[Rev. 2/11/2015 11:49:22
AM--2014R2]
CHAPTER 680A - AUTHORIZATION OF INSURERS
AND GENERAL REQUIREMENTS
NRS 680A.010 Definitions.
NRS 680A.020 “Charter”
defined.
NRS 680A.030 “Mutual”
insurer defined.
NRS 680A.040 “Reciprocal”
insurer defined.
NRS 680A.050 “Stock”
insurer defined.
NRS 680A.060 Certificate
of authority required; penalty.
NRS 680A.070 Exceptions
to requirement of certificate of authority.
NRS 680A.080 Eligibility
for certificate of authority: General requirements.
NRS 680A.090 Eligibility
for certificate of authority: Ownership; management.
NRS 680A.095 Certificate
of authority required to transact reinsurance; eligibility for certificate;
exceptions.
NRS 680A.100 Name
of insurer.
NRS 680A.110 Combinations
of insuring powers.
NRS 680A.120 Required
capital.
NRS 680A.130 Combinations
of insurance for which additional capital not required.
NRS 680A.140 Required
deposit; deposit in other state.
NRS 680A.150 Application
for certificate of authority.
NRS 680A.155 Payment
of taxes and penalties by certain applicants.
NRS 680A.160 Issuance
or refusal of certificate; contents and ownership of certificate.
NRS 680A.170 Amended
certificate of authority.
NRS 680A.173 Transfer
of insurer’s domicile: Foreign insurer may become domestic insurer.
NRS 680A.175 Transfer
of insurer’s domicile: Termination of status as domestic insurer; qualification
as foreign insurer.
NRS 680A.177 Transfer
of insurer’s domicile: Duties of insurer; effect on policies.
NRS 680A.180 Continuance,
expiration and reinstatement of certificate of authority.
NRS 680A.190 Suspension
or revocation of certificate of authority: Mandatory grounds.
NRS 680A.200 Suspension,
limitation or revocation of certificate of authority: Grounds; notice.
NRS 680A.205 Determination
of hazardous financial condition of insurer: Regulations; hearing; disciplinary
actions; review of order.
NRS 680A.210 Order
and notice of suspension, limitation or revocation of certificate; effect on
agents’ authority.
NRS 680A.220 Duration
of suspension; insurer’s obligations during suspension period; reinstatement.
NRS 680A.230 Applicability
of general corporation laws to foreign insurers.
NRS 680A.240 Additional
titles.
NRS 680A.250 Commissioner
agent for service of process for certain insurers.
NRS 680A.260 Method
of serving process; extension of time to appear; record.
NRS 680A.265 Filing
of annual financial statement; reporting of violation of law found during
audit; penalty for failure to file statement; consolidation of statements
prohibited; regulations.
NRS 680A.270 Filing
of annual statement by authorized insurers; fee; regulations; confidentiality
of certain information.
NRS 680A.280 Penalties
for late or false annual statements.
NRS 680A.290 Loss
prevention reports and programs.
NRS 680A.300 Agent;
countersignature.
NRS 680A.310 Exceptions
to requirements for countersignature by agent.
NRS 680A.320 Transaction
with parent corporation, financial holding company, depository institution,
subsidiary or affiliated person.
NRS 680A.330 Retaliatory
provision.
_________
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NRS 680A.010 Definitions. As
used in this Code, unless the context otherwise requires, the words and terms
defined in NRS 680A.020 to 680A.050,
inclusive, shall have the meanings ascribed to them in NRS
680A.020 to 680A.050, inclusive.
(Added to NRS by 1971, 1576)
NRS 680A.020 “Charter” defined. “Charter”
means certificate of incorporation, articles of incorporation, articles of
agreement, articles of association, charter granted by legislative act, or
other basic constituent document of a corporation, or the power of attorney of
the attorney-in-fact of a reciprocal insurer.
(Added to NRS by 1971, 1576)
NRS 680A.030 “Mutual” insurer defined. A
“mutual” insurer is an incorporated insurer without capital stock and the
governing body of which is elected by its policyholders. This definition shall
not be deemed to exclude as “mutual” insurers certain foreign insurers found by
the Commissioner to be organized on the mutual plan under the laws of their
states of domicile, but having temporary share capital or providing for
election of the insurer’s governing body on a reasonable basis.
(Added to NRS by 1971, 1576)
NRS 680A.040 “Reciprocal” insurer defined. A
“reciprocal” insurer is an unincorporated aggregation of subscribers operating
individually and collectively through an attorney-in-fact common to all such
persons to provide reciprocal insurance among themselves.
(Added to NRS by 1971, 1576)
NRS 680A.050 “Stock” insurer defined. A
“stock” insurer is an incorporated insurer with its capital divided into shares
and owned by its stockholders.
(Added to NRS by 1971, 1576)
NRS 680A.060 Certificate of authority required; penalty.
1. A person shall not act as an insurer
and an insurer shall not transact insurance in this State by mail or otherwise,
except as authorized by a certificate of authority issued by the Commissioner
and then in full force, and except as to such transactions as are expressly
otherwise provided in this Code.
2. A domestic insurer and a foreign
insurer from offices or by personnel or facilities located in this State shall
not solicit insurance applications or otherwise transact insurance in another
state or country unless it holds a subsisting certificate of authority granted
to it by the Commissioner authorizing it to transact the same kind or kinds of
insurance in this State.
3. Any officer, director, agent,
representative or employee of any insurer who willfully authorizes, negotiates,
makes or issues any insurance contract in violation of this section is guilty
of a misdemeanor.
(Added to NRS by 1971, 1576; A 1983, 684; 1985, 348)
NRS 680A.070 Exceptions to requirement of certificate of authority. A certificate of authority is not required of
an insurer with respect to any of the following:
1. Investigation, settlement or litigation
of claims under its policies lawfully written in this State, or liquidation of
assets and liabilities of the insurer, other than collection of new premiums,
all as resulting from its former authorized operations in this State.
2. Except as otherwise provided in
subsection 2 of NRS 680A.060, transactions
thereunder after issuance of a policy covering only subjects of insurance that
are not resident, located or expressly to be performed in this State at the
time of issuance, and lawfully solicited, written and delivered outside this
State.
3. Prosecution or defense of suits at law,
except that no insurer unlawfully transacting insurance in this State without a
certificate of authority may institute or maintain, other than defend, any
action at law or in equity in any court of this State, either directly or
through an assignee or successor in interest, to enforce any right, claim or
demand arising out of such an insurance transaction until the insurer, assignee
or successor has obtained a certificate of authority. This provision does not
apply to any suit or action by the receiver, rehabilitator or liquidator of
such an insurer, assignee or successor under laws similar to those contained in
chapter 696B of NRS.
