Title 57

NRS 680B.060 Collection and enforcement of and disputes related to payments of general tax on premiums; deposit of taxes, fees, licenses, fines and charges under Code; exception. 1. The taxes imposed under NRS 680B.027 must be collected by the Department of Taxation and promptly …

NRS 680B.120 Refund of overpayments of fees, charges or taxes. 1. Any person from whom fees, charges or taxes imposed by this Code have been erroneously collected may apply for refund at any time within 1 year after the date such fees, charges or taxes were originally required to…

NRS 680C.100 Creation; use; investment. 1. The Fund for Insurance Administration and Enforcement is hereby created in the State Treasury as an enterprise fund. 2. The Fund must be used solely for the administration and enforcement of the Code and other laws and regulations enforc…

NRS 680C.110 Fees. 1. In addition to any other fee or charge, the Commissioner shall collect in advance and receipt for, and persons so served must pay to the Commissioner, the fees required by this section. 2. A fee required by this section must be: (a) If an initial fee, paid a…

NRS 681A.010 Definitions; nonexclusive application. 1. As used in this Code, unless the context otherwise requires, the words and terms defined in NRS 681A.020 to 681A.080, inclusive, have the meanings ascribed to them in those sections. 2. It is intended that certain insurance c…

NRS 681A.020 “Casualty insurance” defined. 1. “Casualty insurance” includes: (a) Vehicle insurance. Insurance against loss of or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded ther…

NRS 681A.022 “Continuous care coverage” defined. “Continuous care coverage” is the issuance of a policy of insurance for workers’ compensation, as described in paragraph (c) of subsection 1 of NRS 681A.020, issued jointly with and supplemental to a policy for health insurance, as…

NRS 681A.024 “Covered agreement” defined. “Covered agreement” means an agreement entered into pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, 31 U.S.C. §§ 313 and 314, that is currently in effect or in a period of provisional application and addresses t…

NRS 681A.030 “Health insurance” defined. “Health insurance” is insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertainin…

NRS 681A.040 “Life insurance” defined. 1. “Life insurance” is insurance on human lives. The transaction of life insurance includes the granting of endowment benefits, additional incidental benefits in the event of death or dismemberment by accident or accidental means, additional…

NRS 681A.050 “Marine and transportation” and “wet marine and transportation” insurance defined. 1. “Marine and transportation insurance” includes: (a) Insurance against any kinds of loss or damage to: (1) Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, as …

NRS 681A.055 “NAIC” defined. “NAIC” means the National Association of Insurance Commissioners or its successor organization. (Added to NRS by 2021, 2948)

NRS 681A.060 “Property insurance” defined. 1. “Property insurance” is insurance on real or personal property of every kind and of every interest therein against loss or damage from any and all hazards or causes, and against loss consequential upon such loss or damage, other than …

NRS 681A.062 “Reciprocal jurisdiction” defined. “Reciprocal jurisdiction” means a jurisdiction, as designated by the Commissioner pursuant to NRS 681A.2135, which is one of the following: 1. A non-United States jurisdiction that is subject to an in-force covered agreement with th…

NRS 681A.068 “Solvent scheme of arrangement” defined. “Solvent scheme of arrangement” means a foreign or alien statutory or regulatory compromise procedure subject to requisite majority creditor approval and judicial sanction in the assuming insurer’s home jurisdiction either to …

NRS 681A.070 “Surety insurance” defined. “Surety insurance” includes: 1. Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust. 2. Insurance guaranteeing the performance of contracts, other than insurance policies…

NRS 681A.080 “Title insurance” defined. “Title insurance” means insuring, guaranteeing or indemnifying owners of property or holders of liens, encumbrances or security interests on the property, and others interested therein, against loss or damage suffered by reason of: 1. Liens…

NRS 681A.090 Multiple line insurers. A multiple line insurer may transact: 1. Any two or more kinds of insurance, as defined in NRS 681A.020, 681A.030, 681A.050, 681A.060, 681A.070 and 681A.080 (casualty, health, marine and transportation, property, surety and title insurance), b…

NRS 681A.095 Insurance against legal liability for exemplary or punitive damages. An insurer may insure against legal liability for exemplary or punitive damages that do not arise from a wrongful act of the insured committed with the intent to cause injury to another. (Added to N…

NRS 681A.100 Amount of risk that insurer may retain; method for determining risk; applicability. 1. Except as otherwise provided for domestic mutual insurers in NRS 692B.200, an insurer shall not retain any risk on any one subject of insurance, whether located or to be performed …

NRS 681A.110 Reinsurance authorized for all or part of risk; requirements for reinsurance with unauthorized insurer. An insurer may reinsure all or any part of an individual risk or of a particular class of risks in any other insurer or, with the approval of the Commissioner, all…

NRS 681A.120 Cancellation or material changes in treaties or arrangements for reinsurance: Written notice to Commissioner by insurer required. An insurer shall promptly inform the Commissioner in writing of the cancellation or any other material change in any of its treaties or a…

NRS 681A.130 Regulations. The Commissioner may adopt regulations to carry out the provisions of NRS 681A.110 to 681A.560, inclusive. (Added to NRS by 1995, 1759; A 2015, 3384) Credit as Asset or Deduction From Liability

NRS 681A.140 “Qualified financial institution in the United States” defined. As used in NRS 681A.140 to 681A.240, inclusive, “qualified financial institution in the United States” means an institution that: 1. Is organized, or in the case of a branch or agency of a foreign bankin…

