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

Current as of January 01, 2025 | 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, 2025 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-694c-210/

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