4. Transactions pursuant to surplus lines
coverages lawfully written under chapter 685A
of NRS.
5. A suit, action or proceeding for the
enforcement or defense of its rights relative to its investments in this State.
6. Reinsurance, except as to a domestic
reinsurer or the reinsurance of a domestic insurer, unless the reinsurance is
authorized pursuant to subsection 1 of NRS
681A.110.
7. Transactions in this State involving
group life insurance, group health or blanket health insurance, or group
annuities where the master policy or contract of such groups was lawfully
solicited, issued and delivered pursuant to the laws of a state in which the
insurer was authorized to transact insurance, to a group organized for purposes
other than the procurement of insurance or to a group approved pursuant to NRS 688B.030 or 689B.026, and where the policyholder is
domiciled or otherwise has a bona fide situs.
8. The issuance of annuities by an
affiliate of an authorized insurer if the affiliate:
(a) Is approved by the Commissioner;
(b) Is organized as a nonprofit educational
corporation;
(c) Issues annuities only to nonprofit
institutions of education and research; and
(d) Reports and pays any premium tax on the
annuities required pursuant to chapter 680B
of NRS.
9. Transactions, other than for workers’
compensation insurance or for industrial insurance provided pursuant to chapters 616A to 617,
inclusive, of NRS, involving the procurement of excess liability insurance
above underlying liability coverage or self-insured retention of at least
$25,000,000, if procured from an unauthorized alien or foreign insurer who does
not solicit, negotiate or enter into such transactions in this State by any
means, and if procured by a person:
(a) Whose total annual premiums for property and
casualty insurance, not including workers’ compensation or industrial
insurance, is $1,000,000 or more; and
(b) Who employs 250 or more full-time employees.
Ê A person who
procures insurance in accordance with this subsection shall report and pay any
premium tax on the insurance required pursuant to NRS 680B.040.
(Added to NRS by 1971, 1581; A 1985, 1058; 1987, 484, 642; 1989, 599; 1991, 861; 1997, 286; 1999, 400)
NRS 680A.080 Eligibility for certificate of authority: General requirements. To qualify for and hold authority to transact
insurance in this State, an insurer must be otherwise in compliance with this
Code and with its charter powers, and must be an incorporated stock or mutual
insurer, or a reciprocal insurer, of the same general type as may be formed as
a domestic insurer under this Code, except that:
1. No foreign insurer may be authorized to
transact insurance in this State which does not maintain reserves as required
by chapter 681B of NRS (assets and
liabilities), as applicable to the kind or kinds of insurance transacted by
such insurer, wherever transacted in the United States of America, or which
transacts business anywhere in the United States of America on the assessment
plan, or stipulated premium plan, or any similar plan.
2. No insurer may be authorized to
transact a kind of insurance in this State unless duly authorized or qualified
to transact such insurance in the state or country of its domicile.
3. No insurer may be authorized to
transact in this State any kind of insurance which is not within the
definitions as set forth in NRS 681A.010
to 681A.080, inclusive (kinds of
insurance).
4. No such authority may be granted or
continued to any insurer while in arrears to the State for fees, licenses,
taxes, assessments, fines or penalties accrued on business previously
transacted in this State.
Ê In addition
to the other requirements set forth in this section, an insurer who proposes to
transact in this State insurance that protects a policyholder from liability
arising out of the ownership, maintenance or use of a motor vehicle must
demonstrate to the satisfaction of the Department of Motor Vehicles that the
insurer is able to comply with the provisions of NRS 485.314.
(Added to NRS by 1971, 1577; A 1997, 1086; 2001, 2634)
NRS 680A.090 Eligibility for certificate of authority: Ownership; management.
1. No foreign insurer which is directly or
indirectly owned or controlled in whole or substantial part by any government
or governmental agency shall be authorized to transact insurance in Nevada.
Membership in a mutual insurer, or subscribership in a reciprocal insurer, or
ownership of stock of an insurer by the Alien Property Custodian or similar
officer of the United States of America, or ownership of stock or other
security which does not have voting rights with respect to the management of
the insurer, or supervision of an insurer by public authority, shall not be
deemed to be an ownership or control of the insurer for the purposes of this
subsection.
2. The Commissioner shall not grant or
continue authority to transact insurance in this state to any insurer or
proposed insurer:
(a) Of which any director, officer or other
individual materially part of the management is found by the Commissioner after
investigation or upon reliable information to be incompetent, or dishonest, or
untrustworthy, or of unfavorable business repute;
(b) Of which the managers are so lacking in
insurance company managerial experience in operations of the kind proposed in
this state as to make such operation, currently or prospectively, hazardous to
or contrary to the best interests of the insurance-buying or investing public
of this state;
(c) Which the Commissioner has good reason to
believe is affiliated directly or indirectly through ownership, control,
management, reinsurance transactions or other business relations with any
person or persons of unfavorable business repute; or
(d) Whose business operations are or have been
marked, to the injury of insurers, stockholders, policyholders, creditors or
the public, by illegality, or by manipulation of assets, or of accounts, or of
reinsurance, or by bad faith.
(Added to NRS by 1971, 1578)
NRS 680A.095 Certificate of authority required to transact reinsurance;
eligibility for certificate; exceptions.
1. Except as otherwise provided in
subsection 3, an insurer which is not authorized to transact insurance in this
State may not transact reinsurance with a domestic insurer in this State, by
mail or otherwise, unless the insurer holds a certificate of authority as a
reinsurer in accordance with the provisions of NRS
680A.010 to 680A.150, inclusive, 680A.160 to 680A.290,
inclusive, 680A.320 and 680A.330.
2. To qualify for authority only to
transact reinsurance, an insurer must meet the same requirements for capital
and surplus as are imposed on an insurer which is authorized to transact
insurance in this State.
3. This section does not apply to the
joint reinsurance of title insurance risks or to reciprocal insurance
authorized pursuant to chapter 694B of NRS.
(Added to NRS by 1987, 642)
NRS 680A.100 Name of insurer.
1. No insurer shall be formed or
authorized to transact insurance in this state which has or uses a name which
is the same as or deceptively similar to that of another insurer already so
authorized, without the written consent of such other insurer.
