2005 Nevada Revised Statutes - Chapter 680A — Authorization of Insurers and General Requirements

CHAPTER 680A - AUTHORIZATION OF INSURERSAND GENERAL REQUIREMENTS

NRS 680A.010 Definitions.

NRS 680A.020 Charterdefined.

NRS 680A.030 Mutualinsurer defined.

NRS 680A.040 Reciprocalinsurer defined.

NRS 680A.050 Stockinsurer defined.

NRS 680A.060 Certificateof authority required; penalty.

NRS 680A.070 Exceptionsto requirement of certificate of authority.

NRS 680A.080 Eligibilityfor certificate of authority: General requirements.

NRS 680A.090 Eligibilityfor certificate of authority: Ownership; management.

NRS 680A.095 Certificateof authority required to transact reinsurance; eligibility for certificate;exceptions.

NRS 680A.100 Nameof insurer.

NRS 680A.110 Combinationsof insuring powers.

NRS 680A.120 Requiredcapital.

NRS 680A.130 Combinationsof insurance for which additional capital not required.

NRS 680A.140 Requireddeposit; deposit in other state.

NRS 680A.150 Applicationfor certificate of authority.

NRS 680A.155 Paymentof taxes and penalties by certain applicants.

NRS 680A.160 Issuanceor refusal of certificate; contents and ownership of certificate.

NRS 680A.170 Amendedcertificate of authority.

NRS 680A.173 Transferof insurers domicile: Foreign insurer may become domestic insurer.

NRS 680A.175 Transferof insurers domicile: Termination of status as domestic insurer; qualificationas foreign insurer.

NRS 680A.177 Transferof insurers domicile: Duties of insurer; effect on policies.

NRS 680A.180 Continuance,expiration and reinstatement of certificate of authority.

NRS 680A.190 Suspensionor revocation of certificate of authority: Mandatory grounds.

NRS 680A.200 Suspension,limitation or revocation of certificate of authority: Grounds; notice.

NRS 680A.205 Determinationof hazardous financial condition of insurer: Regulations; hearing; disciplinaryactions; review of order.

NRS 680A.210 Orderand notice of suspension, limitation or revocation of certificate; effect onagents authority.

NRS 680A.220 Durationof suspension; insurers obligations during suspension period; reinstatement.

NRS 680A.230 Applicabilityof general corporation laws to foreign insurers.

NRS 680A.240 Additionaltitles.

NRS 680A.250 Commissioneragent for service of process for certain insurers.

NRS 680A.260 Methodof serving process; extension of time to appear; record.

NRS 680A.265 Filingof annual financial statement; reporting of violation of law found duringaudit; penalty for failure to file statement; consolidation of statementsprohibited; regulations.

NRS 680A.270 Filingof annual statement by authorized insurers; fee; regulations; confidentialityof certain information.

NRS 680A.280 Penaltiesfor late or false annual statements.

NRS 680A.290 Lossprevention reports and programs.

NRS 680A.300 Residentagent; countersignature.

NRS 680A.310 Exceptionsto requirements for countersignature by resident agent.

NRS 680A.320 Transactionwith parent corporation, financial holding company, depository institution,subsidiary or affiliated person.

NRS 680A.330 Retaliatoryprovision.

_________

NRS 680A.010 Definitions. As used in this Code, unless the context otherwiserequires, the words and terms defined in NRS680A.020 to 680A.050, inclusive,shall have the meanings ascribed to them in NRS680A.020 to 680A.050, inclusive.

(Added to NRS by 1971, 1576)

NRS 680A.020 Charterdefined. Charter means certificate of incorporation,articles of incorporation, articles of agreement, articles of association,charter granted by legislative act, or other basic constituent document of acorporation, or the power of attorney of the attorney-in-fact of a reciprocalinsurer.

(Added to NRS by 1971, 1576)

NRS 680A.030 Mutualinsurer defined. A mutual insurer is an incorporatedinsurer without capital stock and the governing body of which is elected by itspolicyholders. This definition shall not be deemed to exclude as mutualinsurers certain foreign insurers found by the Commissioner to be organized onthe mutual plan under the laws of their states of domicile, but havingtemporary share capital or providing for election of the insurers governingbody on a reasonable basis.

(Added to NRS by 1971, 1576)

NRS 680A.040 Reciprocalinsurer defined. A reciprocal insurer is anunincorporated aggregation of subscribers operating individually andcollectively through an attorney-in-fact common to all such persons to providereciprocal insurance among themselves.

(Added to NRS by 1971, 1576)

NRS 680A.050 Stockinsurer defined. A stock insurer is anincorporated insurer with its capital divided into shares and owned by itsstockholders.

(Added to NRS by 1971, 1576)

NRS 680A.060 Certificateof authority required; penalty.

1. A person shall not act as an insurer and an insurershall not transact insurance in this State by mail or otherwise, except asauthorized by a certificate of authority issued by the Commissioner and then infull force, and except as to such transactions as are expressly otherwiseprovided in this Code.

2. A domestic insurer and a foreign insurer fromoffices or by personnel or facilities located in this State shall not solicitinsurance applications or otherwise transact insurance in another state orcountry unless it holds a subsisting certificate of authority granted to it bythe Commissioner authorizing it to transact the same kind or kinds of insurancein this State.

3. Any officer, director, agent, representative oremployee of any insurer who willfully authorizes, negotiates, makes or issuesany insurance contract in violation of this section is guilty of a misdemeanor.

(Added to NRS by 1971, 1576; A 1983, 684; 1985, 348)

NRS 680A.070 Exceptionsto requirement of certificate of authority. Acertificate of authority is not required of an insurer with respect to any ofthe following:

1. Investigation, settlement or litigation of claimsunder its policies lawfully written in this State, or liquidation of assets andliabilities of the insurer, other than collection of new premiums, all asresulting from its former authorized operations in this State.

2. Except as otherwise provided in subsection 2 of NRS 680A.060, transactions thereunderafter issuance of a policy covering only subjects of insurance that are notresident, located or expressly to be performed in this State at the time ofissuance, and lawfully solicited, written and delivered outside this State.

3. Prosecution or defense of suits at law, except thatno insurer unlawfully transacting insurance in this State without a certificateof authority may institute or maintain, other than defend, any action at law orin equity in any court of this State, either directly or through an assignee orsuccessor in interest, to enforce any right, claim or demand arising out ofsuch an insurance transaction until the insurer, assignee or successor hasobtained a certificate of authority. This provision does not apply to any suitor action by the receiver, rehabilitator or liquidator of such an insurer,assignee or successor under laws similar to those contained in chapter 696B of NRS.

