2020 Nevada Revised Statutes
Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance
NRS 681A.1551 - Certified reinsurer: Eligibility.
To be eligible for certification, an assuming insurer must:
1. Be domiciled and licensed to transact insurance or reinsurance in a qualified jurisdiction, as determined by the Commissioner pursuant to NRS 681A.1553;
2. Maintain minimum capital and surplus, or its equivalent, in an amount to be determined by the Commissioner;
3. Maintain financial strength ratings from two or more rating agencies deemed acceptable by the Commissioner;
4. Agree to submit to the jurisdiction of this State, appoint the Commissioner as its agent for service of process in this State and agree to provide security for 100 percent of the assuming insurer’s liabilities attributable to reinsurance ceded by ceding insurers in the United States for use if the assuming insurer resists enforcement of a final judgment rendered by any court of competent jurisdiction in the United States;
5. Agree to meet applicable information filing requirements as determined by the Commissioner, both with respect to an initial application for certification and on an ongoing basis; and
6. Satisfy any other requirements for certification deemed relevant by the Commissioner.
(Added to NRS by 2015, 3381)
