Nevada Administrative Code
Chapter 681A - Kinds of Insurance; Reinsurance
CERTIFIED REINSURERS
Section 681A.480 - Modification, suspension or revocation of certification; effect of revocation on ability to claim financial statement credit

1. The Commissioner may modify, suspend or revoke the certification of a certified reinsurer if:

2. Except as otherwise provided in this subsection, if the Commissioner revokes the certification as a reinsurer issued to an assuming insurer, a ceding insurer may not claim a financial statement credit for an insurance or reinsurance obligation ceded to the assuming insurer unless the assuming insurer posts security in accordance with NRS 681A.240. If the assuming insurer maintains a trust fund in accordance with NRS 681A.180, the Commissioner may allow a ceding insurer to claim an additional credit equal to the ceding insurer's pro rata share in such a fund, reduced by an amount appropriate to reflect the risk of uncollectibility and anticipated expenses of administering the trust. The Commissioner will allow a financial statement credit for a ceding insurer that has ceded an insurance or reinsurance obligation to an assuming insurer which had its certification as a certified reinsurer revoked for a period of 3 months after the revocation for all reinsurance ceded to that certified reinsurer unless the reinsurance is found by the Commissioner to be at a high risk of uncollectibility.