4. Transactions pursuant to surplus lines coverageslawfully written under chapter 685A of NRS.

5. A suit, action or proceeding for the enforcement ordefense of its rights relative to its investments in this State.

6. Reinsurance, except as to a domestic reinsurer orthe reinsurance of a domestic insurer, unless the reinsurance is authorizedpursuant to subsection 1 of NRS 681A.110.

7. Transactions in this State involving group lifeinsurance, group health or blanket health insurance, or group annuities wherethe master policy or contract of such groups was lawfully solicited, issued anddelivered pursuant to the laws of a state in which the insurer was authorizedto transact insurance, to a group organized for purposes other than theprocurement of insurance or to a group approved pursuant to NRS 688B.030 or 689B.026, and where the policyholder isdomiciled or otherwise has a bona fide situs.

8. The issuance of annuities by an affiliate of anauthorized insurer if the affiliate:

(a) Is approved by the Commissioner;

(b) Is organized as a nonprofit educationalcorporation;

(c) Issues annuities only to nonprofit institutions ofeducation and research; and

(d) Reports and pays any premium tax on the annuitiesrequired pursuant to chapter 680B of NRS.

9. Transactions, other than for workers compensationinsurance or for industrial insurance provided pursuant to chapters 616A to 617,inclusive, of NRS, involving the procurement of excess liability insuranceabove underlying liability coverage or self-insured retention of at least$25,000,000, if procured from an unauthorized alien or foreign insurer who doesnot solicit, negotiate or enter into such transactions in this State by anymeans, and if procured by a person:

(a) Whose total annual premiums for property andcasualty insurance, not including workers compensation or industrialinsurance, is $1,000,000 or more; and

(b) Who employs 250 or more full-time employees.

A person whoprocures insurance in accordance with this subsection shall report and pay anypremium tax on the insurance required pursuant to NRS 680B.040.

(Added to NRS by 1971, 1581; A 1985, 1058; 1987, 484,642; 1989, 599; 1991, 861; 1997, 286; 1999, 400)

NRS 680A.080 Eligibilityfor certificate of authority: General requirements. Toqualify for and hold authority to transact insurance in this State, an insurermust be otherwise in compliance with this Code and with its charter powers, andmust be an incorporated stock or mutual insurer, or a reciprocal insurer, ofthe same general type as may be formed as a domestic insurer under this Code,except that:

1. No foreign insurer may be authorized to transactinsurance in this State which does not maintain reserves as required by chapter 681B of NRS (assets and liabilities),as applicable to the kind or kinds of insurance transacted by such insurer,wherever transacted in the United States of America, or which transactsbusiness anywhere in the United States of America on the assessment plan, orstipulated premium plan, or any similar plan.

2. No insurer may be authorized to transact a kind ofinsurance in this State unless duly authorized or qualified to transact suchinsurance in the state or country of its domicile.

3. No insurer may be authorized to transact in thisState any kind of insurance which is not within the definitions as set forth inNRS 681A.010 to 681A.080, inclusive (kinds of insurance).

4. No such authority may be granted or continued toany insurer while in arrears to the State for fees, licenses, taxes,assessments, fines or penalties accrued on business previously transacted inthis State.

In additionto the other requirements set forth in this section, an insurer who proposes totransact in this State insurance that protects a policyholder from liabilityarising out of the ownership, maintenance or use of a motor vehicle must demonstrateto the satisfaction of the Department of Motor Vehicles that the insurer isable to comply with the provisions of NRS485.314.

(Added to NRS by 1971, 1577; A 1997, 1086; 2001, 2634)

NRS 680A.090 Eligibilityfor certificate of authority: Ownership; management.

1. No foreign insurer which is directly or indirectlyowned or controlled in whole or substantial part by any government orgovernmental agency shall be authorized to transact insurance in Nevada.Membership in a mutual insurer, or subscribership in a reciprocal insurer, orownership of stock of an insurer by the Alien Property Custodian or similarofficer of the United States of America, or ownership of stock or othersecurity which does not have voting rights with respect to the management ofthe insurer, or supervision of an insurer by public authority, shall not bedeemed to be an ownership or control of the insurer for the purposes of thissubsection.

2. The Commissioner shall not grant or continueauthority to transact insurance in this state to any insurer or proposedinsurer:

(a) Of which any director, officer or other individualmaterially part of the management is found by him after investigation or uponreliable information to be incompetent, or dishonest, or untrustworthy, or ofunfavorable business repute;

(b) Of which the managers are so lacking in insurancecompany managerial experience in operations of the kind proposed in this stateas to make such operation, currently or prospectively, hazardous to or contraryto the best interests of the insurance-buying or investing public of thisstate;

(c) Which he has good reason to believe is affiliateddirectly or indirectly through ownership, control, management, reinsurancetransactions or other business relations with any person or persons ofunfavorable business repute; or

(d) Whose business operations are or have been marked,to the injury of insurers, stockholders, policyholders, creditors or thepublic, by illegality, or by manipulation of assets, or of accounts, or ofreinsurance, or by bad faith.

(Added to NRS by 1971, 1578)

NRS 680A.095 Certificateof authority required to transact reinsurance; eligibility for certificate;exceptions.

1. Except as otherwise provided in subsection 3, aninsurer which is not authorized to transact insurance in this State may nottransact reinsurance with a domestic insurer in this State, by mail orotherwise, unless he holds a certificate of authority as a reinsurer inaccordance with the provisions of NRS680A.010 to 680A.150, inclusive, 680A.160 to 680A.290, inclusive, 680A.320 and 680A.330.

2. To qualify for authority only to transactreinsurance, an insurer must meet the same requirements for capital and surplusas are imposed on an insurer which is authorized to transact insurance in thisState.

3. This section does not apply to the jointreinsurance of title insurance risks or to reciprocal insurance authorizedpursuant to chapter 694B of NRS.

(Added to NRS by 1987, 642)

NRS 680A.100 Nameof insurer.

1. No insurer shall be formed or authorized totransact insurance in this state which has or uses a name which is the same asor deceptively similar to that of another insurer already so authorized,without the written consent of such other insurer.

2. No life insurer shall be so authorized which has oruses a name deceptively similar to that of another insurer, other than apredecessor in interest, authorized to transact insurance in this state withinthe preceding 10 years if life insurance policies originally issued by suchother insurer are still outstanding in this state.

