Title 57

NRS 694C.040 “Association” defined. “Association” means a legal entity consisting of two or more corporations, limited-liability companies, partnerships, associations or other forms of business organizations. (Added to NRS by 1999, 3207; A 2005, 2151)

NRS 694C.050 “Association captive insurer” defined. “Association captive insurer” means a captive insurer that only insures risks of the member organizations of an association and the affiliated companies of those members if: 1. The association or the member organizations of the …

NRS 694C.053 “Branch business” defined. “Branch business” means any insurance business transacted by a branch captive insurer in this State. (Added to NRS by 2005, 2147)

NRS 694C.055 “Branch captive insurer” defined. “Branch captive insurer” means an alien captive insurer licensed pursuant to this chapter to transact the business of insurance through a business unit with a principal place of business in this State. (Added to NRS by 2005, 2147)

NRS 694C.057 “Branch operations” defined. “Branch operations” means any business operations of a branch captive insurer in this State. (Added to NRS by 2005, 2147)

NRS 694C.060 “Captive insurer” defined. “Captive insurer” means: 1. Any pure captive insurer, association captive insurer, agency captive insurer, rental captive insurer and sponsored captive insurer licensed pursuant to this chapter. The term includes a pure captive insurer who,…

NRS 694C.070 “Commissioner” defined. “Commissioner” means the Commissioner of Insurance. (Added to NRS by 1999, 3208)

NRS 694C.075 “Controlled unaffiliated business” defined. “Controlled unaffiliated business” means any company: 1. That is not in the corporate system of a parent and affiliated companies; 2. That has an existing contractual relationship with a parent or affiliated company; and 3.…

NRS 694C.080 “Division” defined. “Division” means the Division of Insurance of the Department of Business and Industry. (Added to NRS by 1999, 3208)

NRS 694C.085 “Dormant captive insurer” defined. “Dormant captive insurer” means any captive insurer that has been issued a certificate of dormancy by the Commissioner pursuant to NRS 694C.259. (Added to NRS by 2019, 1708)

NRS 694C.090 “Member organization” defined. “Member organization” means any individual or corporation, limited-liability company, partnership, association or other form of business organization that belongs to an association. (Added to NRS by 1999, 3208; A 2005, 2152)

NRS 694C.100 “Mutual insurer” defined. “Mutual insurer” has the meaning ascribed to it in NRS 680A.030. (Added to NRS by 1999, 3208)

NRS 694C.110 “Parent” defined. “Parent” means a corporation, limited-liability company, partnership, association or other form of business organization that directly or indirectly owns, controls or holds with power to vote more than 50 percent of the outstanding voting securities…

NRS 694C.113 “Participant” defined. “Participant” means a corporation, association, limited-liability company, partnership, trust, sponsor or other business organization, any affiliate thereof, and a homeowner or a unit-owners’ association, as defined in NRS 116.011, that is insu…

NRS 694C.115 “Participant contract” defined. “Participant contract” means a contract by which a sponsored captive insurer insures the risks of a participant and limits the losses of each such participant to its pro rata share of the assets of one or more protected cells identifie…

NRS 694C.117 “Protected cell” defined. “Protected cell” means a separate account established by a sponsored captive insurer in which assets are maintained for one or more participants in accordance with the terms of one or more participant contracts that fund the liability of the…

NRS 694C.120 “Pure captive insurer” defined. “Pure captive insurer” means a captive insurer that only insures risks of its parent and affiliated companies or controlled unaffiliated businesses and, unless otherwise provided by the Commissioner, includes a branch captive insurer. …

NRS 694C.130 “Reciprocal insurer” defined. “Reciprocal insurer” has the meaning ascribed to it in NRS 680A.040. (Added to NRS by 1999, 3208)

NRS 694C.140 “Rental captive insurer” defined. “Rental captive insurer” means a captive insurer formed to enter into contractual agreements with policyholders or associations to offer some or all of the benefits of a program of captive insurance and that only insures risks of suc…

NRS 694C.141 “Risk retention group” defined. “Risk retention group” has the meaning ascribed to it in NRS 695E.110. (Added to NRS by 2017, 73)

NRS 694C.143 “Sponsor” defined. “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. Meets the requirements of subs…

NRS 694C.147 “Sponsored captive insurer” defined. “Sponsored captive insurer” means any captive insurer: 1. In which the minimum capital and surplus required by applicable law is provided by one or more sponsors; 2. That is formed or licensed pursuant to this chapter; 3. That onl…

NRS 694C.149 “State-chartered risk retention group” defined. “State-chartered risk retention group” means any risk retention group that is formed in accordance with the laws of this State. (Added to NRS by 2015, 3504; A 2017, 73; 2019, 1709)

NRS 694C.150 “Stock insurer” defined. “Stock insurer” has the meaning ascribed to it in NRS 680A.050. (Added to NRS by 1999, 3208)

NRS 694C.155 Applicability of chapter 696B of NRS to sponsored captive insurer. The provisions of chapter 696B of NRS apply to a sponsored captive insurer if: 1. The assets of a protected cell are not used to pay any expense or claim other than those that are attributable to the …

