NRS 692C.359
Supervisory college: Commissioner may convene or participate

  • composition
  • agreements with other regulatory agencies.

1.

The Commissioner may, for any registered insurer who is part of an insurance holding company system with international operations, convene a supervisory college or participate in a supervisory college convened by a state, federal or international regulatory agency with authority over any insurer who is part of the insurance holding company system:

(a)

To determine whether or not the registered insurer is in compliance with the provisions of this chapter;

(b)

To assess the business strategy, financial position, legal and regulatory compliance, risk exposure, risk management and governance procedures of the registered insurer; or

(c)

As part of an examination of the registered insurer pursuant to NRS 692C.410.

2.

In convening a supervisory college pursuant to subsection 1, the Commissioner may, without limitation:

(a)

Establish:

(1)

The membership of the supervisory college;

(2)

The functions of the supervisory college; and

(3)

The role of each regulatory agency participating in the supervisory college;

(b)

Designate a regulatory agency as supervisor of the supervisory college; and

(c)

Coordinate the activities of the supervisory college, including, without limitation:

(1)

Meetings;

(2)

Supervisory activities; and

(3)

The sharing of information among members of the supervisory college.

3.

In convening or participating in a supervisory college pursuant to this section, the Commissioner may enter into agreements with other state, federal or international regulatory agencies concerning the governance of a supervisory college. Such an agreement must meet the confidentiality requirements of NRS 692C.420.

4.

The provisions of this section must not be construed to:

(a)

Limit the authority of the Commissioner; or

(b)

Delegate to any supervisory college the authority of the Commissioner to regulate a registered insurer or any affiliate of a registered insurer pursuant to this title.

5.

As used in this section, “supervisory college” means a temporary or permanent forum for communication and cooperation between regulators, including, without limitation, state, federal and international regulatory agencies which are charged with regulating and supervising an insurer.

Source: Section 692C.359 — Supervisory college: Commissioner may convene or participate; composition; agreements with other regulatory agencies., https://www.­leg.­state.­nv.­us/NRS/NRS-692C.­html#NRS692CSec359.

Last Updated

Jun. 24, 2021

§ 692C.359’s source at nv​.us