Nevada Administrative Code
Chapter 694C - Captive Insurers
ADMINISTRATION
Section 694C.250 - Reinsurance and excess insurance
Current through December 31, 2024
1. Except as approved by the Commissioner, a captive insurer shall not:
2. The effective date of any reinsurance agreement or modification of a reinsurance agreement entered into by a captive insurer may be before or after the date of the Commissioner's approval, except that such effective date must not be before the date on which the captive insurer was initially formed as an insurer domiciled in this State. However, a captive insurer may not enter into or execute a reinsurance agreement before approval by the Commissioner.
3. The Commissioner may require a captive insurer to terminate any reinsurance transaction or prohibit a captive insurer from obtaining any or all reinsurance, if the Commissioner:
4. Upon termination or modification of a reinsurance treaty or agreement held by a captive insurer, the Commissioner may order the captive insurer to cease writing any new business until :
; or
5. Reinsurance and excess insurance must be effected through a written agreement of reinsurance, or a written contract setting forth the terms, provisions and conditions governing the reinsurance.
6. Complete copies of all reinsurance treaties, agreements and contracts entered into by a captive insurer must be filed by the captive insurer with, and approved by, the Commissioner.
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;