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Nevada Revised Statutes Title 57. Insurance § 694C.210. Application:  Requirement;  contents

Current as of January 01, 2021 | Updated by FindLaw Staff

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 been prepared by a certified public accountant or an actuary authorized by the Division to conduct business in this State;

3. Any other statements or documents that the Commissioner requires to be filed with the application;

4. Evidence of:

(a) The amount and liquidity of its assets relative to the risks to be assumed by the captive insurer;

(b) The expertise, experience and character of the persons who will manage the captive insurer;

(c) The overall soundness of the plan of operation of the captive insurer;  and

(d) The adequacy of the programs of the captive insurer providing for loss prevention by its parent or member organizations, as applicable;  and

5. Such other information deemed to be relevant by the Commissioner in ascertaining whether the proposed captive insurer will be able to meet its policy obligations.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 694C.210. Application:  Requirement;  contents - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-694c-210/

Read this complete Nevada Revised Statutes Title 57. Insurance § 694C.210. Application:  Requirement;  contents on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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