1. The Commissioner will post notice on the
Internet website maintained by the Division promptly upon receipt of an
application for certification as a certified reinsurer, which must include,
without limitation, instructions for responding to the application by members
of the public. The Commissioner will not take final action on an application
until at least 30 days after posting the notice required by this
subsection.
2. Except as otherwise
provided in NAC 681A.500, to be eligible for certification as a certified
reinsurer, an assuming insurer must:
(a)
Maintain capital and surplus, or its equivalent, in an amount of not less than
$250,000,000 calculated based on the documents described in paragraphs (f) and
(g) of subsection 3 of NAC 681A.460. An association that includes incorporated
and individual unincorporated underwriters which has minimum capital and
surplus equivalents, net of liabilities, of not less than $250,000,000 and a
central fund that contains a balance of not less than $250,000,000 shall be
deemed to satisfy the requirements of this paragraph.
(b) Maintain financial strength ratings from
two or more rating agencies determined to be acceptable by the Commissioner. To
satisfy the requirements of this paragraph, a financial strength rating must be
based on interactive communication between the rating agency and the assuming
insurer and must not be based solely on publicly available information. Rating
agencies deemed acceptable by the Commissioner include, without limitation:
(1) S & P Global Ratings;
(2) Moody's Investors Service,
Inc.;
(3) Fitch Ratings;
(4) A.M. Best Company, Inc.; and
(5) Any other nationally recognized
statistical rating organization.
(c) File with the Division a properly
executed Form CR-1 as evidence that the assuming insurer has complied with the
provisions of subsection 4 of
NRS
681A.1551. The Commissioner will not accept a
Form CR-1 from an assuming insurer that is domiciled in a jurisdiction that the
Commissioner has determined does not adequately and promptly enforce final
judgments rendered by a court of competent jurisdiction in the United States or
arbitration awards. A copy of Form CR-1 may be obtained free of charge from the
Division at the Internet address
http://doi.nv.gov/Insurers/Company-Admissions/Annual-Renewals-of-Company-License/.
(d) Satisfy the requirements of
NRS
681A.1551.
(e) Satisfy any other requirement reasonably
imposed by the Commissioner.
3. If the Commissioner determines that an
assuming insurer that has submitted an application for certification as a
reinsurer has satisfied the requirements of this section and NRS 681A.1551, the
Commissioner will issue a written notice to the assuming insurer that it has
been approved as a certified reinsurer. Such a notice must include, without
limitation, the rating assigned to the certified reinsurer by the Commissioner
pursuant to NAC 681A.460.
Added to NAC
by Comm'r of Insurance by
R079-16A,
eff. 11/2/2016
NRS
679B.130,
681A.130,
681A.1551,
681A.1552,
681A.1554,
681A.1555
