Nevada Administrative Code
Chapter 694C - Captive Insurers
ADMINISTRATION
Section 694C.200 - Annual report of financial condition

Universal Citation: NV Admin Code 694C.200

Current through December 31, 2024

1. A report of financial condition filed by an association captive insurer, an agency captive insurer or a rental captive insurer pursuant to NRS 694C.400 must be verified by the oath of two executive officers of the captive insurer.

2. A captive insurer other than a pure captive insurer or a state-chartered risk retention group shall file with the Commissioner a report of its financial condition. The report must be:

(a) Prepared in accordance with generally accepted accounting principles in the United States and stated in United States dollars, and must contain the footnotes and opinions of the independent certified public accountant or other person who prepared the report; and

(b) Accompanied by a statement, prepared by the independent certified public accountant or other person who prepared the report certifying that all financial requirements established by law and the articles of incorporation, bylaws and the business plan of the captive insurer have been met.

3. In addition to any other statements and schedules which a captive insurer other than a pure captive insurer or a state-chartered risk retention group is required by law to file, a captive insurer other than a pure captive insurer or a state-chartered risk retention group shall submit to the Commissioner the following exhibits and schedules from the Property/Casualty Insurance Annual and Quarterly Statements Blanks, published by the National Association of Insurance Commissioners, which is adopted by reference in NAC 694C.090:

(a) Exhibit 1 - Analysis of Nonadmitted Assets and Related Items;

(b) Schedule A - Real Estate;

(c) Schedule B - Mortgage Loans;

(d) Schedule BA - Other Long-Term Invested Assets;

(e) Schedule D - Bonds and Stocks;

(f) Schedule DA - Short-Term Investments; and

(g) Schedule P - Parts 1 through 4 - Analysis of Losses and Loss Expenses.

The exhibits and schedules must be prepared in accordance with the Property/Casualty Annual and Quarterly Statement Instructions, published by the National Association of Insurance Commissioners, which is adopted by reference in NAC 694C.090.

4. A report of financial condition filed by a pure captive insurer pursuant to NRS 694C.400 must be verified by the oath of two executive officers of the pure captive insurer. The report must be on the form prescribed by the Commissioner known as "Captive Annual Statement: Pure."

5. A state-chartered risk retention group shall file with the Commissioner an annual and quarterly statement in accordance with the provisions of NAC 680A.160. In addition to the information required by NAC 680A.160, the statement must include, without limitation:

(a) A reconciliation between the accounting principles identified in paragraph (a) of subsection 2 and the principles identified in NRS 680A.270, unless the statement is prepared in accordance with subparagraph (2) of paragraph (b) of subsection 1 of NRS 680A.270; and

(b) If an annual statement, a copy of the "Statement of Actuarial Opinion," "Actuarial Opinion Summary" and "Actuarial Report" filed pursuant to NAC 681B.250 to 681B.290, inclusive.

6. Upon a showing of good cause by the captive insurer and subject to the provisions of NRS 694C.390 and 694C.400, the Commissioner may grant a reasonable extension of the filing date for the report of financial condition required by this section. Such a request for extension must be submitted to the Commissioner in writing not less than 10 days before the date on which the report of financial condition is due and must contain sufficient details to permit the Commissioner to make an informed decision with respect to the requested extension.

Added to NAC by Comm'r of Insurance by R125-99, eff. 1-27-2000; A by R080-16A, eff. 11/2/2016

NRS 679B.130, 694C.170, 694C.390, 694C.400

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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