2. No life insurer shall be so authorized
which has or uses a name deceptively similar to that of another insurer, other
than a predecessor in interest, authorized to transact insurance in this state
within the preceding 10 years if life insurance policies originally issued by
such other insurer are still outstanding in this state.
3. No insurer shall be formed or
authorized to transact insurance which has or uses a name the same as or
deceptively similar to that of any foreign insurer not so authorized if such
foreign insurer has within the next preceding 12 months signified its intention
to secure an incorporation in this state under such name, or to do business as
a foreign insurer in this state under such name, by filing notice of such
intention with the Commissioner, unless the written consent to the use of such
name or deceptively similar name has been given by such foreign insurer.
4. No insurer shall be so authorized which
has or uses a name which tends to deceive or mislead as to the type of
organization of the insurer.
5. In case of conflict of names between
two insurers, or a conflict otherwise prohibited under this section, the
Commissioner may permit (or shall require as a condition to the issuance of an
original certificate of authority to an applicant insurer) the insurer to use
in this state such supplementation or modification of its name or such business
name as may reasonably be necessary to avoid the conflict.
6. Except as provided in subsection 5, an
insurer shall conduct its business in this state in its own corporate (if
incorporated) or proper (if a reciprocal insurer) name.
(Added to NRS by 1971, 1579)
NRS 680A.110 Combinations of insuring powers. An
insurer which otherwise qualifies therefor may be authorized to transact any
one kind or any combination of kinds of insurance as defined in NRS 681A.010 to 681A.080, inclusive (kinds of
insurance), except:
1. A life insurer may grant annuities and
may be authorized to transact in addition only health insurance; but the
Commissioner may, if the insurer otherwise qualifies therefor, continue so to
authorize any life insurer which immediately prior to January 1, 1972, was
lawfully authorized to transact in this state a kind or kinds of insurance in
addition to life and health insurances and annuity business.
2. A reciprocal insurer shall not transact
life insurance.
(Added to NRS by 1971, 1579)
NRS 680A.120 Required capital.
1. Except as provided in subsections 2 and
5, to qualify for authority to transact any one kind of insurance as defined in
NRS 681A.010 to 681A.080, inclusive, or combinations of
kinds of insurance as shown below, an insurer shall possess and thereafter
maintain unimpaired paid-in capital stock, if a stock insurer, or unimpaired
basic surplus, if a mutual or a reciprocal insurer, and free surplus not less
than 100 percent of the minimum required capital stock or minimum required
basic surplus, and when first so authorized shall possess initial free surplus,
all in amounts not less than as determined from the following table:
FOREIGN
MUTUAL RECIPROCAL
STOCK
INSURERS INSURERS INSURERS
Minimum Minimum Minimum
Kind or Required Initial Required Initial Required Initial
Kinds of Capital Free Basic Free Basic Free
Insurance Stock Surplus Surplus Surplus Surplus Surplus
Life........................ 500,000 1,000,000 500,000 1,000,000 N/A N/A
Health, Property,
Casualty, Surety,
Marine &
Transportation
Multiple
line.................... 500,000 1,000,000 500,000 1,000,000 500,000 1,000,000
Title....................... 500,000 750,000 N/A N/A N/A N/A
Financial
Guarantee......... 10,000,000 40,000,000 N/A N/A N/A N/A
2. At the discretion of the Commissioner,
a domestic insurer holding a valid certificate of authority to transact
insurance in this state immediately prior to January 1, 1992, may, if otherwise
qualified therefor, continue to be so authorized while possessing the amount of
paid-in capital stock, if a stock insurer, or surplus, if a mutual insurer, required
by the laws of this state for such authority immediately before January 1,
1992, for a period not to exceed 2 years. On or before January 1, 1994, the
insurer shall meet the requirements of subsection 1. The Commissioner shall not
grant such an insurer authority to transact any other or additional kinds of
insurance unless it then fully complies with the requirements as to capital and
surplus, as applied to all kinds of insurance which it then proposes to
transact, as provided by this section for like foreign insurers applying for
original certificates of authority pursuant to this Code.
3. Capital and surplus requirements are
based upon all the kinds of insurance transacted by the insurer in any and all
areas in which it operates or proposes to operate, whether or not only a
portion of such kinds are to be transacted in this state.
4. As to surplus required for
qualification to transact one or more kinds of insurance and thereafter to be
maintained, domestic mutual insurers are governed by chapter 693A of NRS and domestic reciprocal
insurers are governed by chapter 694B of
NRS.
5. An insurer who transacts financial
guaranty insurance in this state must transact only one kind of insurance and
possess and maintain the minimum capital and surplus requirements pursuant to
subsection 1.
(Added to NRS by 1971, 1579; A 1991, 2026)
NRS 680A.130 Combinations of insurance for which additional capital not
required. Without additional
capital or additional surplus, an authorized insurer is also authorized:
1. If a life insurer, to grant annuities.
2. If a health insurer, to insure against
congenital defects, as defined in NRS
681A.020.
(Added to NRS by 1971, 1581)
NRS 680A.140 Required deposit; deposit in other state.
1. The Commissioner shall not authorize an
insurer to transact insurance in this state, other than an alien insurer or a
title insurer, unless it makes and thereafter continuously maintains on deposit
in this state, through the Commissioner, cash or securities eligible for such
deposit under the laws of this state of a fair market value not less than its
minimum required capital stock (if a stock insurer) or minimum required basic
surplus (if a mutual or reciprocal insurer), for the protection of the
insurer’s policyholders or of its policyholders and creditors in the United
States of America. The Commissioner may adopt regulations which allow the use
of securities as a deposit without delivery of the securities to the
Commissioner.
2. The Commissioner shall not so authorize
a title insurer unless it so deposits and maintains such cash or securities of
fair market value not less than its minimum required capital stock as a
guaranty fund for the security and protection of the holders of, or
beneficiaries under, the title insurance contracts issued by the insurer.
3. The Commissioner shall not so authorize
an alien insurer unless it so makes and thereafter continuously maintains such
a deposit, representing money in excess of all the insurer’s liabilities under
insurance contracts in force in the United States of America, of a fair market
value of not less than that required under subsection 1, as to a like foreign
insurer. The deposit must be held in trust for the protection of all the
insurer’s policyholders, or policyholders and creditors, in the United States
of America.