3. No insurer shall be formed or authorized totransact insurance which has or uses a name the same as or deceptively similarto that of any foreign insurer not so authorized if such foreign insurer haswithin the next preceding 12 months signified its intention to secure anincorporation in this state under such name, or to do business as a foreigninsurer in this state under such name, by filing notice of such intention withthe Commissioner, unless the written consent to the use of such name ordeceptively similar name has been given by such foreign insurer.

4. No insurer shall be so authorized which has or usesa name which tends to deceive or mislead as to the type of organization of theinsurer.

5. In case of conflict of names between two insurers,or a conflict otherwise prohibited under this section, the Commissioner maypermit (or shall require as a condition to the issuance of an originalcertificate of authority to an applicant insurer) the insurer to use in thisstate such supplementation or modification of its name or such business name asmay reasonably be necessary to avoid the conflict.

6. Except as provided in subsection 5, an insurershall conduct its business in this state in its own corporate (if incorporated)or proper (if a reciprocal insurer) name.

(Added to NRS by 1971, 1579)

NRS 680A.110 Combinationsof insuring powers. An insurer which otherwisequalifies therefor may be authorized to transact any one kind or any combinationof kinds of insurance as defined in NRS681A.010 to 681A.080, inclusive(kinds of insurance), except:

1. A life insurer may grant annuities and may beauthorized to transact in addition only health insurance; but the Commissionermay, if the insurer otherwise qualifies therefor, continue so to authorize anylife insurer which immediately prior to January 1, 1972, was lawfullyauthorized to transact in this state a kind or kinds of insurance in additionto life and health insurances and annuity business.

2. A reciprocal insurer shall not transact lifeinsurance.

(Added to NRS by 1971, 1579)

NRS 680A.120 Requiredcapital.

1. Except as provided in subsections 2 and 5, toqualify for authority to transact any one kind of insurance as defined in NRS 681A.010 to 681A.080, inclusive, or combinations ofkinds of insurance as shown below, an insurer shall possess and thereaftermaintain unimpaired paid-in capital stock, if a stock insurer, or unimpairedbasic surplus, if a mutual or a reciprocal insurer, and free surplus not lessthan 100 percent of the minimum required capital stock or minimum requiredbasic surplus, and when first so authorized shall possess initial free surplus,all in amounts not less than as determined from the following table:

 

FOREIGNMUTUAL RECIPROCAL

STOCKINSURERS INSURERS INSURERS

Minimum Minimum Minimum

Kind or Required Initial Required Initial Required Initial

Kinds of Capital Free Basic Free Basic Free

Insurance Stock Surplus Surplus Surplus Surplus Surplus

 

Life........................ 500,000 1,000,000 500,000 1,000,000 N/A N/A

Health, Property,

Casualty, Surety,

Marine &

Transportation

Multiple

line...................... 500,000 1,000,000 500,000 1,000,000 500,000 1,000,000

Title...................... 500,000 750,000 N/A N/A N/A N/A

Financial

Guarantee......... 10,000,000 40,000,000 N/A N/A N/A N/A

 

2. At the discretion of the Commissioner, a domesticinsurer holding a valid certificate of authority to transact insurance in thisstate immediately prior to January 1, 1992, may, if otherwise qualifiedtherefor, continue to be so authorized while possessing the amount of paid-incapital stock, if a stock insurer, or surplus, if a mutual insurer, required bythe laws of this state for such authority immediately before January 1, 1992,for a period not to exceed 2 years. On or before January 1, 1994, the insurershall meet the requirements of subsection 1. The Commissioner shall not grantsuch an insurer authority to transact any other or additional kinds ofinsurance unless it then fully complies with the requirements as to capital andsurplus, as applied to all kinds of insurance which it then proposes totransact, as provided by this section for like foreign insurers applying fororiginal certificates of authority pursuant to this Code.

3. Capital and surplus requirements are based upon allthe kinds of insurance transacted by the insurer in any and all areas in whichit operates or proposes to operate, whether or not only a portion of such kindsare to be transacted in this state.

4. As to surplus required for qualification totransact one or more kinds of insurance and thereafter to be maintained,domestic mutual insurers are governed by chapter693A of NRS and domestic reciprocal insurers are governed by chapter 694B of NRS.

5. An insurer who transacts financial guarantyinsurance in this state must transact only one kind of insurance and possessand maintain the minimum capital and surplus requirements pursuant tosubsection 1.

(Added to NRS by 1971, 1579; A 1991, 2026)

NRS 680A.130 Combinationsof insurance for which additional capital not required. Without additional capital or additional surplus, anauthorized insurer is also authorized:

1. If a life insurer, to grant annuities.

2. If a health insurer, to insure against congenitaldefects, as defined in NRS 681A.020.

(Added to NRS by 1971, 1581)

NRS 680A.140 Requireddeposit; deposit in other state.

1. The Commissioner shall not authorize an insurer totransact insurance in this state, other than an alien insurer or a titleinsurer, unless it makes and thereafter continuously maintains on deposit inthis state, through the Commissioner, cash or securities eligible for suchdeposit under the laws of this state of a fair market value not less than itsminimum required capital stock (if a stock insurer) or minimum required basicsurplus (if a mutual or reciprocal insurer), for the protection of theinsurers policyholders or of its policyholders and creditors in the UnitedStates of America. The Commissioner may adopt regulations which allow the useof securities as a deposit without delivery of the securities to theCommissioner.

2. The Commissioner shall not so authorize a titleinsurer unless it so deposits and maintains such cash or securities of fairmarket value not less than its minimum required capital stock as a guarantyfund for the security and protection of the holders of, or beneficiaries under,the title insurance contracts issued by the insurer.

3. The Commissioner shall not so authorize an alieninsurer unless it so makes and thereafter continuously maintains such adeposit, representing money in excess of all the insurers liabilities underinsurance contracts in force in the United States of America, of a fair marketvalue of not less than that required under subsection 1, as to a like foreigninsurer. The deposit must be held in trust for the protection of all theinsurers policyholders, or policyholders and creditors, in the United Statesof America.

4. In lieu of such a deposit made or maintained inthis state, the Commissioner shall accept the certificate in proper form of thepublic officer having general supervision of insurers in any other state to theeffect that a deposit of like quality and amount, or part thereof, by aninsurer is being maintained for like purposes in public custody or controlpursuant to the laws of that state, if the Commissioner is satisfied as to thelike quality and amount of the deposit.

