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 minimum capital and surplus, or its equivalent, in an amount to be determined by the Commissioner;

3.

Maintain financial strength ratings from two or more rating agencies deemed acceptable by the Commissioner;

4.

Agree to submit to the jurisdiction of this State, appoint the Commissioner as its agent for service of process in this State and agree to provide security for 100 percent of the assuming insurer’s liabilities attributable to reinsurance ceded by ceding insurers in the United States for use if the assuming insurer resists enforcement of a final judgment rendered by any court of competent jurisdiction in the United States;

5.

Agree to meet applicable information filing requirements as determined by the Commissioner, both with respect to an initial application for certification and on an ongoing basis; and

6.

Satisfy any other requirements for certification deemed relevant by the Commissioner.

Source: Section 681A.1551 — Certified reinsurer: Eligibility., https://www.­leg.­state.­nv.­us/NRS/NRS-681A.­html#NRS681ASec1551.

681A.140
“Qualified financial institution in the United States” defined. 681A.150
Requirements for taking credit. 681A.155
Reinsurance ceded to assuming certified reinsurer. 681A.160
Reinsurance ceded to assuming accredited reinsurer in Nevada 681A.170
Reinsurance ceded to assuming alien insurer. 681A.180
Reinsurance ceded to assuming insurer which maintains trust fund for payment of valid claims 681A.190
Reinsurance ceded to group of incorporated insurers under common administration. 681A.200
Requirements for establishment or amendment of certain trusts. 681A.210
Requirements when assuming insurer is not licensed or accredited to transact insurance or reinsurance in this State. 681A.215
Requirements when assuming insurer does not meet certain requirements. 681A.220
Requirements when assuming insurer does not meet certain other requirements. 681A.230
Ceding insurer to be allowed credit if reinsurance lawfully ceded to qualified assuming insurer 681A.235
Management of concentration risk by ceding insurer. 681A.240
Requirements for reduction from liability when assuming insurer does not meet certain requirements concerning risk-based capital. 681A.1551
Certified reinsurer: Eligibility. 681A.1552
Certified reinsurer: Additional eligibility requirements for associations. 681A.1553
Certified reinsurer: Qualified jurisdictions. 681A.1554
Certified reinsurer: Ratings by Commissioner 681A.1555
Certified reinsurer: Required security. 681A.1556
Certified reinsurer: Applicant certified in certain jurisdictions may be deemed by Commissioner to be certified in Nevada. 681A.1557
Certified reinsurer: Inactive status.
Last Updated

Jun. 24, 2021

§ 681A.1551’s source at nv​.us