Nevada Administrative Code
Chapter 694C - Captive Insurers
ADMINISTRATION
Section 694C.270 - Prior approval required for change in nature of business; filing of certain changes in application information with Commissioner

Universal Citation: NV Admin Code 694C.270

Current through December 31, 2024

1. A captive insurer shall not, without the prior approval of the Commissioner, make any material change in the nature of its business from that stated in its plan of operation filed with the Commissioner.

2. Any change in any other information filed with the application must be filed with the Commissioner as soon as practicable, but does not require the prior approval of the Commissioner to make the change.

3. As used in this section, "material change" includes, without limitation:

(a) The entry into any agreement to cede reinsurance;

(b) The entry into any agreement to assume reinsurance;

(c) The termination of an existing reinsurance treaty, except at its natural expiration as stated within the contract of reinsurance;

(d) The writing of a new line of business;

(e) The exit from an existing line of business;

(f) Any change to limits of coverage written by the captive insurer; or

(g) The expansion into a new state of a state-chartered risk retention group.

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;

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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