether independent certified public accountant is qualified; determination that accountant is not qualified

Current through June 11, 2024
1.
			 The Commissioner will, if he or she deems it necessary, hold a hearing to
			 determine whether an independent certified public accountant is qualified for
			 the purposes of
			 NRS
			 694C.400 and NAC 694C.200 and 694C.210. If,
			 based on the evidence presented, the Commissioner determines that the
			 accountant is not qualified, the Commissioner will:
(a) Rule that the accountant is not qualified
			 for purposes of expressing his or her opinion on the financial statements in
			 the annual audited financial report to be made pursuant to
			 NRS
			 694C.400 and NAC 694C.200 and 694C.210, and
			 require the captive insurer to replace the accountant with an independent
			 certified public accountant who is so qualified; or
(b) Take any other action determined to be
			 necessary by the Commissioner.
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.226 - Reporting of determination that insurer misstated its financial condition or does not meet minimum requirements for capital and surplus; procedure upon discovery of additional facts

Current through June 11, 2024
1. An independent
			 certified public accountant of a captive insurer required to furnish an annual
			 audited financial report shall report to the board of directors or audit
			 committee of the captive insurer each determination by the accountant that the
			 captive insurer:
(a) Has materially misstated
			 its financial condition as reported to the Commissioner as of the date of the
			 balance sheet currently under examination; or
(b) Does not, as of that date, meet the
			 minimum requirements for capital and surplus as set forth in chapter 694C of
			 NRS.
The report must be in writing and provided to the captive
				insurer not later than 5 business days after the accountant makes such a
				determination.
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.228 - Reporting of significant deficiency in insurer's structure for internal control

Current through June 11, 2024
If, following the audit of the financial statements of a
				captive insurer, an independent certified public accountant notes any
				significant deficiency in the captive insurer's structure for internal control,
				the captive insurer shall, not later than 60 days after the date on which the
				annual audited financial report is filed with the Commissioner, file a written
				report which provides a description of the deficiency and of the remedial
				actions taken or proposed to correct the significant deficiency, if those
				actions are not otherwise described in the accountant's report filed with the
				annual audited financial report.
Added to NAC by Comm'r of
				Insurance by R064-06, eff. 9-18-2006
NRS
				  679B.130,
				  694C.170,
				  694C.400
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.230 - Availability and maintenance of work papers of independent certified public accountant

Current through June 11, 2024
1. A captive
			 insurer shall ensure that its independent certified public accountant makes
			 available for review by the Commissioner or a designee thereof the work papers
			 of the accountant prepared in the conduct of the audit of the captive insurer.
			 The captive insurer shall ensure that the accountant retains the audit work
			 papers for not less than 5 years after the period reported upon in the
			 audit.
2. A review by the
			 Commissioner of the work papers of an independent certified public accountant
			 is considered to be an examination of the captive insurer, and all work papers
			 obtained during the course of such an examination are confidential. The captive
			 insurer shall ensure that the independent certified public accountant provides
			 to the Division of Insurance of the Department of Business and Industry
			 photocopies of any of the work papers which the Division considers relevant.
			 The Division may retain any copies of work papers provided to it pursuant to
			 this subsection.
Added to NAC by Comm'r of
				Insurance by R125-99, eff. 1-27-2000
NRS
				  679B.130,
				  694C.170,
				  694C.400
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.235 - Procedure upon dismissal or resignation of independent certified public accountant

Current through June 11, 2024
1. If the
			 independent certified public accountant who was the accountant for the most
			 recent filing of the annual audited financial report of a captive insurer is
			 dismissed or resigns, the captive insurer shall:
(a) Not later than 5 business days after the
			 dismissal or resignation, notify the Commissioner of the dismissal or
			 resignation; and
(b) Not later than
			 10 business days after notifying the Commissioner of the dismissal or
			 resignation of the accountant, file with the Commissioner a separate letter
			 which sets forth:
(1) Each disagreement which
			 occurred during the 24 months immediately preceding the dismissal or
			 resignation between the accountant and the captive insurer on any matter of
			 accounting principles or practices, disclosure on a financial statement or the
			 scope or procedure of the audit; and
(2) Which disagreements, if not resolved to
			 the satisfaction of the accountant, caused him or her to make a reference to
			 the subject matter of the disagreement in his or her opinion filed with the
			 annual audited financial report of the captive insurer.
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.240 - Security deposit or letter of credit

Current through June 11, 2024
1. If the
			 Commissioner determines that the financial condition of a captive insurer
			 warrants additional security, the Commissioner may require the captive insurer
			 to:
(a) Deposit with the State Treasurer:
(1) Cash; or
(2) Securities which have been approved by
			 the Commissioner; or
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.245 - Requirements for material service provider contract