5. All such deposits in this state are subject to theapplicable provisions of chapter 682B ofNRS.

(Added to NRS by 1971, 1581; A 1985, 607)

NRS 680A.150 Applicationfor certificate of authority. To apply for anoriginal certificate of authority an insurer shall file with the Commissionerits written application therefor on forms as prescribed and furnished by theCommissioner, accompanied by the applicable fees specified in NRS 680B.010, stating under the oath ofthe president or vice president or other chief officer and the secretary of theinsurer, or of the attorney-in-fact if a reciprocal insurer, the insurersname, location of its home office, or principal office in the United States ifan alien insurer, the kinds of insurance to be transacted, date of organizationor incorporation, form of organization, state or country of domicile, and suchadditional information as the Commissioner may reasonably require, togetherwith the following documents, as applicable:

1. If a corporation, a copy of its charter orcertificate or articles of incorporation, together with all amendments thereto,or as restated and amended under the laws of its state or country of domicile,currently certified by the public officer with whom the originals are on filein that state or country.

2. If a domestic incorporated insurer or a mutualinsurer, a copy of its bylaws, certified by the insurers corporate secretary.

3. If a reciprocal insurer, a copy of the power ofattorney of its attorney-in-fact, certified by the attorney-in-fact; and if adomestic reciprocal insurer, the declaration provided for in NRS 694B.060.

4. A complete copy of its financial statement as of notearlier than the December 31 next preceding in form as customarily used in theUnited States by like insurers, sworn to by at least two executive officers ofthe insurer or certified by the public insurance supervisory officer of theinsurers state of domicile, or of entry into the United States if an alieninsurer.

5. A copy of the report of last examination made ofthe insurer within not more than 5 years next preceding, certified by thepublic insurance supervisory officer of the insurers state of domicile, or ofentry into the United States if an alien insurer.

6. The appointment of the Commissioner pursuant to NRS 680A.250 as its attorney to receiveservice of legal process.

7. If a foreign or alien insurer, a certificate of thepublic insurance supervisory officer of its state or country of domicileshowing that it is authorized or qualified for authority to transact in suchstate or country the kinds of insurance proposed to be transacted in thisstate.

8. If a foreign insurer, a certificate as to a depositif it is to be tendered pursuant to NRS680A.140.

9. A copy of the insurers rate book and of each formof policy currently proposed to be issued in this state, and of the form ofapplication therefor.

10. If an alien insurer, a copy of the appointment andauthority of its United States manager, certified by its officer having custodyof its records.

11. Designation by the insurer of its officer orrepresentative authorized to appoint and remove its agents in this state.

(Added to NRS by 1971, 1581; A 1989, 2175; 1995,1753)

NRS 680A.155 Paymentof taxes and penalties by certain applicants. Aninsurer which has transacted insurance in this state without a certificate ofauthority must not be granted a certificate of authority unless it pays the taximposed by NRS 680B.027 and thepenalties provided by NRS 685B.190 forthe 5 years immediately preceding the date upon which it applies for acertificate of authority.

(Added to NRS by 1985, 606; A 1995, 1612)

NRS 680A.160 Issuanceor refusal of certificate; contents and ownership of certificate.

1. If upon completion of its application theCommissioner finds that the insurer has met the requirements therefor underthis Code, he may issue to the insurer a proper certificate of authority; if hedoes not so find, the Commissioner shall issue his order refusing suchcertificate.

2. The certificate, if issued, shall state theinsurers name, home office address, state or country of organization, and thekinds of insurance the insurer is authorized to transact throughout Nevada. Atthe insurers request, the Commissioner may issue a certificate of authoritylimited to particular types of insurance or coverages within a kind ofinsurance as defined in NRS 681A.010to 681A.080, inclusive (kinds of insurance).

3. Although issued and delivered to the insurer, thecertificate of authority at all times shall be the property of the State ofNevada. Upon any expiration, suspension or termination thereof the insurershall promptly deliver the certificate to the Commissioner.

(Added to NRS by 1971, 1583)

NRS 680A.170 Amendedcertificate of authority. Upon writtenapplication therefor by the insurer and due cause shown, the Commissioner mayamend the certificate of authority of an insurer as required by change of nameor to show any change in the kinds of insurance the insurer may thereaftertransact and is qualified to transact in this state. The insurer shallaccompany such request with the fee for amendment as specified in NRS 680B.010 (fee schedule).

(Added to NRS by 1971, 1583)

NRS 680A.173 Transferof insurers domicile: Foreign insurer may become domestic insurer. A foreign insurer with a certificate of authority totransact insurance in this state may become a domestic insurer by complyingwith the requirements of this Code for forming a domestic insurer of the sametype. After complying with those requirements, the insurer has the same rightsand obligations as other domestic insurers.

(Added to NRS by 1983, 683)

NRS 680A.175 Transferof insurers domicile: Termination of status as domestic insurer; qualificationas foreign insurer.

1. If a domestic insurer transfers its domicile toanother state, it ceases to be a domestic insurer.

2. The Commissioner shall issue to such an insurer acertificate of authority to transact insurance as a foreign insurer if:

(a) The insurer qualifies as a foreign insurer; and

(b) Such certification is in the best interest of thepolicyholders of this state.

(Added to NRS by 1983, 683)

NRS 680A.177 Transferof insurers domicile: Duties of insurer; effect on policies.

1. The Commissioner may require a domestic insurerwhich converts to a foreign insurer or a foreign insurer which converts to adomestic insurer to:

(a) Obtain new licenses for its agents;

(b) Make new appointments of agents; or

(c) Apply for any other new license, certificate orauthorization.

Any license,appointment or authorization which the Commissioner does not require an insurerto renew continues in effect after the conversion.

2. All policies of an insurer remain in effect when ittransfers its domicile into or out of this state. The Commissioner may requirethat the insurer endorse the policies with its new name or location.

3. Every insurer which transfers its domicile into orout of this state shall notify the Commissioner at least 30 days before thetransfer. Such an insurer shall file new forms for its policies and any otherdocuments required by the Commissioner with the Commissioner on or before theeffective date of the transfer. The insurer may use existing forms if approvedby and under the conditions imposed by the Commissioner.

(Added to NRS by 1983, 683)

NRS 680A.180 Continuance,expiration and reinstatement of certificate of authority.

