Title 57

NRS 692C.3503 Applicability and scope. 1. The requirements of NRS 692C.3501 to 692C.3509, inclusive, apply to all insurers domiciled in this State, including, without limitation: (a) Insurers, as identified in chapter 680A of NRS; (b) Hospital, medical or dental service corporati…

NRS 692C.3504 Submission; requirements; review; regulations. 1. Each insurer, or the insurance group of which the insurer is a member, shall, not later than June 1 of each calendar year, submit to the Commissioner a corporate governance annual disclosure which contains the inform…

NRS 692C.3505 Rules, regulations and orders. The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations and orders as are necessary to carry out the provisions of NRS 692C.3501 to 692C.3509, inclusive. (Added to NRS by …

NRS 692C.3506 Contents and preparation; regulations. 1. Except as otherwise provided in subsection 2, an insurer or insurance group may exercise discretion over the responses to inquiries in the corporate governance annual disclosure if the corporate governance annual disclosure …

NRS 692C.3507 Confidentiality. 1. Except as otherwise provided in NRS 692C.3501 to 692C.3509, inclusive, and NRS 239.0115, any documents, materials and other information, including, without limitation, a corporate governance annual disclosure, in the possession or control of the …

NRS 692C.3508 Retention of third-party consultants; agreements with National Association of Insurance Commissioners and third-party consultants governing sharing and use of information. To assist the performance of the Commissioner’s regulatory duties, the Commissioner: 1. May re…

NRS 692C.3509 Penalties. 1. If an insurer or insurance group fails, without just cause, to timely file a corporate governance annual disclosure as required in NRS 692C.3501 to 692C.3509, inclusive, the insurer or insurance group shall, after receiving notice and a hearing, pay a …

NRS 692C.351 Risk management framework required. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material relevant risks. This requirement shall be deemed satisfied if the insurance…

NRS 692C.3512 Own Risk and Solvency Assessment requirement. Subject to the provisions of NRS 692C.352 to 692C.353, inclusive, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to that set fort…

NRS 692C.3514 Filing of ORSA Summary Report. Upon the request of the Commissioner, and not more than once each year, an insurer shall submit to the Commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the ORSA Guidan…

NRS 692C.3516 Required attestation of ORSA Summary Report. The report required by NRS 692C.3514 must include a signature of the insurer or insurance group’s chief risk officer, or other executive having responsibility for the oversight of the insurer’s enterprise risk management …

NRS 692C.3518 Acceptable alternative to ORSA Summary Report. An insurer may comply with the requirements of NRS 692C.3514 by providing the most recent and substantially similar report provided by the insurer or another member of an insurance group of which the insurer is a member…

NRS 692C.352 Exemption from risk management and ORSA requirements. An insurer is exempt from the requirements of NRS 692C.351 to 692C.3548, inclusive, if: 1. The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiu…

NRS 692C.3522 Filing requirements for exempt member of nonexempt insurance group. If an insurer qualifies for an exemption pursuant to subsection 1 of NRS 692C.352 and the insurance group of which the insurer is a member does not qualify for an exemption pursuant to subsection 2 …

NRS 692C.3524 Filing requirements for nonexempt member of exempt insurance group. If an insurer does not qualify for an exemption pursuant to subsection 1 of NRS 692C.352 and the insurance group of which the insurer is a member qualifies for an exemption pursuant to subsection 2 …

NRS 692C.3526 Waiver of requirements: Application by nonexempt insurer; granting. An insurer that does not qualify for an exemption pursuant to NRS 692C.352 may apply to the Commissioner for a waiver from the requirements of NRS 692C.351 to 692C.3548, inclusive, based on unique c…

NRS 692C.3528 Authority of Commissioner to impose certain requirements on exempt insurer. Notwithstanding the provisions of NRS 692C.352 to 692C.3526, inclusive: 1. The Commissioner may require that an insurer maintain a risk management framework, conduct an ORSA and file an ORSA…

NRS 692C.353 Requirements for exempt insurer no longer qualified for exemption. If an insurer that qualifies for an exemption pursuant to NRS 692C.352 subsequently no longer qualifies for that exemption as a result of changes in premium as reflected in the insurer’s most recent a…

NRS 692C.3532 Contents of ORSA Summary Report. An ORSA Summary Report must be prepared consistent with the ORSA Guidance Manual, subject to the requirements of this section and NRS 692C.3534. Documentation and supporting information must be maintained and made available upon exam…

NRS 692C.3534 Review of ORSA Summary Report. The review of an ORSA Summary Report, and any additional requests for information, must be made using similar procedures currently used in analysis and examination of multistate or global insurers and insurance groups. (Added to NRS by…

NRS 692C.3536 Confidentiality of information. 1. Except as otherwise provided in this section and NRS 239.0115 and 692C.3516, any documents, materials and other information, including an ORSA Summary Report, in the possession of or control of the Division that are obtained by, cr…

NRS 692C.3538 Confidential information: Testimonial prohibition; exception. Neither the Commissioner, nor any other person who received documents, materials or other information received pursuant to NRS 692C.351 to 692C.3548, inclusive, through examination or otherwise, while act…

