The following deposits of insurers when made through the Commissioner must be accepted and held by the Commissioner in trust, subject to the provisions of NRS 682B.010 to 682B.120, inclusive: 1. Deposits required under this Code for authority to transact insurance in this state. 2. Deposits of domestic insurers when made pursuant to the laws […]
1. In addition to the deposits authorized by NRS 682B.010, the Commissioner may by regulation require as a condition of transacting the business of insurance in this state that a special deposit be maintained in this state by an authorized insurer who is subject to the provisions of chapter 680A of NRS or by an […]
1. Deposits made in this state under NRS 680A.140 and 680A.330 (retaliatory provision) shall be held in trust for the respective purposes stated in those sections. 2. A deposit made in this state by a domestic insurer transacting insurance in another state, province or country, and as required by the laws of such other state, […]
1. All such deposits required under NRS 680A.140 for authority to transact insurance in this state shall consist of good interest-bearing or dividend-paying securities of kinds eligible for investment of the funds of domestic insurers under NRS chapter 682A (investments). 2. All other deposits of a domestic insurer held in this state pursuant to the […]
1. Except as otherwise provided in NRS 682B.050 and 682B.055, deposits made in this state pursuant to this Code must be made through the Commissioner. The Account for the Division of Insurance is hereby created in the State Agency Fund for Bonds. All money received by the Commissioner must be deposited with the State Treasurer […]
1. In lieu of a deposit made as provided in NRS 682B.040, the Commissioner in his or her discretion may, upon written request of the insurer and where of greater convenience to the insurer, permit such deposit to be made with and held by the trust department of an established bank or credit union located […]
The Commissioner: 1. May allow an insurer to use securities as a deposit or as a part of a deposit without delivering the securities to the Commissioner under the conditions specified in regulations adopted pursuant to subsection 1 of NRS 680A.140. 2. Shall allow any successor organization to the State Industrial Insurance System that was […]
1. Except as provided in NRS 682B.055, an insurer shall assign to the Commissioner and the successors in office of the Commissioner in trust all securities being deposited with or through the Commissioner under NRS 682B.010 to 682B.120, inclusive, which are not negotiable by delivery. In lieu of such an assignment, the insurer may give […]
The Commissioner may, in his or her discretion, prior to acceptance for deposit of any particular asset or security, or at any time thereafter while so deposited, have the same appraised or valued by competent appraisers. The reasonable costs of any such appraisal or valuation shall be borne by the insurer. (Added to NRS by […]
1. If assets deposited by an insurer under NRS 682B.010 to 682B.120, inclusive, are subject to material fluctuations in market value, the Commissioner may, in his or her discretion, require the insurer to deposit and maintain on deposit additional assets in an amount reasonably necessary to assure that the deposit at all times has a […]
So long as the insurer remains solvent and is in compliance with this Code it may: 1. Demand, receive, sue for and recover the income from the assets deposited; 2. Exchange and substitute assets of equivalent or greater fair market value for the deposited assets; and 3. At any reasonable time inspect any such deposit. […]
No judgment creditor or other claimant of an insurer shall have the right to levy upon any of the assets or securities held in this state as a deposit for the protection of the insurer’s policyholders or policyholders and creditors. Levy upon deposits made pursuant to NRS 680A.330 (retaliatory provision) shall be permitted if so […]
If for any reason the market value of assets of an insurer held on deposit in this state falls below the amount required under this Code, the insurer shall promptly deposit other or additional assets eligible for deposit sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 20 days […]
1. Every deposit made in this state by an insurer pursuant to this Code shall be held as long as there is outstanding any liability of the insurer as to which the deposit was so required; or, if the deposit is required under NRS 680A.330 (retaliatory provision), the deposit shall be held for so long […]
