Nevada Administrative Code
Chapter 681A - Kinds of Insurance; Reinsurance
CERTIFIED REINSURERS
Section 681A.490 - Recognition of qualified jurisdictions: Factors for consideration by Commissioner; update of published list

Universal Citation: NV Admin Code 681A.490

Current through February 27, 2024

1. To determine whether the domiciliary jurisdiction of an assuming insurer domiciled outside of the United States is eligible to be recognized as a qualified jurisdiction pursuant to subsection 2 of NRS NRS 681A.1553, the Commissioner will evaluate the following factors:

(a) The framework under which an assuming insurer in the jurisdiction is regulated;

(b) The structure and authority of the regulator of an assuming insurer in the jurisdiction with regard to requirements for the regulation of solvency and financial surveillance;

(c) The substance of financial and operating standards for an assuming insurer in the jurisdiction;

(d) The form and substance of financial reports required to be filed or made publicly available by a reinsurer in the jurisdiction and the accounting principles used in the jurisdiction;

(e) The willingness of the regulator of an assuming insurer in the jurisdiction to cooperate with the Commissioner and with regulators in the United States in general;

(f) The history of performance by assuming insurers in the jurisdiction;

(g) Any documented evidence of substantial problems with enforcement in the jurisdiction of final judgments by courts of competent jurisdiction in the United States or of arbitration awards;

(h) Any relevant international standards or guidance regarding mutual recognition of reinsurance supervision adopted by the International Association of Insurance Supervisors or its successor organization; and

(i) Any other information determined to be relevant by the Commissioner.

2. The Commissioner will not recognize as a qualified jurisdiction a jurisdiction which does not:

(a) Agree to share information and cooperate with the Commissioner regarding all certified reinsurers domiciled within the jurisdiction; or

(b) As determined by the Commissioner, adequately and promptly enforce final judgments by courts of competent jurisdiction in the United States or arbitration awards.

3. The Commissioner will recognize as a qualified jurisdiction a jurisdiction that meets the requirements for accreditation under the National Association of Insurance Commissioners' financial standards and accreditation program as a qualified jurisdiction and include each such jurisdiction on the list published pursuant to NRS 681A.1553.

4. The Commissioner will consider the list of qualified jurisdictions published by the National Association of Insurance Commissioners in determining whether a jurisdiction is a qualified jurisdiction. If the Commissioner determines that a jurisdiction which does not appear on such a list is a qualified jurisdiction, the Commissioner will document and make available the rationale for his or her decision, which must include, without limitation, a discussion of the factors described in subsection 1 as applied to the jurisdiction.

5. The Commissioner will regularly update the list of qualified jurisdictions published pursuant to NRS 681A.1553.

Added to NAC by Comm'r of Insurance by R079-16A, eff. 11/2/2016

NRS 679B.130, 681A.130, 681A.1553

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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