NRS 690A.260
Transfers to unauthorized insurer.


1.

Except as otherwise provided in subsection 2, an authorized insurer issuing consumer credit insurance may not enter into any agreement whereby the authorized insurer transfers, by reinsurance or otherwise, to an unauthorized insurer, as they relate to consumer credit insurance written or issued in this State:

(a)

A substantial portion of the risk of loss under the consumer credit insurance written by the authorized insurer in this State;

(b)

All of one or more kinds, lines, types or classes of consumer credit insurance;

(c)

All of the consumer credit insurance produced through one or more agents, agencies or creditors;

(d)

All of the consumer credit insurance written or issued in a designated geographical area; or

(e)

All of the consumer credit insurance under a policy of group insurance.

2.

An authorized insurer may make the transfers listed in subsection 1 to an unauthorized insurer if the unauthorized insurer:

(a)

Maintains security on deposit with the Commissioner in an amount which when added to the actual capital and surplus of the insurer is equal to the capital and surplus required of an authorized stock insurer pursuant to NRS 680A.120. The security may consist only of the following:

(1)

Cash.

(2)

General obligations of, or obligations guaranteed by, the Federal Government, this State or any of its political subdivisions. These obligations must be valued at the lower of market value or par value.

(3)

Any other type of security that would be acceptable if posted by a domestic or foreign insurer.

(b)

Files an annual statement with the Commissioner pursuant to NRS 680A.270.

(c)

Maintains reserves on its consumer credit insurance business pursuant to NRS 681B.050.

(d)

Values its assets and liabilities pursuant to NRS 681B.010 to 681B.040, inclusive.

(e)

Agrees to examinations conducted by the Commissioner pursuant to NRS 679B.230.

(f)

Complies with the standards adopted by the Commissioner pursuant to NRS 679A.150.

(g)

Does not hold, issue or have an arrangement for holding or issuing any of its stock for which dividends are paid based on:

(1)

The experience of a specific risk of all of one or more kinds, lines, types or classes of insurance;

(2)

All of the business produced through one or more agents, agencies or creditors;

(3)

All of the business written in a designated geographical area; or

(4)

All of the business written for one or more forms of insurance.

Source: Section 690A.260 — Transfers to unauthorized insurer., https://www.­leg.­state.­nv.­us/NRS/NRS-690A.­html#NRS690ASec260.

690A.010
Scope.
690A.011
Definitions.
690A.012
“Compensation” defined.
690A.015
“Credit insurance” and “consumer credit insurance” defined.
690A.016
“Credit life insurance” defined.
690A.017
“Creditor” defined.
690A.018
“Debtor” defined.
690A.045
Amounts of credit life insurance.
690A.050
Amounts of credit accident and health insurance or credit unemployment insurance.
690A.055
Combinations of consumer credit insurance
690A.063
Commencement of consumer credit insurance
690A.067
Term and cancellation of consumer credit insurance.
690A.073
Required disclosures.
690A.075
Acceptance of insurance by insurer other than named insurer
690A.077
Policies and certificates of insurance: Contents
690A.083
Delivery of application or notice of proposed insurance
690A.085
Policies, forms and schedules: Filing
690A.087
Adoption of forms by regulation
690A.093
Establishment of reasonable rates by regulation
690A.095
Filing of revised schedule of premium rates.
690A.097
Refund of unearned premiums
690A.103
Payment for consumer credit insurance without issuance of individual policy or group certificate.
690A.107
Amount charged for consumer credit insurance.
690A.120
Issuance of policies and certificates of consumer credit insurance.
690A.130
Claims.
690A.0135
“Credit accident and health insurance” defined.
690A.140
Existing insurance
690A.0163
“Credit transaction” defined.
690A.0167
“Credit unemployment insurance” defined.
690A.0195
“Gross debt” defined.
690A.0205
“Identifiable charge” defined.
690A.0243
“Net debt” defined.
690A.0247
“Open-end credit” defined.
690A.260
Transfers to unauthorized insurer.
690A.273
Creditor as agent of insurer.
690A.277
Regulations.
690A.280
Administrative penalties
Last Updated

Feb. 5, 2021

§ 690A.260’s source at nv​.us