NRS 692C.359 Supervisory college: Commissioner may convene or participate; composition; agreements with other regulatory agencies.

339 words·~2 min read·/nv/chapter-692c-holding-companies/692c-359·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. The Commissioner may, for any registered insurer who is part of an insurance holding company system with international operations, convene a supervisory college or participate in a supervisory college convened by a state, federal or international regulatory agency with authority over any insurer who is part of the insurance holding company system:

(a)To determine whether or not the registered insurer is in compliance with the provisions of this chapter;

(b)To assess the business strategy, financial position, legal and regulatory compliance, risk exposure, risk management and governance procedures of the registered insurer; or

(c)As part of an examination of the registered insurer pursuant to NRS 692C.410 .

2. In convening a supervisory college pursuant to subsection 1, the Commissioner may, without limitation:

(a)Establish:

(1)The membership of the supervisory college;

(2)The functions of the supervisory college; and

(3)The role of each regulatory agency participating in the supervisory college;

(b)Designate a regulatory agency as supervisor of the supervisory college; and

(c)Coordinate the activities of the supervisory college, including, without limitation:

(1)Meetings;

(2)Supervisory activities; and

(3)The sharing of information among members of the supervisory college.

3. In convening or participating in a supervisory college pursuant to this section, the Commissioner may enter into agreements with other state, federal or international regulatory agencies concerning the governance of a supervisory college. Such an agreement must meet the confidentiality requirements of NRS 692C.420 .

4. The provisions of this section must not be construed to:

(a)Limit the authority of the Commissioner; or

(b)Delegate to any supervisory college the authority of the Commissioner to regulate a registered insurer or any affiliate of a registered insurer pursuant to this title.

5. As used in this section, “supervisory college” means a temporary or permanent forum for communication and cooperation between regulators, including, without limitation, state, federal and international regulatory agencies which are charged with regulating and supervising an insurer.