4. In lieu of such a deposit made or
maintained in this state, the Commissioner shall accept the certificate in
proper form of the public officer having general supervision of insurers in any
other state to the effect that a deposit of like quality and amount, or part
thereof, by an insurer is being maintained for like purposes in public custody
or control pursuant to the laws of that state, if the Commissioner is satisfied
as to the like quality and amount of the deposit.
5. All such deposits in this state are
subject to the applicable provisions of chapter
682B of NRS.
(Added to NRS by 1971, 1581; A 1985, 607)
NRS 680A.150 Application for certificate of authority. To apply for an original certificate of
authority an insurer shall file with the Commissioner its written application
therefor on forms as prescribed and furnished by the Commissioner, accompanied
by the applicable fees specified in NRS
680B.010 and, in addition to any other fee or charge, all applicable fees
required pursuant to NRS 680C.110,
stating under the oath of the president or vice president or other chief
officer and the secretary of the insurer, or of the attorney-in-fact if a
reciprocal insurer, the insurer’s name, location of its home office, or
principal office in the United States if an alien insurer, the kinds of
insurance to be transacted, date of organization or incorporation, form of
organization, state or country of domicile, and such additional information as
the Commissioner may reasonably require, together with the following documents,
as applicable:
1. If a corporation, a copy of its charter
or certificate or articles of incorporation, together with all amendments
thereto, or as restated and amended under the laws of its state or country of
domicile, currently certified by the public officer with whom the originals are
on file in that state or country.
2. If a domestic incorporated insurer or a
mutual insurer, a copy of its bylaws, certified by the insurer’s corporate
secretary.
3. If a reciprocal insurer, a copy of the
power of attorney of its attorney-in-fact, certified by the attorney-in-fact;
and if a domestic reciprocal insurer, the declaration provided for in NRS 694B.060.
4. A complete copy of its financial
statement as of not earlier than the December 31 next preceding in form as
customarily used in the United States by like insurers, sworn to by at least
two executive officers of the insurer or certified by the public insurance
supervisory officer of the insurer’s state of domicile, or of entry into the
United States if an alien insurer.
5. A copy of the report of last
examination made of the insurer within not more than 5 years next preceding,
certified by the public insurance supervisory officer of the insurer’s state of
domicile, or of entry into the United States if an alien insurer.
6. The appointment of the Commissioner
pursuant to NRS 680A.250 as its attorney to
receive service of legal process.
7. If a foreign or alien insurer, a
certificate of the public insurance supervisory officer of its state or country
of domicile showing that it is authorized or qualified for authority to
transact in such state or country the kinds of insurance proposed to be
transacted in this state.
8. If a foreign insurer, a certificate as
to a deposit if it is to be tendered pursuant to NRS
680A.140.
9. A copy of the insurer’s rate book and
of each form of policy currently proposed to be issued in this state, and of the
form of application therefor.
10. If an alien insurer, a copy of the
appointment and authority of its United States manager, certified by its
officer having custody of its records.
11. Designation by the insurer of its
officer or representative authorized to appoint and remove its agents in this
state.
(Added to NRS by 1971, 1581; A 1989, 2175; 1995, 1753; 2009, 1764)
NRS 680A.155 Payment of taxes and penalties by certain applicants. An insurer which has transacted insurance in
this state without a certificate of authority must not be granted a certificate
of authority unless it pays the tax imposed by NRS 680B.027 and the penalties provided
by NRS 685B.190 for the 5 years
immediately preceding the date upon which it applies for a certificate of
authority.
(Added to NRS by 1985, 606; A 1995, 1612)
NRS 680A.160 Issuance or refusal of certificate; contents and ownership of
certificate.
1. If upon completion of its application
the Commissioner finds that the insurer has met the requirements therefor under
this Code, the Commissioner may issue to the insurer a proper certificate of
authority; if the Commissioner does not so find, the Commissioner shall issue
an order refusing such certificate.
2. The certificate, if issued, shall state
the insurer’s name, home office address, state or country of organization, and
the kinds of insurance the insurer is authorized to transact throughout Nevada.
At the insurer’s request, the Commissioner may issue a certificate of authority
limited to particular types of insurance or coverages within a kind of
insurance as defined in NRS 681A.010
to 681A.080, inclusive (kinds of
insurance).
3. Although issued and delivered to the
insurer, the certificate of authority at all times shall be the property of the
State of Nevada. Upon any expiration, suspension or termination thereof the
insurer shall promptly deliver the certificate to the Commissioner.
(Added to NRS by 1971, 1583)
NRS 680A.170 Amended certificate of authority. Upon
written application therefor by the insurer and due cause shown, the
Commissioner may amend the certificate of authority of an insurer as required
by change of name or to show any change in the kinds of insurance the insurer
may thereafter transact and is qualified to transact in this state. The insurer
shall accompany such request with the fee for amendment as specified in NRS 680B.010 (fee schedule).
(Added to NRS by 1971, 1583)
NRS 680A.173 Transfer of insurer’s domicile: Foreign insurer may become
domestic insurer. A foreign
insurer with a certificate of authority to transact insurance in this state may
become a domestic insurer by complying with the requirements of this Code for
forming a domestic insurer of the same type. After complying with those
requirements, the insurer has the same rights and obligations as other domestic
insurers.
(Added to NRS by 1983, 683)
NRS 680A.175 Transfer of insurer’s domicile: Termination of status as
domestic insurer; qualification as foreign insurer.
1. If a domestic insurer transfers its
domicile to another state, it ceases to be a domestic insurer.
2. The Commissioner shall issue to such an
insurer a certificate of authority to transact insurance as a foreign insurer
if:
(a) The insurer qualifies as a foreign insurer;
and
(b) Such certification is in the best interest of
the policyholders of this state.
(Added to NRS by 1983, 683)
NRS 680A.177 Transfer of insurer’s domicile: Duties of insurer; effect on
policies.
1. The Commissioner may require a domestic
insurer which converts to a foreign insurer or a foreign insurer which converts
to a domestic insurer to:
(a) Obtain new licenses for its agents;
(b) Make new appointments of agents; or
(c) Apply for any other new license, certificate
or authorization.
Ê Any license,
appointment or authorization which the Commissioner does not require an insurer
to renew continues in effect after the conversion.
2. All policies of an insurer remain in
effect when it transfers its domicile into or out of this state. The
Commissioner may require that the insurer endorse the policies with its new
name or location.
3. Every insurer which transfers its
domicile into or out of this state shall notify the Commissioner at least 30
days before the transfer. Such an insurer shall file new forms for its policies
and any other documents required by the Commissioner with the Commissioner on
or before the effective date of the transfer. The insurer may use existing
forms if approved by and under the conditions imposed by the Commissioner.
