Nevada Revised Statutes Title 57. Insurance § 694C.250. Capital or surplus required: Amount; form; Commissioner authorized to prescribe additional requirements; letter of credit; use of surplus note

(a) For a pure captive insurer, not less than $200,000;

(b) For an association captive insurer, not less than $500,000;

(c) For an agency captive insurer, not less than $600,000;

(d) For a rental captive insurer, not less than $800,000;

(e) For a sponsored captive insurer, not less than $500,000; and

(f) For a state-chartered risk retention group, not less than $500,000.

(a) Be issued by a bank chartered by this State or a bank that is a member of the United States Federal Reserve System and has been approved by the Commissioner; and

(b) Include a provision pursuant to which the letter of credit is automatically renewable each year, unless the issuer gives written notice to the Commissioner and the captive insurer at least 90 days before the expiration date.

(a) Be subject to strict control by the Commissioner and have been approved by the Commissioner as to form and content.

(b) Be subordinate to:

(c) Require prior approval of the Commissioner for any:

(d) Be accompanied by proceeds which are received by the captive insurer in the form of:

(e) Be accounted for in such a manner that interest shall not be recorded as a liability or an expense until approval for payment of such interest has been granted by the Commissioner.