Nev. Rev. Stat. ch. 694C – Captive Insurers | Midpage

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Nevada Revised Statutes

Chapter 694C

Nev. Rev. Stat. ch. 694C

Captive Insurers

694C.010Definitions 694C.020“Affiliated company” defined 694C.030“Agency captive insurer” defined 694C.035“Alien captive insurer” defined 694C.040“Association” defined 694C.050“Association captive insurer” defined 694C.053“Branch business” defined 694C.055“Branch captive insurer” defined 694C.057“Branch operations” defined 694C.060“Captive insurer” defined 694C.070“Commissioner” defined 694C.075“Controlled unaffiliated business” defined 694C.080“Division” defined 694C.085“Dormant captive insurer” defined 694C.090“Member organization” defined 694C.100“Mutual insurer” defined 694C.110“Parent” defined 694C.113“Participant” defined 694C.115“Participant contract” defined 694C.117“Protected cell” defined 694C.120“Pure captive insurer” defined 694C.130“Reciprocal insurer” defined 694C.140“Rental captive insurer” defined 694C.141“Risk retention group” defined 694C.143“Sponsor” defined 694C.147“Sponsored captive insurer” defined 694C.149State-chartered risk retention group” defined 694C.150“Stock insurer” defined 694C.155Applicability of chapter 696B of NRS to sponsored captive insurer 694C.160Applicability of other provisions 694C.170Regulations 694C.180Formation of captive insurer 694C.190Name 694C.195Sponsored captive insurer: Formation; conditions for formation and licensure; requirements for sponsor and participants 694C.200Authorization to apply for license in certain circumstances; license required to transact insurance; penalty 694C.210Application: Requirement; contents 694C.215Application: Sponsored captive insurer required to file certain information with Commissioner 694C.220Application: Fees; Commissioner authorized to retain professional services relating to examination of applicant; cost of services 694C.230Issuance of license; annual renewal; fees 694C.240Insurer required to include business plan with application for issuance and renewal of license; updates to business plan 694C.250Capital or surplus required: Amount; form; Commissioner authorized to prescribe additional requirements; letter of credit; use of surplus note 694C.259Certificate of dormancy: Application; powers and duties of certificate holder; renewal; expiration; surrender; revocation; regulations 694C.270Suspension or revocation of license: Grounds; hearings 694C.300Authorized and prohibited types of insurance 694C.310Meetings of board of directors; additional requirements to transact insurance; review by Commissioner of qualifications of manager 694C.320Plan for payment of dividends; regulations 694C.330Payment of dividends and extraordinary dividends 694C.340Compliance with requirements relating to investments; loan to parent or affiliated company by pure captive insurer in certain circumstances 694C.350Reinsurance; credit for reserves on risks or portions of risks in certain circumstances; plan for workers’ compensation deemed reinsurance in certain circumstances 694C.360Use of insurance of captive insurer to satisfy requirements relating to insurance on vehicles subject to Nevada Transportation Authority or Taxicab Authority prohibited; exception 694C.370Insurer not required to join rating organization 694C.380Insurer prohibited from joining or contributing to or receiving benefit for claims from assigned risk pool or insurance insolvency guaranty fund 694C.382Combining assets for investment 694C.384Security for branch operations 694C.386Alien captive insurer: Issuance of certificate related to branch operations; registration 694C.388Alien captive insurer: Reports and statements 694C.389State-chartered risk retention group: Compliance with laws and requirements applicable to liability insurers 694C.390State-chartered risk retention group: Required filings 694C.392State-chartered risk retention group: Board of directors; material service provider contracts; audit committee; written policies, governance standards and code of business conduct; duty to notify domestic regulator of material noncompliance 694C.400Submission of annual report of financial condition, audit and financial statement to Commissioner; regulations designating form; alternative date to file annual report; penalties for failing to comply or making false statement 694C.410Examinations: Conducted by Commissioner; frequency; Commissioner authorized to obtain professional services; cost 694C.415Examinations: Branch captive insurer; alien captive insurer 694C.450Taxes on premiums: Imposition; deposit; nonrefundable credit 694C.455Tax on premiums: Applicable only to branch business of branch captive insurer 694C.460Fees and assessments received by the Commissioner to be credited to the Fund for Insurance Administration and Enforcement