NRS 692C.354 Allowed disclosure and receipt of confidential information by Commissioner; agreements governing sharing and use of information. To assist the performance of the Commissioner’s regulatory duties, the Commissioner: 1. May, upon request, share documents, materials and …

NRS 692C.3542 Sharing of information by Commissioner not delegation of regulatory authority or rulemaking. The sharing of documents, materials and other information by the Commissioner pursuant to NRS 692C.351 to 692C.3548, inclusive, does not constitute a delegation of regulator…

NRS 692C.3544 Disclosure of information to Commissioner not waiver of privilege of confidentiality. No waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade secrets materials or other information shall occur as a result of the disc…

NRS 692C.3546 Applicability of confidentiality provisions to NAIC and third parties. Documents, materials or other information in the possession or control of the NAIC or a third-party consultant in accordance with the provisions of NRS 692C.351 to 692C.3548, inclusive, are: 1. C…

NRS 692C.3548 Prohibited acts; penalties. 1. The failure to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548, inclusive, within the time specified for the filing is a violation of those sections. 2. Except as otherwise provided in subsection 3, if an insurer or g…

NRS 692C.355 Proposal to acquire or change or continue control of insurer domiciled in State: Notice; action by Commissioner. An insurer, financial holding company, depositary institution or affiliate of any of them which proposes an acquisition or change or continuation of contr…

NRS 692C.357 Domestic insurer under control of foreign person not relieved of obligations and liabilities; requirements for board of directors of registered domestic insurer; exception; waiver. 1. If a domestic insurer is under the control of a foreign person, the officers and di…

NRS 692C.359 Supervisory college: Commissioner may convene or participate; composition; agreements with other regulatory agencies. 1. The Commissioner may, for any registered insurer who is part of an insurance holding company system with international operations, convene a super…

NRS 692C.360 Transactions with affiliates; regulations. 1. Material transactions by registered insurers with their affiliates are subject to all of the following standards: (a) The terms must be fair and reasonable. (b) Charges or fees for services performed must be reasonable. (…

NRS 692C.363 Insurer required to notify Commissioner of intent to enter into certain transactions with affiliate; approval of transactions; exceptions. 1. Except as otherwise provided in subsection 2, a domestic insurer shall not enter into any of the following transactions with …

NRS 692C.367 Insurer prohibited from entering into separate transactions with affiliate with intent to avoid review; review of transactions by Commissioner; insurer required to notify Commissioner of large investment in corporation. 1. A domestic insurer may not intentionally ent…

NRS 692C.370 Adequacy of surplus. For the purposes of this chapter, in determining whether or not an insurer’s surplus as regards policyholders is reasonable in relation to the insurer’s outstanding liabilities and adequate to its financial needs, the following factors among othe…

NRS 692C.372 Group-wide supervision of internationally active insurance groups: Definitions. As used in NRS 692C.372 to 692C.378, inclusive, unless the context otherwise requires, the words and terms defined in NRS 692C.374 and 692C.376 have the meanings ascribed to them in those…

NRS 692C.374 Group-wide supervision of internationally active insurance groups: “Group-wide supervisor” defined. “Group-wide supervisor” means a regulatory official who is authorized to engage in conducting and coordinating supervision activities across an insurance group and who…

NRS 692C.376 Group-wide supervision of internationally active insurance groups: “Internationally active insurance group” defined. “Internationally active insurance group” means an insurance holding company system which: 1. Includes an insurer registered under NRS 692C.260; and 2.…

NRS 692C.378 Group-wide supervision of internationally active insurance groups: Determination or acknowledgment of group-wide supervisor; change of group-wide supervisor; powers of Commissioner when acting as group-wide supervisor; agreements; regulations; reimbursement of Commis…

NRS 692C.380 Extraordinary distributions to shareholders: Definition. For purposes of NRS 692C.360 to 692C.400, inclusive, an extraordinary dividend or distribution includes any dividend or distribution of cash or other property, whose fair market value together with that of othe…

NRS 692C.390 Extraordinary distributions to shareholders: Notice; approval. 1. An insurer subject to registration under NRS 692C.260 to 692C.350, inclusive, shall not pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until: (a) Thirty…

NRS 692C.400 Extraordinary distributions to shareholders: Conditional declaration. Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the Commissioner’s approval thereof, and such a declaration sh…

NRS 692C.402 Sources from which receiver appointed under order for liquidation or rehabilitation of insurer is authorized to recover. 1. If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order may recover on beh…

NRS 692C.404 Liability of person who controlled insurer or affiliate at time distributions were paid or declared. 1. A person who was a parent corporation or holding company, or a person who otherwise controlled the insurer or affiliate, at the time the distributions were paid is…

NRS 692C.410 Examination of insurer: Powers of Commissioner; payment of expenses. 1. Subject to the limitation contained in this section and in addition to the powers which the Commissioner has under NRS 679B.230 to 679B.287, inclusive, relating to the examination of insurers, th…

NRS 692C.420 Confidentiality of disclosed information; exception; privileges; agreements governing sharing and use of information; effect of sharing or disclosure; applicability to third parties. 1. Except as otherwise provided in NRS 239.0115, all information, documents and copi…

NRS 692C.430 Injunctive relief. Whenever it appears to the Commissioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of this chapter or of any rule, regulation, or order issued by the Commissioner hereunder, …