Current through June 11, 2024
1. A
			 material service provider contract between a captive insurer and a service
			 provider:
(a) Must be for a period of not more
			 than 5 years;
(b) Requires the
			 approval of the majority of the captive insurer's directors or subscribers'
			 advisory committee members for its initial term and for all renewals;
(c) Must be filed with the Division within 30
			 days after the effective date of the contract ; and
(d) If subsequently amended, must be refiled
			 with the Division within 60 days after the effective date of the amended
			 contract.
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.250 - Reinsurance and excess insurance

Current through June 11, 2024
1. Except as
			 approved by the Commissioner, a captive insurer shall not:
(a) Enter into any agreement to cede
			 reinsurance;
(b) Enter into any
			 agreement to assume reinsurance; or
(c) Terminate an existing reinsurance treaty,
			 except at its natural expiration as stated within the contract of
			 reinsurance.
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.260 - Notification of certain changes in operations or organizational structure

Current through June 11, 2024
If any material change occurs in the operations of a captive
				insurer or in the organizational structure within the captive insurer :
1. The manager, certified public accountant
			 or actuary of the captive insurer shall notify the board of directors of the
			 captive insurer of the material change within 60 days after the material change
			 occurs ; and
2. The captive insurer
			 shall file a copy of the notice required by subsection 1 with the Commissioner
			 not later than 60 days after the date such notice is provided to the board of
			 directors.
Added to NAC by Comm'r of
				Insurance by R125-99, eff. 1-27-2000; A by
				R080-16A,
				eff. 11/2/2016
NRS 679B.130,
				694C.170;
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.270 - Prior approval required for change in nature of business; filing of certain changes in application information with Commissioner

Current through June 11, 2024
1.
			 A captive insurer shall not, without the prior approval of the Commissioner,
			 make any material change in the nature of its business from that stated in its
			 plan of operation filed with the Commissioner.
2. Any change in any other information filed
			 with the application must be filed with the Commissioner as soon as
			 practicable, but does not require the prior approval of the Commissioner to
			 make the change.
3. As used in this
			 section, "material change" includes, without limitation:
(a) The entry into any agreement to cede
			 reinsurance;
(b) The entry into any
			 agreement to assume reinsurance;
(c) The termination of an existing
			 reinsurance treaty, except at its natural expiration as stated within the
			 contract of reinsurance;
(d) The
			 writing of a new line of business;
(e) The exit from an existing line of
			 business;
(f) Any change to limits
			 of coverage written by the captive insurer; or
(g) The expansion into a new state of a
			 state-chartered risk retention group.
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.280 - Officers and directors

Current through June 11, 2024
1. Within 30 days
			 after any change in the executive officers and directors of a captive insurer,
			 the captive insurer shall report the change to the Commissioner. The report
			 must include a statement of the business and professional affiliations of the
			 new executive officer or director. The new executive officer or director must
			 meet the same standards that were indicated in the initial application of the
			 captive insurer for that officer or director position.
2. A director, an officer or an employee of a
			 captive insurer shall not, except on behalf of the captive insurer, accept or
			 be the beneficiary of any fee, brokerage, gift or other emolument because of
			 any investment, loan, deposit, purchase, sale, payment or exchange made by or
			 for the captive insurer, but such a person may receive reasonable compensation
			 for necessary services rendered to the captive insurer in his or her usual
			 private, professional or business capacity. Prior to receiving compensation
			 pursuant to this subsection, the person performing necessary services must
			 obtain the consent of the board of directors or subscribers' advisory committee
			 for the performance of and compensation for such necessary services.
3. Any profit or gain received by or on
			 behalf of any person in violation of this section is recoverable by the captive
			 insurer.
Added to NAC by Comm'r of
				Insurance by R125-99, eff. 1-27-2000; A by R070-09,
				10-27-2009
NRS
				  679B.130,
				  694C.170
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.290 - Conflict of interest: Statement; disclosure

