NRS 686B.350
Conversion into domestic mutual insurer or domestic reciprocal insurer: Filing and contents of notice of intent to qualify.

1.

An essential insurance association shall, if requested to do so by the Commissioner, file a notice of intent to qualify as a domestic mutual insurer or a domestic reciprocal insurer. In the absence of a request by the Commissioner, an essential insurance association may file such a notice at such time as the association determines appropriate.

2.

The notice must be filed with the Commissioner at least 4 months before the date the association is to become a domestic mutual insurer or a domestic reciprocal insurer and must include:

(a)

An application prepared pursuant to chapter 680A of NRS for a certificate of authority to transact business in Nevada as a domestic mutual insurer or a domestic reciprocal insurer;

(b)

A valuation of the policyholder’s surplus according to both market and amortized value based on the association’s annual financial statement for the previous year; and

(c)

A provision for the return of any unused portion of the insured’s capital stabilization charges.

Source: Section 686B.350 — Conversion into domestic mutual insurer or domestic reciprocal insurer: Filing and contents of notice of intent to qualify., https://www.­leg.­state.­nv.­us/NRS/NRS-686B.­html#NRS686BSec350.

Last Updated

Jun. 24, 2021

§ 686B.350’s source at nv​.us