Nevada Administrative Code
NAC-485 - Motor Vehicles: Insurance and Financial Responsibility
CERTIFICATE OF SELF-INSURANCE
485.060 - Application for certificate; duties of applicant.
NAC 485.060 Application for certificate; duties of applicant. (NRS 485.130, 485.380)
1. Before applying for a certificate of self-insurance, an applicant must submit a complete list of his or her motor vehicles to the Department. The list must contain the vehicle identification number, the license plate number and the name of the make and model of each vehicle.
2. After the list is submitted, the number of vehicles actively registered in this State in the name of the applicant must not drop below 11.
3. An application for a certificate of self-insurance must be made on a form provided by the Department. The application must contain a statement by the applicant that he or she realizes that, in self-insuring, the applicant is performing an insurance function and expressly agrees, as a condition to the granting of a certificate of self-insurance, to abide by the statutes of this State concerning unfair practices in settling claims and any regulations adopted thereunder by the Commissioner of Insurance.
4. Except as otherwise provided in this subsection, each applicant for a certificate of self-insurance must submit, for the confidential use of the Department, an affidavit from a certified public accountant licensed in this State attesting that the financial statements of the applicant have been audited and setting forth the current ratio of the applicant at the time of the audit.
5. An applicant for self-insurance may be required by the Department to submit evidence of excess insurance or reinsurance written by an insurer authorized to do business in this State to provide protection against large or numerous judgments. This insurance may be in excess of the amount of security deposited with the Department. To determine if excess insurance or reinsurance will be required, the Director or the authorized representative will consider the number of vehicles actively registered in this State in the name of the applicant, the manner in which they are being used and the applicant’s financial ability to pay claims.
[Dep’t of Motor Veh., Self-insurance Reg. § IV, eff. 4-29-82]—(NAC A by Dep’t of Motor Veh. & Pub. Safety, 7-29-86; A by Dep’t of Motor Veh. by R162-01, 2-12-2002; R164-03, 10-31-2005)