1. A certificate of authority continues in force aslong as the insurer is entitled thereto under this Code, and until suspended orrevoked by the Commissioner or terminated at the insurers request, if, eachyear, the insurer:

(a) Pays on or before March 1 the continuation feeprovided in NRS 680B.010;

(b) Files its annual statement for the next precedingcalendar year as required by NRS 680A.270;and

(c) Pays, if required, the premium taxes for thepreceding calendar year.

2. If not so continued by the insurer, its certificateof authority expires at midnight on the May 31 next following such failure ofthe insurer to continue it in force, unless earlier revoked for failure to paytaxes as provided in NRS 680A.190. TheCommissioner shall promptly notify the insurer of the occurrence of any failureresulting in the impending expiration of its certificate of authority.

3. The Commissioner may, upon the insurers requestmade within 3 months after expiration, reinstate a certificate of authoritywhich the insurer has inadvertently permitted to expire, after the insurer hasfully cured all its failures which resulted in the expiration, and upon paymentby the insurer of the fee for reinstatement specified in subsection 1 of NRS 680B.010. Otherwise, the insurer maybe granted another certificate of authority only after filing an applicationtherefor and meeting all other requirements for an original certificate ofauthority in this state.

(Added to NRS by 1971, 1583; A 1987, 643; 1997, 3017)

NRS 680A.190 Suspensionor revocation of certificate of authority: Mandatory grounds.

1. The Commissioner shall refuse to continue or shallsuspend or revoke an insurers certificate of authority:

(a) If such action is required by any provision of thisCode;

(b) If it is a foreign insurer and it no longer meetsthe requirements for a certificate of authority, on account of deficiency ofcapital or surplus or otherwise;

(c) If it is a domestic insurer and it has failed tocure an impairment of capital or surplus within the time allowed therefor bythe Commissioner under this Code or is otherwise no longer qualified for thecertificate of authority;

(d) If the insurers certificate of authority totransact insurance therein is suspended or revoked by its state of domicile, orstate of entry into the United States of America if an alien insurer;

(e) For failure of the insurer to pay taxes on itspremiums if required by this Code; or

(f) For failure of the insurer to furnish informationto the Commissioner relating to medical malpractice insurance issued by theinsurer in this State or any other state.

2. Except in case of insolvency, impairment ofrequired capital or surplus, or suspension or revocation by another state, theCommissioner shall give the insurer at least 20 days notice in advance of anysuch refusal, suspension or revocation under this section, and of theparticulars of the reasons therefor. If the insurer requests a hearing thereonwithin those 20 days, the Commissioners proposed action is automaticallystayed until his order is made after the hearing.

(Added to NRS by 1971, 1584; A 1975, 1304; 1987, 643)

NRS 680A.200 Suspension,limitation or revocation of certificate of authority: Grounds; notice.

1. Except as otherwise provided in NRS 616B.472, the Commissioner may refuseto continue or may suspend, limit or revoke an insurers certificate of authorityif he finds after a hearing thereon, or upon waiver of hearing by the insurer,that the insurer has:

(a) Violated or failed to comply with any lawful orderof the Commissioner;

(b) Conducted his business in an unsuitable manner;

(c) Willfully violated or willfully failed to complywith any lawful regulation of the Commissioner; or

(d) Violated any provision of this Code other than onefor violation of which suspension or revocation is mandatory.

In lieu ofsuch a suspension or revocation, the Commissioner may levy upon the insurer,and the insurer shall pay forthwith, an administrative fine of not more than$2,000 for each act or violation.

2. Except as otherwise provided in chapter 696B of NRS, the Commissioner shallsuspend or revoke an insurers certificate of authority on any of the followinggrounds if he finds after a hearing thereon that the insurer:

(a) Is in unsound condition, is being fraudulentlyconducted, or is in such a condition or is using such methods and practices inthe conduct of its business as to render its further transaction of insurancein this State currently or prospectively hazardous or injurious topolicyholders or to the public.

(b) With such frequency as to indicate its generalbusiness practice in this State:

(1) Has without just cause failed to pay, ordelayed payment of, claims arising under its policies, whether the claims arein favor of an insured or in favor of a third person with respect to theliability of an insured to the third person; or

(2) Without just cause compels insureds orclaimants to accept less than the amount due them or to employ attorneys or tobring suit against the insurer or such an insured to secure full payment orsettlement of such claims.

(c) Refuses to be examined, or its directors, officers,employees or representatives refuse to submit to examination relative to itsaffairs, or to produce its books, papers, records, contracts, correspondence orother documents for examination by the Commissioner when required, or refuse toperform any legal obligation relative to the examination.

(d) Except as otherwise provided in NRS 681A.110, has reinsured all its risksin their entirety in another insurer.

(e) Has failed to pay any final judgment renderedagainst it in this State upon any policy, bond, recognizance or undertaking asissued or guaranteed by it, within 30 days after the judgment became final orwithin 30 days after dismissal of an appeal before final determination,whichever date is the later.

3. The Commissioner may, without advance notice or ahearing thereon, immediately suspend the certificate of authority of anyinsurer as to which proceedings for receivership, conservatorship,rehabilitation or other delinquency proceedings have been commenced in anystate by the public officer who supervises insurance for that state.

4. No proceeding to suspend, limit or revoke a certificateof authority pursuant to this section may be maintained unless it is commencedby the giving of notice to the insurer within 5 years after the occurrence ofthe charged act or omission. This limitation does not apply if the Commissionerfinds fraudulent or willful evasion of taxes.

(Added to NRS by 1971, 1584; A 1983, 431; 1991, 808;1995, 1613, 1754; 1997, 530; 1999, 1734)

NRS 680A.205 Determinationof hazardous financial condition of insurer: Regulations; hearing; disciplinaryactions; review of order.

1. The Commissioner may adopt regulations to definewhen an insurer is considered to be in a hazardous financial condition and toset forth the standards to be considered by the Commissioner in determiningwhether the continued operation of an insurer transacting business in thisstate may be considered to be hazardous to its policyholders or creditors or tothe general public.

2. If the Commissioner determines after a hearing thatany insurer is in a hazardous financial condition, he may, instead ofsuspending or revoking the insurers certificate of authority, limit theinsurers certificate of authority as he deems reasonably necessary to correct,eliminate or remedy any conduct, condition or ground that is deemed to be acause of the hazardous financial condition.

3. An order or decision of the Commissioner under thissection is subject to review in accordance with NRS 679B.310 to 679B.370, inclusive, at the request ofany party to the proceedings whose interests are substantially affected.