(Added to NRS by 1983, 683)
NRS 680A.180 Continuance, expiration and reinstatement of certificate of
authority.
1. A certificate of authority continues in
force as long as the insurer is entitled thereto under this Code, and until
suspended or revoked by the Commissioner or terminated at the insurer’s
request, if, each year, the insurer:
(a) Pays on or before March 1 the continuation
fee provided in NRS 680B.010 and, in
addition to any other fee or charge, all applicable fees required pursuant to NRS 680C.110;
(b) Files its annual statement for the next
preceding calendar year as required by NRS 680A.270;
and
(c) Pays, if required, the premium taxes for the
preceding calendar year.
2. If not so continued by the insurer, its
certificate of authority expires at midnight on the May 31 next following such
failure of the insurer to continue it in force, unless earlier revoked for
failure to pay taxes as provided in NRS 680A.190.
The Commissioner shall promptly notify the insurer of the occurrence of any
failure resulting in the impending expiration of its certificate of authority.
3. The Commissioner may, upon the
insurer’s request made within 3 months after expiration, reinstate a
certificate of authority which the insurer has inadvertently permitted to
expire, after the insurer has fully cured all its failures which resulted in
the expiration, and upon payment by the insurer of the fee for reinstatement
specified in subsection 1 of NRS 680B.010.
Otherwise, the insurer may be granted another certificate of authority only
after filing an application therefor and meeting all other requirements for an
original certificate of authority in this state.
(Added to NRS by 1971, 1583; A 1987, 643; 1997, 3017; 2009, 1765)
NRS 680A.190 Suspension or revocation of certificate of authority: Mandatory
grounds.
1. The Commissioner shall refuse to
continue or shall suspend or revoke an insurer’s certificate of authority:
(a) If such action is required by any provision
of this Code;
(b) If it is a foreign insurer and it no longer
meets the requirements for a certificate of authority, on account of deficiency
of capital or surplus or otherwise;
(c) If it is a domestic insurer and it has failed
to cure an impairment of capital or surplus within the time allowed therefor by
the Commissioner under this Code or is otherwise no longer qualified for the
certificate of authority;
(d) If the insurer’s certificate of authority to
transact insurance therein is suspended or revoked by its state of domicile, or
state of entry into the United States of America if an alien insurer;
(e) For failure of the insurer to pay taxes on
its premiums if required by this Code; or
(f) For failure of the insurer to furnish
information to the Commissioner relating to medical malpractice insurance
issued by the insurer in this State or any other state.
2. Except in case of insolvency,
impairment of required capital or surplus, or suspension or revocation by
another state, the Commissioner shall give the insurer at least 20 days’ notice
in advance of any such refusal, suspension or revocation under this section,
and of the particulars of the reasons therefor. If the insurer requests a
hearing thereon within those 20 days, the Commissioner’s proposed action is
automatically stayed until an order by the Commissioner is made after the
hearing.
(Added to NRS by 1971, 1584; A 1975, 1304; 1987, 643)
NRS 680A.200 Suspension, limitation or revocation of certificate of
authority: Grounds; notice.
1. Except as otherwise provided in NRS 616B.472, the Commissioner may refuse
to continue or may suspend, limit or revoke an insurer’s certificate of
authority if the Commissioner finds after a hearing thereon, or upon waiver of
hearing by the insurer, that the insurer has:
(a) Violated or failed to comply with any lawful
order of the Commissioner;
(b) Conducted business in an unsuitable manner;
(c) Willfully violated or willfully failed to
comply with any lawful regulation of the Commissioner; or
(d) Violated any provision of this Code other
than one for violation of which suspension or revocation is mandatory.
Ê In lieu of
such a suspension or revocation, the Commissioner may levy upon the insurer,
and the insurer shall pay forthwith, an administrative fine of not more than
$2,000 for each act or violation.
2. Except as otherwise provided in chapter 696B of NRS, the Commissioner shall
suspend or revoke an insurer’s certificate of authority on any of the following
grounds if the Commissioner finds after a hearing thereon that the insurer:
(a) Is in unsound condition, is being
fraudulently conducted, or is in such a condition or is using such methods and
practices in the conduct of its business as to render its further transaction
of insurance in this State currently or prospectively hazardous or injurious to
policyholders or to the public.
(b) With such frequency as to indicate its
general business practice in this State:
(1) Has without just cause failed to pay,
or delayed payment of, claims arising under its policies, whether the claims are
in favor of an insured or in favor of a third person with respect to the
liability of an insured to the third person; or
(2) Without just cause compels insureds or
claimants to accept less than the amount due them or to employ attorneys or to
bring suit against the insurer or such an insured to secure full payment or
settlement of such claims.
(c) Refuses to be examined, or its directors,
officers, employees or representatives refuse to submit to examination relative
to its affairs, or to produce its books, papers, records, contracts,
correspondence or other documents for examination by the Commissioner when
required, or refuse to perform any legal obligation relative to the
examination.
(d) Except as otherwise provided in NRS 681A.110, has reinsured all its
risks in their entirety in another insurer.
(e) Has failed to pay any final judgment rendered
against it in this State upon any policy, bond, recognizance or undertaking as
issued or guaranteed by it, within 30 days after the judgment became final or
within 30 days after dismissal of an appeal before final determination,
whichever date is the later.
3. The Commissioner may, without advance
notice or a hearing thereon, immediately suspend the certificate of authority
of any insurer as to which proceedings for receivership, conservatorship,
rehabilitation or other delinquency proceedings have been commenced in any
state by the public officer who supervises insurance for that state.
4. No proceeding to suspend, limit or
revoke a certificate of authority pursuant to this section may be maintained
unless it is commenced by the giving of notice to the insurer within 5 years
after the occurrence of the charged act or omission. This limitation does not
apply if the Commissioner finds fraudulent or willful evasion of taxes.
(Added to NRS by 1971, 1584; A 1983, 431; 1991, 808; 1995, 1613, 1754; 1997, 530; 1999, 1734)
NRS 680A.205 Determination of hazardous financial condition of insurer:
Regulations; hearing; disciplinary actions; review of order.
1. The Commissioner may adopt regulations
to define when an insurer is considered to be in a hazardous financial
condition and to set forth the standards to be considered by the Commissioner
in determining whether the continued operation of an insurer transacting
business in this state may be considered to be hazardous to its policyholders
or creditors or to the general public.