Current through June 11, 2024
1. A captive
			 insurer chartered in this State shall adopt a conflict of interest policy for
			 its attorneys-in-fact, trustees, managers, officers and directors. The policy
			 must contain:
(a) A requirement that the
			 attorney-in-fact, trustee, manager, officer or director must annually and
			 within 60 days after any subsequent change disclose that he or she has no
			 outside commitments, personal or otherwise, that would divert him or her from
			 the duty to further the interests of the captive insurer that he or she
			 represents;
(b) A clear expression
			 that the attorney-in-fact, trustee, manager, officer or director has a duty of
			 care to protect the interests of the captive insurer above those of any person
			 including, but not limited to, the attorney-in-fact, trustee, manager, officer
			 or director or any service provider; and
(c) A requirement that each attorney-in-fact,
			 trustee, manager, officer or director must annually and within 60 days after
			 any subsequent change provide a complete disclosure of each material
			 relationship that he or she has with the captive insurer.
Nevada Administrative Code › Chapter 694C - Captive Insurers › ADMINISTRATION › Section 694C.295 - Reasonable and proper expenses incurred in examination conducted pursuant to NRS 694C.410

Current through June 11, 2024
Reasonable and proper expenses incurred in an examination
				conducted pursuant to
				NRS
				694C.410 may include, without
				limitation:
1. For a financial
			 examiner or market conduct examiner, a daily salary as defined in the
Financial Condition
Examiners Handbook , which is adopted by
			 reference in NAC
			 679B.033, or an hourly rate
			 based upon the rate established in the contract approved by the State Board of
			 Examiners.
2. For expert
			 assistants, a daily salary or an hourly rate based upon the rate established in
			 the contract approved by the State Board of Examiners.
3. The maximum per diem rate for the location
			 of the examination established by the Administrator of General Services in the
			 Federal Trade Regulation System of the General Services Administration, 41
			 C.F.R. Chapters 300 to 304, inclusive, and set forth in Domestic Per Diem Rates
			 , which is adopted by reference in NAC
			 694C.090.
4. 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.
5. 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.
6. An
			 administrative charge, expressed as a percentage of the daily salary or hourly
			 rate of the examiner or assistant, as provided in subsections 1 and 2 and as
			 provided in the division budget approved by the Nevada Legislature.
Added to NAC by Comm'r of
				Insurance by R069-07, eff. 12-4-2007; A by
				R080-16A,
				eff. 11/2/2016
NRS
				679B.130,
				694C.170,
				694C.410
Nevada Administrative Code › Chapter 694C - Captive Insurers › MISCELLANEOUS PROVISIONS › Section 694C.300 - Acting as manager, broker or agent without authorization of Commissioner prohibited

Current through June 11, 2024
A person shall not act as a manager, a broker or an agent in
				this State for a captive insurer without authorization of the Commissioner. An
				application for authorization to act as a manager, a broker or an agent must be
				made to the Commissioner on a form prescribed by the Commissioner.
Added to NAC by Comm'r of
				Insurance by R125-99, eff. 1-27-2000
NRS
				  679B.130,
				  694C.170
Nevada Administrative Code › Chapter 694C - Captive Insurers › MISCELLANEOUS PROVISIONS › Section 694C.310 - Acquisition of control of or merger with captive insurer

Current through June 11, 2024
1.
			 A person other than an issuer shall not:
(a)
			 Make a tender offer for, make a request or invitation for tenders of, or enter
			 into any agreement to exchange securities for, any voting security of a
			 domestic captive insurer; or
(b)
			 Seek to acquire, or acquire in the open market or otherwise, any voting
			 security of a domestic captive insurer, if, after the consummation thereof, the
			 person would, directly or indirectly, or by conversion or exercise of any right
			 acquired, be in control of the captive insurer.
Nevada Administrative Code › Chapter 695A - Fraternal Benefit Societies › Section 695A.100 - Capital account

Current through June 11, 2024
1. Each society shall maintain a capital account with a net worth in an amount which is not less than the amount of risk-based capital determined in the manner set forth in NRS 681B.290 and the regulations adopted pursuant thereto.
2. As used in this section, "society" has the meaning ascribed to it in NRS 695A.044.
Added to NAC by Comm'r of Insurance by R132-13, 6-23-2014, eff. 10-1-2014
NRS 679B.130, 681B.290
Nevada Administrative Code › Chapter 695A - Fraternal Benefit Societies › Section 695A.Sec. 4 - NEW

Current through June 11, 2024
1. A society that issues a benefit
		  contract shall not require an insured to pay a higher deductible or
		  any copayment, coinsurance or other form of cost-sharing for or use
		  any medical management technique to restrict access by an insured to:
(a) A visit to the office of a
		  provider of health care, an urgent care center, an independent center
		  for emergency medical care, the emergency room of a hospital or a
		  COVID-19 screening or testing site, if the purpose of the visit is to
		  determine whether the insured has COVID-19;
(b) A test to determine whether the
		  insured has COVID-19 if the attending provider of health care
		  determines, in accordance with generally accepted medical standards,
		  that the test is appropriate; or
(c) A vaccine to prevent the
		  insured from contracting COVID-19.
Nevada Administrative Code › Chapter 695B - Nonprofit Corporations for Hospital, Medical and Dental Service › GENERAL PROVISIONS › Section 695B.002 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
				the words and terms defined in NAC 695B.004 and 695B.006 have the meanings
				ascribed to them in those sections.
Added to NAC by Comm'r of
				Insurance by R132-98, eff. 3-30-99
NRS
				  679B.130
Nevada Administrative Code › Chapter 695B - Nonprofit Corporations for Hospital, Medical and Dental Service › GENERAL PROVISIONS › Section 695B.006 - "Division" defined

