Nevada Administrative Code
Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers
MANAGEMENT AND AGENCY CONTRACTS OF CONTROLLED INSURERS
Section 693A.740 - Audit committee: Establishment, composition; duties

1. The board of directors of a controlled insurer shall establish an audit committee composed of directors who are not officers, employees or direct stockholders of the controlled insurer.

2. The audit committee shall meet annually with the chief executive officer of the controlled insurer, the independent certified public accountants of the controlled insurer, and an independent casualty actuary or other professional who is an independent specialist on reserves for losses and who is acceptable to the Commissioner, to review and determine if the controlled insurer's reserves for losses are adequate. The audit committee shall report the results of the determination to the board of directors.