“Sponsor” means an insurer licensed pursuant to the laws of any state, a reinsurer authorized or approved under the laws of any state, a captive insurer formed or licensed pursuant to this chapter or a person that:

1. 1. Meets the requirements of subsection 3 of NRS 694C.180 or is approved as a sponsor by the Commissioner; and
2. 2. Is approved by the Commissioner to provide all or part of the capital and surplus required by applicable law and to organize and operate a sponsored captive insurer.

(Added to NRS by 2005, 2148; A 2013, 3371)