2. If the Commissioner determines after a
hearing that any insurer is in a hazardous financial condition, the
Commissioner may, instead of suspending or revoking the insurer’s certificate
of authority, limit the insurer’s certificate of authority as the Commissioner
deems reasonably necessary to correct, eliminate or remedy any conduct,
condition or ground that is deemed to be a cause of the hazardous financial
condition.
3. An order or decision of the
Commissioner under this section is subject to review in accordance with NRS 679B.310 to 679B.370, inclusive, at the request of
any party to the proceedings whose interests are substantially affected.
(Added to NRS by 1995, 1752)
NRS 680A.210 Order and notice of suspension, limitation or revocation of
certificate; effect on agents’ authority.
1. All suspensions, limitations or
revocations of, or refusals to continue, an insurer’s certificate of authority
must be by the Commissioner’s order given to the insurer.
2. Upon issuance of the order, the
Commissioner shall forthwith give notice thereof to the insurer’s agents in
this state, of record in the Division, and shall also suspend, limit or revoke
the authority of such agents to represent the insurer.
(Added to NRS by 1971, 1585; A 1991, 1621; 1993, 1904)
NRS 680A.220 Duration of suspension; insurer’s obligations during suspension
period; reinstatement.
1. Suspension of an insurer’s certificate
of authority must be for such period as the Commissioner specifies in the order
of suspension, but not to exceed 1 year. During the suspension period the
Commissioner may rescind or shorten the suspension by further order.
2. During the suspension period the
insurer shall not solicit or write any new business in this state, but must
file its annual statement, pay fees, licenses and taxes as required under this
Code, and may service its business already in force in this state, as if the
certificate of authority had continued in full force.
3. Upon expiration of the suspension
period, if within such period the certificate of authority has not terminated,
the insurer’s certificate of authority is automatically reinstated unless the
Commissioner finds that the causes of the suspension, being other than a past
event, are continuing, or that the insurer is otherwise not in compliance with
the requirements of this Code, and of which the Commissioner shall give the
insurer notice not less than 30 days in advance of expiration of the suspension
period.
4. Upon reinstatement of the insurer’s
certificate of authority, the authority of its agents in this state to
represent the insurer is also reinstated. The Commissioner shall promptly
notify the insurer and its agents in this state, of record in the Division, of
such reinstatement.
(Added to NRS by 1971, 1586; A 1991, 1621; 1993, 1904)
NRS 680A.230 Applicability of general corporation laws to foreign insurers. The general corporation laws of this state do
not apply to foreign insurers holding certificates of authority to transact
insurance in this state, except as otherwise provided in NRS 80.190.
(Added to NRS by 1971, 1586; A 1971, 1933; 1987, 1063; 1989, 627; 1991, 1318)
NRS 680A.240 Additional titles.
1. A property insurer or multiple line
insurer authorized to transact insurance in Nevada shall have the right to
issue property insurance policies under its own name and under additional
“titles” or under additional “titles” duly registered by the insurer with the
Commissioner.
2. The Commissioner shall, upon the
insurer’s request, furnish to the insurer the form required for such registration,
and the insurer shall pay the fee for registration as specified in NRS 680B.010 (fee schedule). Registered
titles shall be shown on the insurer’s certificate of authority and shall
remain in effect for so long as the insurer’s certificate of authority is in
effect, subject to earlier termination of the registration at the insurer’s
request.
3. All business transacted by the insurer
under additional titles shall be included in business and transactions of the
insurer to be shown by its annual statement filed with the Commissioner, for
all purposes under this Code.
(Added to NRS by 1971, 1586)
NRS 680A.250 Commissioner agent for service of process for certain insurers.
1. Before the Commissioner may authorize
it to transact insurance in this state, each insurer must appoint the
Commissioner, and the Commissioner’s successors in office, as its attorney to
receive service of legal process issued against the insurer in this state. The
appointment must be made on a form as designated and furnished by the
Commissioner, and must be accompanied by a copy of a resolution of the board of
directors or like governing body of the insurer, if an incorporated insurer,
showing that those officers who executed the appointment were authorized to do
so on behalf of the insurer.
2. The appointment must be irrevocable,
must bind the insurer and any successor in interest to the assets or
liabilities of the insurer, and must remain in effect as long as there is in
force any contract of the insurer in this state or any obligation of the
insurer arising out of its transactions in this state.
3. Service of such process against a
foreign or alien insurer must be made only by service thereof upon the Commissioner.
4. Service of such process against a
domestic insurer may be made as provided in this section, or in any other
manner provided by Nevada Rules of Civil Procedure.
5. At the time of application for a
certificate of authority the insurer shall file the appointment with the
Commissioner, together with a designation of the person to whom process against
it served upon the Commissioner is to be forwarded. The insurer shall provide
written notice to the Commissioner of any change of such a designation by a new
filing.
(Added to NRS by 1971, 1587; A 1985, 607)
NRS 680A.260 Method of serving process; extension of time to appear; record.
1. Service of process against an insurer
for whom the Commissioner is attorney must be made by delivering to and leaving
with the Commissioner, the Commissioner’s deputy, or a person in apparent
charge of the office of the Commissioner during the Commissioner’s absence, two
copies of the process, together with the fee therefor as specified in NRS 680B.010, taxable as costs in the
action.
2. Upon such service the Commissioner
shall forthwith mail by certified mail one of the copies of such process, with
the date and time of service of the same on the Commissioner noted thereon, to
the person currently designated by the insurer to receive the copy as provided
in NRS 680A.250. Service of process is complete
when the copy has been so mailed.
3. Process served in the manner provided
by this section for all purposes constitutes valid and binding personal service
upon the insurer within this state. If summons is served under this section,
the time within which the insurer is required to appear must be extended an
additional 10 days beyond that otherwise allowed by Nevada Rules of Civil
Procedure.
4. The Commissioner shall keep a record of
the day of service upon him or her of all legal process.
5. For the purposes of this section,
“process” includes only a summons or the initial documents served in an action.
The Commissioner is not required to serve any documents after the initial
service of process.
(Added to NRS by 1971, 1587; A 1985, 608)
NRS 680A.265 Filing of annual financial statement; reporting of violation of
law found during audit; penalty for failure to file statement; consolidation of
statements prohibited; regulations.