(Added to NRS by 1995, 1752)

NRS 680A.210 Orderand notice of suspension, limitation or revocation of certificate; effect onagents authority.

1. All suspensions, limitations or revocations of, orrefusals to continue, an insurers certificate of authority must be by theCommissioners order given to the insurer.

2. Upon issuance of the order, the Commissioner shallforthwith give notice thereof to the insurers agents in this state, of recordin the Division, and shall also suspend, limit or revoke the authority of suchagents to represent the insurer.

(Added to NRS by 1971, 1585; A 1991, 1621; 1993,1904)

NRS 680A.220 Durationof suspension; insurers obligations during suspension period; reinstatement.

1. Suspension of an insurers certificate of authoritymust be for such period as the Commissioner specifies in the order ofsuspension, but not to exceed 1 year. During the suspension period theCommissioner may rescind or shorten the suspension by his further order.

2. During the suspension period the insurer shall notsolicit or write any new business in this state, but must file its annualstatement, pay fees, licenses and taxes as required under this Code, and mayservice its business already in force in this state, as if the certificate ofauthority had continued in full force.

3. Upon expiration of the suspension period, if withinsuch period the certificate of authority has not terminated, the insurerscertificate of authority is automatically reinstated unless the Commissionerfinds that the causes of the suspension, being other than a past event, arecontinuing, or that the insurer is otherwise not in compliance with therequirements of this Code, and of which the Commissioner shall give the insurernotice not less than 30 days in advance of expiration of the suspension period.

4. Upon reinstatement of the insurers certificate ofauthority, the authority of its agents in this state to represent the insureris also reinstated. The Commissioner shall promptly notify the insurer and itsagents in this state, of record in the Division, of such reinstatement.

(Added to NRS by 1971, 1586; A 1991, 1621; 1993,1904)

NRS 680A.230 Applicabilityof general corporation laws to foreign insurers. Thegeneral corporation laws of this state do not apply to foreign insurers holdingcertificates of authority to transact insurance in this state, except as otherwiseprovided in NRS 80.190.

(Added to NRS by 1971, 1586; A 1971, 1933; 1987,1063; 1989, 627; 1991, 1318)

NRS 680A.240 Additionaltitles.

1. A property insurer or multiple line insurerauthorized to transact insurance in Nevada shall have the right to issueproperty insurance policies under its own name and under additional titles orunder additional titles duly registered by the insurer with the Commissioner.

2. The Commissioner shall, upon the insurers request,furnish to the insurer the form required for such registration, and the insurershall pay the fee for registration as specified in NRS 680B.010 (fee schedule). Registeredtitles shall be shown on the insurers certificate of authority and shallremain in effect for so long as the insurers certificate of authority is ineffect, subject to earlier termination of the registration at the insurersrequest.

3. All business transacted by the insurer underadditional titles shall be included in business and transactions of the insurerto be shown by its annual statement filed with the Commissioner, for allpurposes under this Code.

(Added to NRS by 1971, 1586)

NRS 680A.250 Commissioneragent for service of process for certain insurers.

1. Before the Commissioner may authorize it totransact insurance in this state, each insurer must appoint the Commissioner,and his successors in office, as its attorney to receive service of legalprocess issued against the insurer in this state. The appointment must be madeon a form as designated and furnished by the Commissioner, and must be accompaniedby a copy of a resolution of the board of directors or like governing body ofthe insurer, if an incorporated insurer, showing that those officers whoexecuted the appointment were authorized to do so on behalf of the insurer.

2. The appointment must be irrevocable, must bind theinsurer and any successor in interest to the assets or liabilities of theinsurer, and must remain in effect as long as there is in force any contract ofthe insurer in this state or any obligation of the insurer arising out of itstransactions in this state.

3. Service of such process against a foreign or alieninsurer must be made only by service thereof upon the Commissioner.

4. Service of such process against a domestic insurermay be made as provided in this section, or in any other manner provided byNevada Rules of Civil Procedure.

5. At the time of application for a certificate ofauthority the insurer shall file the appointment with the Commissioner,together with a designation of the person to whom process against it servedupon the Commissioner is to be forwarded. The insurer shall provide writtennotice to the Commissioner of any change of such a designation by a new filing.

(Added to NRS by 1971, 1587; A 1985, 607)

NRS 680A.260 Methodof serving process; extension of time to appear; record.

1. Service of process against an insurer for whom theCommissioner is attorney must be made by delivering to and leaving with theCommissioner, his deputy, or a person in apparent charge of his office duringthe Commissioners absence, two copies of the process, together with the feetherefor as specified in NRS 680B.010,taxable as costs in the action.

2. Upon such service the Commissioner shall forthwithmail by certified mail one of the copies of such process, with the date andtime of service of the same on the Commissioner noted thereon, to the personcurrently designated by the insurer to receive the copy as provided in NRS 680A.250. Service of process iscomplete when the copy has been so mailed.

3. Process served in the manner provided by thissection for all purposes constitutes valid and binding personal service upon theinsurer within this state. If summons is served under this section, the timewithin which the insurer is required to appear must be extended an additional10 days beyond that otherwise allowed by Nevada Rules of Civil Procedure.

4. The Commissioner shall keep a record of the day ofservice upon him of all legal process.

5. For the purposes of this section, processincludes only a summons or the initial documents served in an action. TheCommissioner is not required to serve any documents after the initial serviceof process.

(Added to NRS by 1971, 1587; A 1985, 608)

NRS 680A.265 Filingof annual financial statement; reporting of violation of law found duringaudit; penalty for failure to file statement; consolidation of statementsprohibited; regulations.

1. Except as otherwise provided in subsection 5,every:

(a) Domestic insurer;

(b) Fraternal benefit society authorized to do businessin this State pursuant to chapter 695A ofNRS; and

(c) Corporation subject to the provisions of chapter 695B of NRS,

shall filewith the Commissioner, on or before June 1 of each year, a financial statementas of December 31 of the preceding calendar year that is certified by acertified public accountant who is not an employee of the insurer. TheCommissioner may request a financial statement from a foreign or alien insurer.

2. If a certified public accountant finds anyviolation of the laws of this State during any audit he conducts pursuant tosubsection 1, he shall, if the Commissioner has adopted regulations pursuant tosubsection 6 pertaining to the reporting of a violation found during an audit,report the violation in accordance with those regulations.

3. An insurer who does not file a report pursuant tosubsection 1 on or before June 1 of each year is subject to the penalty imposedpursuant to NRS 680A.280.

