Title 57

NRS 695E.050 “Hazardous financial condition” defined. “Hazardous financial condition” means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able to: 1. Meet obl…

NRS 695E.060 “Liability” defined. 1. “Liability” means legal liability for damages, including costs of defense, legal costs and fees, and other expenses for claims, because of injuries to other persons, damage to their property, or other damage or loss to those persons resulting …

NRS 695E.070 “Personal risk liability” defined. “Personal risk liability” means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial or household responsibilities or activities. (Added to NRS by 1…

NRS 695E.080 “Plan of operation” defined. “Plan of operation” means an analysis of the expected activities and results of a risk retention group, including: 1. The coverages, deductibles, limits of coverage, rates and systems of rating classification for each line of insurance th…

NRS 695E.090 “Product liability” defined. “Product liability” means liability for damages because of any personal injury, death, emotional harm, consequential economic damage or damage to property, including damages resulting from the loss of use of property, arising out of the m…

NRS 695E.100 “Purchasing group” defined. “Purchasing group” means any group which: 1. Has as one of its purposes the purchase of liability insurance on a group basis; 2. Purchases such insurance only for its members and only to cover their similar or related exposure to liability…

NRS 695E.110 “Risk retention group” defined. “Risk retention group” means any corporation or association with limited liability that is formed under the laws of any state, Bermuda or the Cayman Islands: 1. Whose primary activity consists of assuming and spreading all or any porti…

NRS 695E.120 Requirements. A purchasing group that intends to conduct business in this state shall register with the Commissioner and: 1. Furnish notice to the Commissioner that: (a) Identifies the state in which the group is domiciled; (b) Specifies the lines and classifications…

NRS 695E.125 Notification of change in information provided to Commissioner. A purchasing group shall notify the Commissioner of any change in any of the information required pursuant to subsection 1 of NRS 695E.120, within 10 days after the information ceases to be accurate. (Ad…

NRS 695E.130 Purchase of insurance; exemption from certain laws. 1. Except as otherwise provided in chapter 685A of NRS, a purchasing group shall not purchase insurance from an unauthorized insurer or a risk retention group that is not chartered or registered in this state. 2. A …

NRS 695E.135 Extent of liability for payment of premium tax. All premiums paid by a purchasing group or any member of the purchasing group for insurance on risks resident, located or to be performed in this state are subject to the payment of premium taxes and any related fines o…

NRS 695E.140 Requirements. 1. A risk retention group seeking to be chartered in this State must obtain a certificate of authority pursuant to chapter 694C of NRS to transact liability insurance and, except as otherwise provided in this chapter, must comply with: (a) All of the la…

NRS 695E.150 Statement of registration; plan of operation; appointment of Commissioner as agent for service of process; filing fee; transmission of revisions of plan of operation by Commissioner. 1. Before transacting insurance in this state, a risk retention group must submit to…

NRS 695E.160 Submission of financial statement, examinations, audits and other information. A risk retention group transacting insurance in this state shall submit to the Commissioner: 1. A copy of the group’s financial statement submitted to its state of domicile, which must be …

NRS 695E.170 Applicability of other provisions; duties of agent or broker. 1. A risk retention group and its agents and representatives are subject to the provisions of: (a) NRS 680A.205 and any regulations adopted pursuant thereto, including, without limitation, regulations rela…

NRS 695E.180 Notice required in policy. A policy issued by a risk retention group must contain in 10-point type on the front page and the declaration page, the following notice: NOTICE This policy is issued by your risk retention group. Your risk retention group may not be subjec…

NRS 695E.190 Risk retention group not chartered and doing business in this State: Examination by Commissioner; compliance with order issued in certain proceedings if finding of financial impairment after examination; enforcement by district courts in this State of order issued by…

NRS 695E.200 Prohibited acts. A risk retention group shall not: 1. Transact insurance with any person who is not eligible for membership in the risk retention group; 2. Conduct any business in this state if an insurer is directly or indirectly a member or owner of the group, unle…

NRS 695E.210 Applicability of other provisions; fines and penalties for violation of chapter by risk retention group. 1. The provisions of chapters 683A and 685A of NRS apply to any person acting, or offering to act, as an agent or broker for: (a) A purchasing group; (b) A member…

NRS 695E.220 Annual notice of intent to continue doing business in Nevada. On or before March 1 of each year, a purchasing group and a risk retention group shall submit to the Commissioner a written notice of its intention to continue doing business in Nevada. (Added to NRS by 19…