1. Except as otherwise provided in
subsection 5, every:
(a) Domestic insurer;
(b) Fraternal benefit society authorized to do
business in this State pursuant to chapter 695A
of NRS; and
(c) Corporation subject to the provisions of chapter 695B of NRS,
Ê shall file
with the Commissioner, on or before June 1 of each year, a financial statement
as of December 31 of the preceding calendar year that is certified by a
certified public accountant who is not an employee of the insurer. The
Commissioner may request a financial statement from a foreign or alien insurer.
2. If a certified public accountant finds
any violation of the laws of this State during any audit he or she conducts
pursuant to subsection 1, the certified public accountant shall, if the
Commissioner has adopted regulations pursuant to subsection 6 pertaining to the
reporting of a violation found during an audit, report the violation in
accordance with those regulations.
3. An insurer who does not file a report
pursuant to subsection 1 on or before June 1 of each year is subject to the
penalty imposed pursuant to NRS 680A.280.
4. A statement filed with the Commissioner
must not be a consolidated report with any other subsidiary, affiliate or
parent company.
5. The provisions of this section do not
apply to a domestic insurer who:
(a) Is not licensed or authorized to do business
in any state other than Nevada; or
(b) Is exempted from the requirements of this
section by order of the Commissioner for good cause shown.
6. The Commissioner may adopt reasonable
regulations relating to annual audited financial reports to administer the
provisions of this section.
(Added to NRS by 1991, 2026; A 1995, 1755)
NRS 680A.270 Filing of annual statement by authorized insurers; fee;
regulations; confidentiality of certain information.
1. Each authorized insurer shall annually
on or before March 1, or within any reasonable extension of time therefor which
the Commissioner for good cause may have granted on or before that date, file
with the Commissioner a full and true statement of its financial condition,
transactions and affairs as of December 31 preceding. The statement must be:
(a) In the general form and context of, and
require information as called for by, an annual statement as is currently in
general and customary use in the United States for the type of insurer and
kinds of insurance to be reported upon, with any useful or necessary
modification or adaptation thereof, supplemented by additional information
required by the Commissioner;
(b) Prepared in accordance with:
(1) The Annual Statement Instructions
for the type of insurer to be reported on as adopted by the National Association
of Insurance Commissioners for the year in which the insurer files the
statement; and
(2) The Accounting Practices and
Procedures Manual adopted by the National Association of Insurance
Commissioners and effective on January 1, 2001, and as amended by the National
Association of Insurance Commissioners after that date; and
(c) Verified by the oath of the insurer’s
president or vice president and secretary or actuary, as applicable, or, in the
absence of the foregoing, by two other principal officers, or if a reciprocal
insurer, by the oath of the attorney-in-fact, or its like officers if a
corporation.
2. The statement of an alien insurer must
be verified by its United States manager or other officer who is authorized to
do so, and may relate only to the insurer’s transactions and affairs in the
United States unless the Commissioner requires otherwise. If the Commissioner
requires a statement as to the insurer’s affairs throughout the world, the
insurer shall file the statement with the Commissioner as soon as reasonably
possible.
3. The Commissioner may refuse to
continue, or may suspend or revoke, the certificate of authority of any insurer
failing to file its annual statement when due.
4. At the time of filing, the insurer
shall pay the fee for filing its annual statement as prescribed by NRS 680B.010.
5. The Commissioner may adopt regulations
requiring each domestic, foreign and alien insurer which is authorized to transact
insurance in this state to file the insurer’s annual statement with the
National Association of Insurance Commissioners or its successor organization.
6. Except as otherwise provided in NRS 239.0115, all ratios of financial
analyses and synopses of examinations concerning insurers that are submitted to
the Division by the National Association of Insurance Commissioners’ Insurance
Regulatory Information System are confidential and may not be disclosed by the
Division.
(Added to NRS by 1971, 1588; A 1995, 1755; 2003, 3279; 2007, 2155)
NRS 680A.280 Penalties for late or false annual statements.
1. Any insurer failing, without just cause
beyond the reasonable control of the insurer, to file its annual statement as
required in NRS 680A.270 shall be required to pay
a penalty of $100 for each day’s delay, but not to exceed $3,000 in aggregate
amount, to be recovered in the name of the State of Nevada by the Attorney
General.
2. Any director, officer, agent or
employee of any insurer who subscribes to, makes or concurs in making or
publishing, any annual or other statement required by law, knowing the same to
contain any material statement which is false, is guilty of a gross
misdemeanor.
(Added to NRS by 1971, 1588)
NRS 680A.290 Loss prevention reports and programs.
1. Every insurer except life insurers
shall, if requested by the Commissioner, submit an annual report to the
Commissioner on September 15, concerning its loss prevention and control
programs, and on new conclusions it has reached as to the loss implications of
its statistics, underwriting, claims files and operations.
2. Based on the reports of subsection 1,
as well as other available information, the Commissioner shall prepare each
year a report on the loss prevention programs of insurers with recommendations
for more effective loss prevention activity.
(Added to NRS by 1971, 1588; A 1971, 1933)
NRS 680A.300 Agent; countersignature.
1. Except as provided in NRS 680A.310, no authorized insurer may make, write,
place, renew or cause to be made, placed or renewed, any policy or duplicate
policy, endorsement or contract of insurance of any kind upon persons, property
or risks resident, located or to be performed in this State, except through its
duly appointed and licensed agents, any one of whom shall countersign the
policy, endorsement or contract.
2. Where two or more insurers jointly
issue a single policy, the policy may be countersigned, on behalf of all
insurers appearing thereon, by a duly appointed and licensed agent of any one
insurer.
3. In any case where it is necessary to
execute an emergency bond and a commissioned agent authorized to execute the
bond is not present, a manager or other employee of the insurer having
authority under a power of attorney may execute the bond in order to produce a
valid contract between the insurer and the obligee. The bond must subsequently
be countersigned by a commissioned agent who is authorized to execute the bond.
The commissioned agent who executes the bond shall make and retain an adequate
office record of the transaction.
4. An insurer may use an endorsement to
the policy for the sole purpose of countersigning the policy, as required in
this section, only if:
(a) The endorsement is attached to the policy to
which it applies; and
(b) The policy insures persons or property in
this State and one or more other states.
(Added to NRS by 1971, 1589; A 1981, 704; 2009, 1765)
NRS 680A.310 Exceptions to requirements for countersignature by agent. NRS 680A.300 does
not apply to any of the following:
1. Life insurance and annuities.
2. Health insurance.
3. Policies covering property in transit
while in the possession or custody of any common carrier, or the rolling stock
or other property of any common carrier employed by it in the operation and
maintenance of its plant and business as a common carrier of freight or
passengers, or both.
