NRS 680A.265
Filing of annual financial statement

  • reporting of violation of law found during audit
  • penalty for failure to file statement
  • consolidation of statements prohibited
  • regulations.

1.

Except as otherwise provided in subsection 5, every:

(a)

Domestic insurer;

(b)

Fraternal benefit society authorized to do business in this State pursuant to chapter 695A of NRS; and

(c)

Corporation subject to the provisions of chapter 695B of NRS,
Ê shall file with the Commissioner, on or before June 1 of each year, a financial statement as of December 31 of the preceding calendar year that is certified by a certified public accountant who is not an employee of the insurer. The Commissioner may request a financial statement from a foreign or alien insurer.

2.

If a certified public accountant finds any violation of the laws of this State during any audit he or she conducts pursuant to subsection 1, the certified public accountant shall, if the Commissioner has adopted regulations pursuant to subsection 6 pertaining to the reporting of a violation found during an audit, report the violation in accordance with those regulations.

3.

An insurer who does not file a report pursuant to subsection 1 on or before June 1 of each year is subject to the penalty imposed pursuant to NRS 680A.280.

4.

A statement filed with the Commissioner must not be a consolidated report with any other subsidiary, affiliate or parent company.

5.

The provisions of this section do not apply to a domestic insurer who:

(a)

Is not licensed or authorized to do business in any state other than Nevada; or

(b)

Is exempted from the requirements of this section by order of the Commissioner for good cause shown.

6.

The Commissioner may adopt reasonable regulations relating to annual audited financial reports to administer the provisions of this section.

Source: Section 680A.265 — Filing of annual financial statement; reporting of violation of law found during audit; penalty for failure to file statement; consolidation of statements prohibited; regulations., https://www.­leg.­state.­nv.­us/NRS/NRS-680A.­html#NRS680ASec265.

680A.010
Definitions. 680A.020
“Charter” defined. 680A.028
“Multiple employer welfare arrangement” defined. 680A.030
“Mutual” insurer defined. 680A.040
“Reciprocal” insurer defined. 680A.050
“Stock” insurer defined. 680A.058
Applicability of chapter to self-funded multiple employer welfare arrangements. 680A.060
Certificate of authority required 680A.070
Exceptions to requirement of certificate of authority. 680A.080
Eligibility for certificate of authority: General requirements. 680A.082
Eligibility for certificate of authority: Additional requirements for self-funded multiple employer welfare arrangements. 680A.090
Eligibility for certificate of authority: Ownership 680A.095
Certificate of authority required to transact reinsurance 680A.100
Name of insurer. 680A.110
Combinations of insuring powers. 680A.120
Required capital. 680A.130
Combinations of insurance for which additional capital not required. 680A.140
Required deposit 680A.150
Application for certificate of authority. 680A.155
Payment of taxes and penalties by certain applicants. 680A.160
Issuance or refusal of certificate of authority 680A.165
Insurer’s duty to notify Commissioner of all material changes to information provided in application for certificate of authority 680A.170
Amended certificate of authority. 680A.173
Transfer of insurer’s domicile: Foreign insurer may become domestic insurer. 680A.175
Transfer of insurer’s domicile: Termination of status as domestic insurer 680A.177
Transfer of insurer’s domicile: Duties of insurer 680A.180
Continuance, expiration and reinstatement of certificate of authority. 680A.190
Suspension or revocation of certificate of authority: Mandatory grounds. 680A.200
Suspension, limitation or revocation of certificate of authority: Grounds 680A.205
Determination of hazardous financial condition of insurer: Regulations 680A.210
Order and notice of suspension, limitation or revocation of certificate 680A.220
Duration of suspension 680A.230
Applicability of general corporation laws to foreign insurers. 680A.240
Additional titles. 680A.250
Commissioner agent for service of process for certain insurers. 680A.260
Method of serving process 680A.265
Filing of annual financial statement 680A.270
Filing of annual statement and payment of fee by authorized insurers 680A.280
Penalties for late or false statements. 680A.290
Loss prevention reports and programs. 680A.300
Agent required 680A.310
Exceptions to requirements for countersignature by agent. 680A.320
Transaction with parent corporation, financial holding company, depository institution, subsidiary or affiliated person. 680A.330
Retaliatory provision.
Last Updated

Feb. 5, 2021

§ 680A.265’s source at nv​.us