NRS 681A.145 Regulations governing arrangements for reinsurance relating to life and health insurance and annuity products. 1. The Commissioner may adopt regulations applicable to arrangements for reinsurance relating to: (a) Life insurance policies with guaranteed non-level gros…

NRS 681A.150 Requirements for taking certain credit. 1. No credit may be taken as an asset or as a deduction from liability on account of reinsurance unless the reinsurer is authorized to transact insurance or reinsurance in this state pursuant to the requirements of NRS 681A.110…

NRS 681A.155 Reinsurance ceded to assuming certified reinsurer. Credit must be allowed when the reinsurance is ceded to an assuming insurer that has been certified by the Commissioner as a reinsurer in this State and secures its obligations in accordance with the requirements of …

NRS 681A.1551 Certified reinsurer: Eligibility. To be eligible for certification, an assuming insurer must: 1. Be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction, as determined by the Commissioner pursuant to NRS 681A.1553; 2. Maintain mini…

NRS 681A.1552 Certified reinsurer: Additional eligibility requirements for associations. An association that includes incorporated and individual unincorporated underwriters may be a certified reinsurer. In addition to satisfying the requirements of NRS 681A.1551, to be eligible …

NRS 681A.1553 Certified reinsurer: Qualified jurisdictions. 1. The Commissioner shall create and publish a list of qualified jurisdictions, pursuant to which an assuming insurer licensed and domiciled in such jurisdiction is eligible to be considered for certification by the Comm…

NRS 681A.1554 Certified reinsurer: Ratings by Commissioner; publication of ratings; regulations. The Commissioner shall: 1. Assign a rating to each certified reinsurer, giving due consideration to the financial strength ratings which have been assigned to certified reinsurers by …

NRS 681A.1555 Certified reinsurer: Required security. 1. For a domestic ceding insurer to qualify for full financial statement credit for reinsurance ceded to a certified reinsurer, the certified reinsurer shall maintain security in a form acceptable to the Commissioner and consi…

NRS 681A.1556 Certified reinsurer: Applicant certified in certain jurisdictions may be deemed by Commissioner to be certified in Nevada. If an applicant for certification has been certified as a reinsurer in a National Association of Insurance Commissioners accredited jurisdictio…

NRS 681A.1557 Certified reinsurer: Inactive status. A certified reinsurer that ceases to assume new business in this State may request to maintain its certification in inactive status to continue to qualify for a reduction in security for its in-force business. An inactive certif…

NRS 681A.160 Reinsurance ceded to assuming accredited reinsurer in Nevada; suspension or revocation of accreditation or certification of reinsurer. 1. Except as otherwise provided in subsection 2, credit must be allowed if reinsurance is ceded to an assuming insurer which is accr…

NRS 681A.170 Reinsurance ceded to assuming alien insurer. 1. Except as otherwise provided in subsection 2, credit must be allowed if reinsurance is ceded to an assuming insurer which is domiciled and licensed in, or in the case of a branch in the United States of an alien assumin…

NRS 681A.180 Reinsurance ceded to assuming insurer which maintains trust fund for payment of valid claims. 1. Credit must be allowed if reinsurance is ceded to an assuming insurer which maintains a trust fund in a qualified financial institution in the United States for the payme…

NRS 681A.190 Reinsurance ceded to group of incorporated insurers under common administration. 1. Credit must be allowed if reinsurance is ceded to a group of incorporated insurers under common administration which: (a) Does not engage in any business other than underwriting as a …

NRS 681A.200 Requirements for establishment or amendment of certain trusts. 1. A trust for the purposes of NRS 681A.180 or 681A.190, and any amendment to the trust, must be established or amended in a form approved by: (a) The Commissioner; and (b) The commissioner of insurance o…

NRS 681A.210 Requirements when assuming insurer is not licensed or accredited to transact insurance or reinsurance in this State. 1. Except as otherwise provided in subsection 2, if the assuming insurer is not licensed or accredited to transact insurance or reinsurance in this St…

NRS 681A.211 Credit for reinsurance ceded by domestic insurer to assuming insurer: Requirements for allowance. The Commissioner must allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that is licensed to write reinsurance and meets each of the conditi…

NRS 681A.2115 Documentation required to be provided by assuming insurer. The assuming insurer or its legal successor must provide, if requested by the Commissioner, on behalf of itself and any legal predecessors, the following documentation to the Commissioner: 1. For the 2 years…

NRS 681A.212 Practice of prompt payment of claims required to be maintained by assuming insurer; criteria evidencing lack of prompt payment. The assuming insurer must maintain a practice of prompt payment of claims under reinsurance agreements. The lack of prompt payment will be …

NRS 681A.2125 Confirmation to Commissioner of compliance by assuming insurer with certain requirements related to minimum capital and surplus and minimum solvency or capital ratio. The assuming insurer’s supervisory authority must confirm to the Commissioner on an annual basis, a…

NRS 681A.213 List of reciprocal jurisdictions. 1. The Commissioner shall timely create and publish a list of reciprocal jurisdictions. 2. The Commissioner’s list: (a) Must include, without limitation, any reciprocal jurisdiction which meets the requirements of subsection 1 or 2 o…

NRS 681A.2135 List of assuming insurers to which cessions are required to be granted credit. 1. The Commissioner shall timely create and publish a list of assuming insurers that have satisfied the conditions set forth in this section and to which cessions must be granted credit i…