Nev. Rev. Stat. ch. 681A – Kinds of Insurance; Limits on Risk; Reinsurance | Midpage

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Nevada Revised Statutes

Chapter 681A

Nev. Rev. Stat. ch. 681A

Kinds of Insurance; Limits on Risk; Reinsurance

681A.010Definitions; nonexclusive application 681A.020“Casualty insurance” defined 681A.022“Continuous care coverage” defined 681A.024“Covered agreement” defined 681A.030“Health insurance” defined 681A.040“Life insurance” defined 681A.050“Marine and transportation” and “wet marine and transportation” insurance defined 681A.055“NAIC” defined 681A.060“Property insurance” defined 681A.062“Reciprocal jurisdiction” defined 681A.068“Solvent scheme of arrangement” defined 681A.070“Surety insurance” defined 681A.080“Title insurance” defined 681A.090Multiple line insurers 681A.095Insurance against legal liability for exemplary or punitive damages 681A.100Amount of risk that insurer may retain; method for determining risk; applicability 681A.110Reinsurance authorized for all or part of risk; requirements for reinsurance with unauthorized insurer 681A.120Cancellation or material changes in treaties or arrangements for reinsurance: Written notice to Commissioner by insurer required 681A.130Regulations 681A.140“Qualified financial institution in the United States” defined 681A.145Regulations governing arrangements for reinsurance relating to life and health insurance and annuity products 681A.150Requirements for taking certain credit 681A.155Reinsurance ceded to assuming certified reinsurer 681A.1551Certified reinsurer: Eligibility 681A.1552Certified reinsurer: Additional eligibility requirements for associations 681A.1553Certified reinsurer: Qualified jurisdictions 681A.1554Certified reinsurer: Ratings by Commissioner; publication of ratings; regulations 681A.1555Certified reinsurer: Required security 681A.1556Certified reinsurer: Applicant certified in certain jurisdictions may be deemed by Commissioner to be certified in Nevada 681A.1557Certified reinsurer: Inactive status 681A.160Reinsurance ceded to assuming accredited reinsurer in Nevada; suspension or revocation of accreditation or certification of reinsurer 681A.170Reinsurance ceded to assuming alien insurer 681A.180Reinsurance ceded to assuming insurer which maintains trust fund for payment of valid claims 681A.190Reinsurance ceded to group of incorporated insurers under common administration 681A.200Requirements for establishment or amendment of certain trusts 681A.210Requirements when assuming insurer is not licensed or accredited to transact insurance or reinsurance in this State 681A.211Credit for reinsurance ceded by domestic insurer to assuming insurer: Requirements for allowance 681A.2115Documentation required to be provided by assuming insurer 681A.212Practice of prompt payment of claims required to be maintained by assuming insurer; criteria evidencing lack of prompt payment 681A.2125Confirmation to Commissioner of compliance by assuming insurer with certain requirements related to minimum capital and surplus and minimum solvency or capital ratio 681A.213List of reciprocal jurisdictions 681A.2135List of assuming insurers to which cessions are required to be granted credit 681A.214Revocation or suspension of eligibility of assuming insurer; effect on credit 681A.2145Procedure for denying statement credit or imposing requirement to post security 681A.2155Order for assuming insurer to post security during rehabilitation, liquidation or conservation 681A.216Limitations on agreements regarding security or other terms 681A.2165Applicability of certain provisions 681A.217Conditions under which credit allowed when assuming insurer does not meet certain requirements 681A.220Limitation on credit allowed when assuming insurer does not meet certain requirements 681A.230Ceding insurer to be allowed credit if reinsurance lawfully ceded to qualified assuming insurer; domiciliary liquidator of insolvent ceding insurer to give notice to assuming insurer of any claim against ceding insurer 681A.235Management of concentration risk by ceding insurer 681A.240Requirements for reduction from liability when assuming insurer does not meet certain requirements concerning risk-based capital 681A.250Definitions 681A.260“Actuary” defined 681A.270“Automatic agreement” defined 681A.280“Broker for reinsurance” defined 681A.290“Cede” defined 681A.300“Cession” defined 681A.310“Controlling person” defined 681A.320“Facultative” defined 681A.330“Intermediary” defined 681A.340“Licensed producer” defined 681A.350“Manager for reinsurance” defined 681A.360“Reinsured” defined 681A.370“Reinsurer” defined 681A.380“Retrocession” defined 681A.390“Retrocessionaire” defined 681A.400“Syndicate” defined 681A.410“Violation” defined 681A.420Limitations and requirements 681A.430License to act as intermediary 681A.440Circumstances under which Commissioner is authorized to refuse to issue license 681A.450Licensed attorney acting as intermediary 681A.460Brokers: Transactions with insurer; termination; duties 681A.470Brokers: Maintenance of records of transactions; access to accounts and records by insurer 681A.480Brokers: Conditions for employment; annual statement of financial condition 681A.490Managers: Transactions with reinsurer; termination; duties 681A.500Managers: Compliance with certain standards established by insurer; required provisions in contract; relationship with reinsurer 681A.510Managers: Requirements for settlement of claims; ownership of claims files; termination of authority to settle claims 681A.520Managers: Sharing of interim profits 681A.530Managers: Maintenance of records of transactions; access to accounts and records by reinsurer 681A.540Managers: Prohibited acts 681A.550Managers: Conditions for employment; annual statement of financial condition; reserves for losses; retrocessional contracts; notice of termination; prohibition against serving on board of directors of reinsurer 681A.560Examination of intermediary by Commissioner 681A.570Actions that may be taken against intermediary who fails to comply with laws 681A.580Rights of relevant parties not limited or expanded