4. Reinsurance or retrocessions made by or
for authorized insurers.
5. Bid bonds issued in connection with any
public or private contract.
6. A policy issued to a risk retention
group, as defined in NRS 695E.110, or
to a member of a risk retention group.
(Added to NRS by 1971, 1589; A 1987, 1333)
NRS 680A.320 Transaction with parent corporation, financial holding company,
depository institution, subsidiary or affiliated person.
1. For the purposes of this section:
(a) An “affiliated person” is a person controlled
by any combination of the insurer, the parent corporation, a subsidiary or the
principal stockholders or officers or directors of any of the foregoing.
(b) “Depository institution” has the meaning
ascribed to it in section 3 of the Federal Deposit Insurance Act, 12 U.S.C. §
1813(c)(1).
(c) “Financial holding company” means a bank
holding company that satisfies the requirements of section 4(l)(1) of the Bank
Holding Company Act of 1956, 12 U.S.C. § 1841(l)(1).
(d) “Health facility” has the meaning ascribed to
it in NRS 439A.015.
(e) A “subsidiary” is a person of which either
the insurer and the parent corporation or the insurer or the parent corporation
holds practical control.
2. No insurer may engage directly or
indirectly in any transaction or agreement with its parent corporation, a
financial holding company, a depository institution, or any subsidiary or
affiliated person which will result or tend to result in:
(a) Substitution contrary to the interest of the
insurer and through any method of any asset of the insurer with an asset or
assets of inferior quality or lower fair market value;
(b) Deception as to the true operating results of
the insurer;
(c) Deception as to the true financial condition
of the insurer;
(d) Allocation to the insurer of a proportion of
the expense of combined facilities or operations which is unfair and
unfavorable to the insurer;
(e) Unfair or excessive charges against the
insurer for services, facilities, supplies or reinsurance;
(f) Unfair and inadequate charges by the insurer
for reinsurance, services, facilities or supplies furnished by the insurer to
others;
(g) Payment by the insurer for services,
facilities, supplies or reinsurance not reasonably needed by the insurer;
(h) Depletion of the insurer’s surplus, through
payment of dividends or other distribution or withdrawal, below the amount
thereof reasonably required for conduct of the insurer’s business and
maintenance of growth with safety to policyholders; or
(i) Payment by the insurer for services or
products for which the health facility has charged less than fair market value,
unless the reduced charge is reflected in the form of reduced premiums. In
determining what constitutes fair market value, consideration must be given to
reasonable agreements for the preferential provision of health care, in
accordance with regulations adopted by the Commissioner. An insurer which pays
less than fair market value for services or products in a transaction which is
subject to the provisions of this paragraph shall annually file a certification
with the Commissioner that the reduced payment has been reflected in the form
of reduced premiums, together with documentation supporting the certification.
3. In all transactions between the insurer
and its parent corporation, or involving the insurer and any subsidiary or
affiliated person, full recognition must be given to the paramount duty and
obligation of the insurer to protect the interests of policyholders, both
existing and future.
4. If a health facility is a parent,
subsidiary or affiliate of an insurer or of a parent or facility of an insurer,
and the insurer purchases medical or any other services or products from the
health facility, the health facility may not:
(a) Attempt artificially to reduce or increase
its margin of profit by altering the charges to the insurer.
(b) Alter its true operating results or financial
condition through charges to the insurer for services or products.
Ê This
subsection does not prohibit activities authorized pursuant to paragraph (i) of
subsection 2.
5. If a health facility is found, after
notice and a hearing, to have violated the provisions of subsection 4, the
Commissioner may impose an administrative fine of not more than $5,000 for each
violation.
(Added to NRS by 1971, 1590; A 1987, 884; 1989, 599; 2001, 2183)
NRS 680A.330 Retaliatory provision.
1. When, by or pursuant to the laws of any
other state or foreign country or province, any taxes, licenses and other fees
in the aggregate, and any fines, penalties, deposit requirements or other
material requirements, obligations, prohibitions or restrictions are or would
be imposed upon Nevada insurers doing business or that might seek to do
business in such state, country or province, or upon the agents or
representatives of such insurers or upon brokers or adjusters, which are in
excess of such taxes, licenses and other fees in the aggregate, or which are in
excess of the fines, penalties, deposit requirements or other requirements,
obligations, prohibitions or restrictions directly imposed upon similar
insurers, or upon the agents or representatives of such insurers, or upon
brokers, or upon adjusters, of such other state, country or province under the
statutes of this state, so long as such laws of such other state, country or
province continue in force or are so applied, the same taxes, licenses and
other fees in the aggregate, or fines, penalties or deposit requirements or
other material requirements, obligations, prohibitions or restrictions of
whatever kind must be imposed by the Commissioner or the Department of Taxation
upon the insurers, or upon the agents or representatives of such insurers, or
upon brokers, of such other state, country or province doing business or
seeking to do business in Nevada. Any tax, license or other fee or other
obligation imposed by any city, county or other political subdivision or agency
of such other state, country or province on Nevada insurers or their agents,
representatives or adjusters shall be deemed to be imposed by such state,
country or province within the meaning of this section.
2. This section does not apply to:
(a) Personal income taxes;
(b) Ad valorem taxes on real or personal
property; or
(c) Special purpose obligations or assessments
imposed by another state in connection with particular kinds of insurance other
than property insurance,
Ê except that
deductions, from premium taxes or other taxes otherwise payable, allowed on
account of real or personal property taxes paid must be taken into
consideration by the Commissioner and the Executive Director of the Department
of Taxation in determining the propriety and extent of retaliatory action under
this section.
3. For the purposes of this section the
domicile of an alien insurer, other than insurers formed under the laws of
Canada or a province thereof, is that state designated by the insurer in
writing filed with the Commissioner at the time of admission to this state or
within 6 months after January 1, 1972, whichever date is the later, and may be
any one of the following states:
(a) That in which the insurer was first
authorized to transact insurance;
(b) That in which is located the insurer’s
principal place of business in the United States of America; or
(c) That in which is held the largest deposit of
trusteed assets of the insurer for the protection of its policyholders in the
United States of America.
Ê If the
insurer makes no such designation, its domicile shall be deemed to be that
state in which is located its principal place of business in the United States
of America.
4. The domicile of a Canadian insurer is
the province of Canada in which its head office is located.
(Added to NRS by 1971, 1590; A 1993, 1905)