4. A statement filed with the Commissioner must not bea consolidated report with any other subsidiary, affiliate or parent company.

5. The provisions of this section do not apply to adomestic insurer who:

(a) Is not licensed or authorized to do business in anystate other than Nevada; or

(b) Is exempted from the requirements of this sectionby order of the Commissioner for good cause shown.

6. The Commissioner may adopt reasonable regulationsrelating to annual audited financial reports to administer the provisions ofthis section.

(Added to NRS by 1991, 2026; A 1995, 1755)

NRS 680A.270 Filingof annual statement by authorized insurers; fee; regulations; confidentialityof certain information.

1. Each authorized insurer shall annually on or beforeMarch 1, or within any reasonable extension of time therefor which theCommissioner for good cause may have granted on or before that date, file withthe Commissioner a full and true statement of its financial condition,transactions and affairs as of December 31 preceding. The statement must be:

(a) In the general form and context of, and requireinformation as called for by, an annual statement as is currently in generaland customary use in the United States for the type of insurer and kinds ofinsurance to be reported upon, with any useful or necessary modification oradaptation thereof, supplemented by additional information required by theCommissioner;

(b) Prepared in accordance with:

(1) The Annual Statement Instructions forthe type of insurer to be reported on as adopted by the National Association ofInsurance Commissioners for the year in which the insurer files the statement;and

(2) The Accounting Practices and ProceduresManual adopted by the National Association of Insurance Commissioners andeffective on January 1, 2001, and as amended by the National Association ofInsurance Commissioners after that date; and

(c) Verified by the oath of the insurers president orvice president and secretary or actuary, as applicable, or, in the absence ofthe foregoing, by two other principal officers, or if a reciprocal insurer, bythe oath of the attorney-in-fact, or its like officers if a corporation.

2. The statement of an alien insurer must be verifiedby its United States manager or other officer who is authorized to do so, andmay relate only to the insurers transactions and affairs in the United Statesunless the Commissioner requires otherwise. If the Commissioner requires astatement as to the insurers affairs throughout the world, the insurer shallfile the statement with the Commissioner as soon as reasonably possible.

3. The Commissioner may refuse to continue, or maysuspend or revoke, the certificate of authority of any insurer failing to fileits annual statement when due.

4. At the time of filing, the insurer shall pay thefee for filing its annual statement as prescribed by NRS 680B.010.

5. The Commissioner may adopt regulations requiringeach domestic, foreign and alien insurer which is authorized to transactinsurance in this state to file the insurers annual statement with theNational Association of Insurance Commissioners or its successor organization.

6. All ratios of financial analyses and synopses ofexaminations concerning insurers that are submitted to the Division by theNational Association of Insurance Commissioners Insurance RegulatoryInformation System are confidential and may not be disclosed by the Division.

(Added to NRS by 1971, 1588; A 1995, 1755; 2003, 3279)

NRS 680A.280 Penaltiesfor late or false annual statements.

1. Any insurer failing, without just cause beyond thereasonable control of the insurer, to file its annual statement as required in NRS 680A.270 shall be required to pay apenalty of $100 for each days delay, but not to exceed $3,000 in aggregateamount, to be recovered in the name of the State of Nevada by the AttorneyGeneral.

2. Any director, officer, agent or employee of anyinsurer who subscribes to, makes or concurs in making or publishing, any annualor other statement required by law, knowing the same to contain any materialstatement which is false, is guilty of a gross misdemeanor.

(Added to NRS by 1971, 1588)

NRS 680A.290 Lossprevention reports and programs.

1. Every insurer except life insurers shall, ifrequested by the Commissioner, submit an annual report to the Commissioner onSeptember 15, concerning its loss prevention and control programs, and on newconclusions it has reached as to the loss implications of its statistics,underwriting, claims files and operations.

2. Based on the reports of subsection 1, as well asother available information, the Commissioner shall prepare each year a reporton the loss prevention programs of insurers with recommendations for moreeffective loss prevention activity.

(Added to NRS by 1971, 1588; A 1971, 1933)

NRS 680A.300 Residentagent; countersignature.

1. Except as provided in NRS 680A.310, no authorized insurer maymake, write, place, renew or cause to be made, placed or renewed, any policy orduplicate policy of insurance of any kind upon persons, property or risksresident, located or to be performed in this State, except through its dulyappointed and licensed agents resident in this State, any one of whom shallcountersign the policy.

2. Where two or more insurers jointly issue a singlepolicy, the policy may be countersigned, on behalf of all insurers appearingthereon, by a licensed agent resident in this State of any one insurer.

3. In any case where it is necessary to execute anemergency bond and a commissioned agent authorized to execute the bond is notpresent, a manager or other employee of the insurer having authority under apower of attorney may execute the bond in order to produce a valid contractbetween the insurer and the obligee. The bond must subsequently becountersigned by a resident commissioned agent, who shall make and retain anadequate office record of the transaction.

4. Nothing contained in this section prevents exerciseof the free and unlimited right to negotiate contracts by licensed nonresidentagents or brokers outside this State, if the policies, endorsements or evidenceof those contracts covering properties or insurable interests in this State arecountersigned by a resident agent of this State. Every such policy or contractmust be countersigned by a resident agent.

5. On business produced by a licensed nonresidentagent or broker, which is countersigned by a resident commissioned agent ofthis State, there must be a division of the usual commission between thelicensed nonresident producing agent or broker and the resident countersigningcommissioned agent which must produce for the latter a commission of at least 5percent of the premium. No commission or fee is required as to policies with anannual premium of $250 or less. The insurer issuing any policy or bond isresponsible for payment to the countersigning agent of the fee or commissionfor the countersignature. Where the licensed nonresident agent or broker or theinsurer assuming the risk desires the resident commissioned agent to renderadditional services during the life of a policy, the compensation to the countersigningcommissioned resident agent is a matter of contract between the parties ininterest.

6. An insurer may use an endorsement to the policy forthe sole purpose of countersigning the policy, as required in this section,only if:

(a) The endorsement is attached to the policy to whichit applies; and

(b) The policy insures persons or property in thisState and one or more other states.

(Added to NRS by 1971, 1589; A 1981, 704)

NRS 680A.310 Exceptionsto requirements for countersignature by resident agent. NRS 680A.300 doesnot apply to any of the following:

1. Life insurance and annuities.

2. Health insurance.

3. Policies covering property in transit while in thepossession or custody of any common carrier, or the rolling stock or otherproperty of any common carrier employed by it in the operation and maintenanceof its plant and business as a common carrier of freight or passengers, orboth.

