1. 1. Credit may be taken under NRS 681A.211 to 681A.2165, inclusive, only for reinsurance agreements entered into, amended, or renewed on or after October 1, 2021, and only with respect to losses incurred and reserves reported on or after the later of:

   1. (a) The date on which the assuming insurer has met all eligibility requirements pursuant to NRS 681A.211 to 681A.2125, inclusive; or
   2. (b) The effective date of the new reinsurance agreement, amendment, or renewal.
2. 2. The provisions of this section do not alter or impair a ceding insurer’s right to take credit for reinsurance, to the extent that credit is not available under NRS 681A.211 to 681A.2165, inclusive, as long as the reinsurance qualifies for credit under any other applicable provision of NRS 681A.110 to 681A.240, inclusive.
3. 3. Nothing in NRS 681A.211 to 681A.2165, inclusive, authorize an assuming insurer to withdraw or reduce the security provided under any reinsurance agreement except as permitted by the terms of the agreement.
4. 4. Nothing in NRS 681A.211 to 681A.2165, inclusive, limit, or in any way alter, the capacity of a party to any reinsurance agreement to renegotiate the agreement.

(Added to NRS by 2021, 2953)