NRS 694C.390 State-chartered risk retention group: Required filings.

449 words·~2 min read·/nv/chapter-694c-captive-insurers/694c-390·

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

1. In addition to the information required pursuant to NRS 694C.210 , a state-chartered risk retention group must submit to the Commissioner in summary form:

(a)The identities of:

(1)All members of the group;

(2)All organizers of the group;

(3)Those persons who will provide administrative services to the group; and

(4)Any person who will influence or control the activities of the group;

(b)The amount and nature of initial capitalization of the group;

(c)The coverages to be offered by the group; and

(d)Each state in which the group intends to operate.

2. Before it may transact insurance in any state, the state-chartered risk retention group must submit to the Commissioner, for approval by the Commissioner, a plan of operation. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation within 10 days after the change. The group shall not offer any additional kinds of liability insurance, in this State or in any other state, until a revision of the plan is approved by the Commissioner.

3. A state-chartered risk retention group chartered in this State must file with the Commissioner on or before March 1 of each year a statement containing information concerning the immediately preceding year which must:

(a)Be submitted in a form prescribed by the National Association of Insurance Commissioners;

(b)Be prepared in accordance with the Annual Statement Instructions for the type of insurer to be reported on as adopted by the National Association of Insurance Commissioners for the year in which the insurer files the statement;

(c)Utilize accounting principles in a manner that remains consistent among financial statements submitted each year and that are substantively identical to:

(1)Generally accepted accounting principles, including any useful or necessary modifications or adaptations thereof that have been approved or accepted by the Commissioner for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the Commissioner; or

(2)Statutory accounting principles, as described in the Accounting Practices and Procedures Manual adopted by the National Association of Insurance Commissioners effective on January 1, 2001, and as amended by the National Association of Insurance Commissioners after that date; and

(d)Be submitted electronically, if required by the Commissioner.

4. The Commissioner shall transmit to the National Association of Insurance Commissioners a copy of:

(a)All information submitted by a state-chartered risk retention group to the Commissioner pursuant to subsections 1 and 3; and

(b)Any revisions to a plan of operation submitted to the Commissioner pursuant to subsection 2.