4. Reinsurance or retrocessions made by or forauthorized insurers.

5. Bid bonds issued in connection with any public orprivate contract.

6. A policy issued to a risk retention group, asdefined in NRS 695E.110, or to amember of a risk retention group.

(Added to NRS by 1971, 1589; A 1987, 1333)

NRS 680A.320 Transactionwith parent corporation, financial holding company, depository institution,subsidiary or affiliated person.

1. For the purposes of this section:

(a) An affiliated person is a person controlled byany combination of the insurer, the parent corporation, a subsidiary or theprincipal stockholders or officers or directors of any of the foregoing.

(b) Depository institution has the meaning ascribedto it in section 3 of the Federal Deposit Insurance Act, 12 U.S.C. 1813(c)(1).

(c) Financial holding company means a bank holdingcompany that satisfies the requirements of section 4(l)(1) of the Bank HoldingCompany Act of 1956, 12 U.S.C. 1841(l)(1).

(d) Health facility has the meaning ascribed to it inNRS 439A.015.

(e) A subsidiary is a person of which either theinsurer and the parent corporation or the insurer or the parent corporationholds practical control.

2. No insurer may engage directly or indirectly in anytransaction or agreement with its parent corporation, a financial holdingcompany, a depository institution, or any subsidiary or affiliated person whichwill result or tend to result in:

(a) Substitution contrary to the interest of theinsurer and through any method of any asset of the insurer with an asset orassets of inferior quality or lower fair market value;

(b) Deception as to the true operating results of theinsurer;

(c) Deception as to the true financial condition of theinsurer;

(d) Allocation to the insurer of a proportion of theexpense of combined facilities or operations which is unfair and unfavorable tothe insurer;

(e) Unfair or excessive charges against the insurer forservices, facilities, supplies or reinsurance;

(f) Unfair and inadequate charges by the insurer forreinsurance, services, facilities or supplies furnished by the insurer toothers;

(g) Payment by the insurer for services, facilities,supplies or reinsurance not reasonably needed by the insurer;

(h) Depletion of the insurers surplus, through paymentof dividends or other distribution or withdrawal, below the amount thereofreasonably required for conduct of the insurers business and maintenance ofgrowth with safety to policyholders; or

(i) Payment by the insurer for services or products forwhich the health facility has charged less than fair market value, unless thereduced charge is reflected in the form of reduced premiums. In determiningwhat constitutes fair market value, consideration must be given to reasonableagreements for the preferential provision of health care, in accordance withregulations adopted by the Commissioner. An insurer which pays less than fairmarket value for services or products in a transaction which is subject to theprovisions of this paragraph shall annually file a certification with theCommissioner that the reduced payment has been reflected in the form of reducedpremiums, together with documentation supporting the certification.

3. In all transactions between the insurer and itsparent corporation, or involving the insurer and any subsidiary or affiliatedperson, full recognition must be given to the paramount duty and obligation ofthe insurer to protect the interests of policyholders, both existing andfuture.

4. If a health facility is a parent, subsidiary oraffiliate of an insurer or of a parent or facility of an insurer, and theinsurer purchases medical or any other services or products from the healthfacility, the health facility may not:

(a) Attempt artificially to reduce or increase itsmargin of profit by altering the charges to the insurer.

(b) Alter its true operating results or financialcondition through charges to the insurer for services or products.

Thissubsection does not prohibit activities authorized pursuant to paragraph (i) ofsubsection 2.

5. If a health facility is found, after notice and ahearing, to have violated the provisions of subsection 4, the Commissioner mayimpose an administrative fine of not more than $5,000 for each violation.

(Added to NRS by 1971, 1590; A 1987, 884; 1989, 599; 2001, 2183)

NRS 680A.330 Retaliatoryprovision.

1. When, by or pursuant to the laws of any other stateor foreign country or province, any taxes, licenses and other fees in theaggregate, and any fines, penalties, deposit requirements or other materialrequirements, obligations, prohibitions or restrictions are or would be imposedupon Nevada insurers doing business or that might seek to do business in suchstate, country or province, or upon the agents or representatives of suchinsurers or upon brokers or adjusters, which are in excess of such taxes,licenses and other fees in the aggregate, or which are in excess of the fines,penalties, deposit requirements or other requirements, obligations,prohibitions or restrictions directly imposed upon similar insurers, or uponthe agents or representatives of such insurers, or upon brokers, or uponadjusters, of such other state, country or province under the statutes of thisstate, so long as such laws of such other state, country or province continuein force or are so applied, the same taxes, licenses and other fees in theaggregate, or fines, penalties or deposit requirements or other materialrequirements, obligations, prohibitions or restrictions of whatever kind mustbe imposed by the Commissioner or the Department of Taxation upon the insurers,or upon the agents or representatives of such insurers, or upon brokers, ofsuch other state, country or province doing business or seeking to do businessin Nevada. Any tax, license or other fee or other obligation imposed by anycity, county or other political subdivision or agency of such other state,country or province on Nevada insurers or their agents, representatives oradjusters shall be deemed to be imposed by such state, country or provincewithin the meaning of this section.

2. This section does not apply to:

(a) Personal income taxes;

(b) Ad valorem taxes on real or personal property; or

(c) Special purpose obligations or assessments imposedby another state in connection with particular kinds of insurance other thanproperty insurance,

except thatdeductions, from premium taxes or other taxes otherwise payable, allowed onaccount of real or personal property taxes paid must be taken into considerationby the Commissioner and the Executive Director of the Department of Taxation indetermining the propriety and extent of retaliatory action under this section.

3. For the purposes of this section the domicile of analien insurer, other than insurers formed under the laws of Canada or aprovince thereof, is that state designated by the insurer in writing filed withthe Commissioner at the time of admission to this state or within 6 monthsafter January 1, 1972, whichever date is the later, and may be any one of thefollowing states:

(a) That in which the insurer was first authorized totransact insurance;

(b) That in which is located the insurers principalplace of business in the United States of America; or

(c) That in which is held the largest deposit oftrusteed assets of the insurer for the protection of its policyholders in theUnited States of America.

If theinsurer makes no such designation, its domicile shall be deemed to be thatstate in which is located its principal place of business in the United Statesof America.

4. The domicile of a Canadian insurer is the provinceof Canada in which its head office is located.

(Added to NRS by 1971, 1590; A 1993, 1905)

 

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