NRS 681A.210
Requirements when assuming insurer is not licensed or accredited to transact insurance or reinsurance in this State.

1.

Except as otherwise provided in subsection 2, if the assuming insurer is not licensed or accredited to transact insurance or reinsurance in this State, the credit permitted by NRS 681A.170 or 681A.180 must not be allowed unless the assuming insurer agrees in the agreements for reinsurance:

(a)

That in the event of the failure of the assuming insurer to perform its obligations under the terms of the agreement, the assuming insurer, at the request of the ceding insurer, will submit to the jurisdiction of any court of competent jurisdiction in any state of the United States, will comply with all requirements necessary to give the court jurisdiction, and will abide by the final decision of the court or of any appellate court in the event of an appeal;

(b)

To designate the Commissioner or a designated attorney as its true and lawful attorney upon whom may be served any lawful process in an action, suit or proceeding instituted by or on behalf of the ceding company; and

(c)

To comply with the conditions set forth in subsection 5 of NRS 681A.180.

2.

This section does not conflict with or override the obligation of the parties to an agreement for reinsurance to arbitrate their disputes if such an obligation is created in the agreement.

Source: Section 681A.210 — Requirements when assuming insurer is not licensed or accredited to transact insurance or reinsurance in this State., https://www.­leg.­state.­nv.­us/NRS/NRS-681A.­html#NRS681ASec210.

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

Feb. 5, 2021

§ 681A.210’s source at nv​.us