NRS 694C.160 Applicability of other provisions. 1. The terms and conditions set forth in chapter 696B of NRS pertaining to insurance reorganization, receiverships and injunctions apply to captive insurers incorporated pursuant to this chapter. 2. The provisions of NRS 679B.285 pe…

NRS 694C.170 Regulations. The Commissioner may establish such regulations as are necessary to carry out the provisions of this chapter. (Added to NRS by 1999, 3217)

NRS 694C.180 Formation of captive insurer. 1. Unless otherwise approved by the Commissioner, a pure captive insurer, an agency captive insurer, a rental captive insurer or a sponsored captive insurer must be incorporated as a stock insurer. 2. An association captive insurer or a …

NRS 694C.190 Name. A captive insurer shall not use or adopt a name that is the same, deceptively similar or likely to be confused with or mistaken for any other existing business name registered in this state. (Added to NRS by 1999, 3210)

NRS 694C.195 Sponsored captive insurer: Formation; conditions for formation and licensure; requirements for sponsor and participants. 1. One or more sponsors may form a sponsored captive insurer pursuant to this chapter. 2. A sponsored captive insurer formed or licensed pursuant …

NRS 694C.200 Authorization to apply for license in certain circumstances; license required to transact insurance; penalty. 1. A captive insurer, when authorized by its articles of association, articles of incorporation or charter, may apply to the Commissioner for a license to tr…

NRS 694C.210 Application: Requirement; contents. A captive insurer must apply to the Commissioner for a license. The application must include: 1. A certified copy of the charter and bylaws of the captive insurer; 2. A pro forma financial statement for the captive insurer that has…

NRS 694C.215 Application: Sponsored captive insurer required to file certain information with Commissioner. In addition to the information required pursuant to NRS 694C.210, each sponsored captive insurer shall file with the Commissioner: 1. Information demonstrating the manner i…

NRS 694C.220 Application: Fees; Commissioner authorized to retain professional services relating to examination of applicant; cost of services. An application by a captive insurer for licensure must include a nonrefundable application fee of $500. The Commissioner may retain lega…

NRS 694C.230 Issuance of license; annual renewal; fees. 1. If the Commissioner determines that the documents and statements filed by the captive insurer satisfy the requirements for licensure, the Commissioner shall issue a license to the captive insurer. The license may be renew…

NRS 694C.240 Insurer required to include business plan with application for issuance and renewal of license; updates to business plan. A captive insurer shall include its business plan with its application for the issuance and renewal of a license. If the captive insurer makes an…

NRS 694C.250 Capital or surplus required: Amount; form; Commissioner authorized to prescribe additional requirements; letter of credit; use of surplus note. 1. A captive insurer must not be issued a license, and shall not hold a license, unless the captive insurer has and maintai…

NRS 694C.259 Certificate of dormancy: Application; powers and duties of certificate holder; renewal; expiration; surrender; revocation; regulations. 1. A captive insurer which is not transacting the business of insurance, including, without limitation, the issuance of insurance p…

NRS 694C.270 Suspension or revocation of license: Grounds; hearings. 1. The Commissioner may suspend or revoke the license of a captive insurer if, after a hearing, the Commissioner determines that: (a) The captive insurer: (1) Is insolvent or has impaired its required capital or…

NRS 694C.300 Authorized and prohibited types of insurance. 1. Except as otherwise provided in this section, a captive insurer licensed pursuant to this chapter may transact any form of insurance described in NRS 681A.020 to 681A.080, inclusive. 2. A captive insurer licensed pursu…

NRS 694C.310 Meetings of board of directors; additional requirements to transact insurance; review by Commissioner of qualifications of manager. 1. The board of directors of a captive insurer shall meet at least once each year in this State. The captive insurer shall: (a) Maintai…

NRS 694C.320 Plan for payment of dividends; regulations. The Commissioner may approve an ongoing plan for the payment of dividends or other distributions by a captive insurer if, at the time of each payment or distribution, the retention of capital by the captive insurer is in ex…

NRS 694C.330 Payment of dividends and extraordinary dividends. 1. Except as otherwise provided in this section, a captive insurer shall pay dividends out of, or make any other distributions from, its capital or surplus, or both, in accordance with the provisions set forth in NRS …

NRS 694C.340 Compliance with requirements relating to investments; loan to parent or affiliated company by pure captive insurer in certain circumstances. 1. Except as otherwise provided in this section and NRS 694C.382, an association captive insurer, an agency captive insurer, a…

NRS 694C.350 Reinsurance; credit for reserves on risks or portions of risks in certain circumstances; plan for workers’ compensation deemed reinsurance in certain circumstances. 1. A captive insurer may provide reinsurance on risks ceded by any other insurer. 2. A captive insurer…

NRS 694C.360 Use of insurance of captive insurer to satisfy requirements relating to insurance on vehicles subject to Nevada Transportation Authority or Taxicab Authority prohibited; exception. Insurance provided by a captive insurer in accordance with this chapter may not be use…