Current through June 11, 2024
"Division" means the Division of Insurance of the Department of
				Business and Industry.
Added to NAC by Comm'r of
				Insurance by R132-98, eff. 3-30-99
NRS
				  679B.130
Nevada Administrative Code › Chapter 695B - Nonprofit Corporations for Hospital, Medical and Dental Service › GENERAL PROVISIONS › Section 695B.Sec. 5 - NEW

Current through June 11, 2024
1. An insurer that issues a
			 contract for hospital or medical services shall not require an
			 insured to pay a higher deductible or any copayment, coinsurance or
			 other form of cost-sharing for or use any medical management
			 technique to restrict access by an insured to:
(a) A visit to the office of a
			 provider of health care, an urgent care center, an independent center
			 for emergency medical care, the emergency room of a hospital or a
			 COVID-19 screening or testing site, if the purpose of the visit is to
			 determine whether the insured has COVID-19;
(b) A test to determine whether the
			 insured has COVID-19 if the attending provider of health care
			 determines, in accordance with generally accepted medical standards,
			 that the test is appropriate; or
(c) A vaccine to prevent the
			 insured from contracting COVID-19.
Nevada Administrative Code › Chapter 695B - Nonprofit Corporations for Hospital, Medical and Dental Service › USE OF PREFERRED PROVIDERS OF HEALTH CARE › Section 695B.010 - Disclosure of points at which insured's payment for coinsurance is no longer required; sample calculation of claim; limitation on approval of contract

Current through June 11, 2024
1. The point at which an insured's payment
			 for coinsurance is no longer required to be paid for preferred providers of
			 health care and for providers who are not preferred in a group contract for
			 hospital, medical or dental services pursuant to subsection 6 of
			 NRS
			 695B.185 must be disclosed to the
			 insured.
2. Each form of contract
			 filed with the Commissioner must include a sample calculation of a claim using
			 the method of calculation selected by the corporation.
3. The Commissioner will not approve a
			 contract if the point at which an insured's payment for coinsurance is no
			 longer required to be paid for preferred providers of health care and for
			 providers who are not preferred is misleading or deceptively affects the risk
			 purported to be assumed.
Added to NAC by Comm'r of
				Insurance, eff. 6-1-88; A 6-20-90; 9-16-92;	A
				by
				R161-22A,
				eff. 12/16/2022
NRS 679B.130
Nevada Administrative Code › Chapter 695B - Nonprofit Corporations for Hospital, Medical and Dental Service › USE OF PREFERRED PROVIDERS OF HEALTH CARE › Section 695B.020 - General requirements for program

Current through June 11, 2024
Any nonprofit corporation for hospital, medical or dental
				services wishing to offer a program using preferred providers of health care
				pursuant to
				NRS
				695B.185 shall comply with the provisions of
				NAC 689B.120 to 689B.160, inclusive.
Added to NAC by Comm'r of
				Insurance, 7-19-90, eff. 10-1-90
NRS
				  679B.130,
				  695B.185
Nevada Administrative Code › Chapter 695B - Nonprofit Corporations for Hospital, Medical and Dental Service › SUMMARY OF COVERAGE › Section 695B.030 - Filing, contents and delivery of disclosure

Current through June 11, 2024
1.
			 Each corporation shall file with the Commissioner, for his approval, a
			 disclosure summarizing the coverage provided by a group contract for hospital
			 or medical service offered by the corporation.
2. The disclosure must:
(a) Be in at least 10-point type;
(b) Include the name, address and telephone
			 number of the corporation;
(c)
			 Include the name, address and telephone number of the agent, broker and
			 administrator, if applicable;
(d)
			 Include a statement describing the principal benefits and the type of coverage
			 being provided;
(e) Include a
			 description of any provision of the contract which significantly excludes,
			 eliminates, reduces or in any other manner operates to limit the payment of the
			 benefits;
(f) Include a statement
			 concerning the renewal provisions of the contract; and
(g) Define the term "usual and customary" or
			 any similar term used in the contract.