2014 Nevada Revised Statutes
Chapter 695E - Liability Risk Retention
NRS 695E.120 - Requirements.

A purchasing group that intends to conduct business in this state shall register with the Commissioner and:

1. Furnish notice to the Commissioner that:

(a) Identifies the state in which the group is domiciled;

(b) Specifies the lines and classifications of liability insurance that the purchasing group intends to purchase;

(c) Identifies the insurer from which the group intends to purchase its insurance and the domicile of the insurer;

(d) Identifies the principal place of business of the group;

(e) Identifies all other states in which the group intends to do business;

(f) Specifies the method by which insurance will be offered to its members whose risks are resident, located or to be performed in this State;

(g) Provides the name, address and telephone number of each person, if any, through whom insurance will be offered to its members whose risks are resident, located or to be performed in this State; and

(h) Provides such other information as the Commissioner requires to verify and determine:

(1) Its qualification as a purchasing group;

(2) Where the purchasing group is located; and

(3) The appropriate tax treatment of the purchasing group; and

2. Appoint the Commissioner as its agent solely to receive service of legal process, and pay the fee for filing a power of attorney required by subsection 4 of NRS 680B.010, except that this subsection does not apply to a purchasing group that:

(a) Was domiciled before April 1, 1986, and on and after October 27, 1986, in any state;

(b) Before and after October 27, 1986, purchased its insurance from an insurer licensed in any state;

(c) Was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986; and

(d) Does not purchase insurance that was not authorized for an exemption under that act, as in effect before October 27, 1986.

(Added to NRS by 1987, 1330; A 1995, 1781; 2013, 3374)