An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material relevant risks. This requirement shall be deemed satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. (Added to […]
Subject to the provisions of NRS 692C.352 to 692C.353, inclusive, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to that set forth in the ORSA Guidance Manual. An ORSA must be conducted not less than annually but also at any […]
Upon the request of the Commissioner, and not more than once each year, an insurer shall submit to the Commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the insurer and the insurance group of which the insurer is a member. […]
The report required by NRS 692C.3514 must include a signature of the insurer or insurance group’s chief risk officer, or other executive having responsibility for the oversight of the insurer’s enterprise risk management process, attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management processes described […]
An insurer may comply with the requirements of NRS 692C.3514 by providing the most recent and substantially similar report provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that […]
An insurer is exempt from the requirements of NRS 692C.351 to 692C.3548, inclusive, if: 1. The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and the National Flood Insurance Program, of less than $500,000,000; and 2. The insurance […]
If an insurer qualifies for an exemption pursuant to subsection 1 of NRS 692C.352 and the insurance group of which the insurer is a member does not qualify for an exemption pursuant to subsection 2 of that section, the ORSA Summary Report that may be required under NRS 692C.3514, 692C.3516 and 692C.3518 must include every […]
If an insurer does not qualify for an exemption pursuant to subsection 1 of NRS 692C.352 and the insurance group of which the insurer is a member qualifies for an exemption pursuant to subsection 2 of that section, the ORSA Summary Report that may be required under NRS 692C.3514, 692C.3516 and 692C.3518 is the report […]
An insurer that does not qualify for an exemption pursuant to NRS 692C.352 may apply to the Commissioner for a waiver from the requirements of NRS 692C.351 to 692C.3548, inclusive, based on unique circumstances. In deciding whether to grant the insurer’s request for a waiver, the Commissioner may consider the type and volume of business […]
Notwithstanding the provisions of NRS 692C.352 to 692C.3526, inclusive: 1. The Commissioner may require that an insurer maintain a risk management framework, conduct an ORSA and file an ORSA Summary Report based on unique circumstances, including, without limitation, the type and volume of business written, ownership and organizational structure, federal agency requests and international supervisor […]
If an insurer that qualifies for an exemption pursuant to NRS 692C.352 subsequently no longer qualifies for that exemption as a result of changes in premium as reflected in the insurer’s most recent annual statement, or in the most recent annual statements of the insurers within the insurance group of which the insurer is a […]
An ORSA Summary Report must be prepared consistent with the ORSA Guidance Manual, subject to the requirements of this section and NRS 692C.3534. Documentation and supporting information must be maintained and made available upon examination or upon request of the Commissioner. (Added to NRS by 2015, 3488)
The review of an ORSA Summary Report, and any additional requests for information, must be made using similar procedures currently used in analysis and examination of multistate or global insurers and insurance groups. (Added to NRS by 2015, 3488)
1. Except as otherwise provided in this section and NRS 239.0115 and 692C.3516, any documents, materials and other information, including an ORSA Summary Report, in the possession of or control of the Division that are obtained by, created by or disclosed to the Commissioner or any other person in accordance with the provisions of NRS […]
Neither the Commissioner, nor any other person who received documents, materials or other information received pursuant to NRS 692C.351 to 692C.3548, inclusive, through examination or otherwise, while acting pursuant to the authority of the Commissioner or with whom such documents, materials and other information are shared in accordance with the provisions of those sections, is […]
To assist the performance of the Commissioner’s regulatory duties, the Commissioner: 1. May, upon request, share documents, materials and other information received pursuant to NRS 692C.351 to 692C.3548, inclusive, including, without limitation, any documents, materials and information subject to NRS 692C.3536 and any proprietary and trade secret documents and materials, with other state, federal and […]
The sharing of documents, materials and other information by the Commissioner pursuant to NRS 692C.351 to 692C.3548, inclusive, does not constitute a delegation of regulatory authority or rulemaking, and the Commissioner is solely responsible for the administration, execution and enforcement of the provisions of NRS 692C.351 to 692C.3548, inclusive. (Added to NRS by 2015, 3490)
No waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade secrets materials or other information shall occur as a result of the disclosure of such documents, materials and information to the Commissioner in accordance with the provisions of NRS 692C.3536 to 692C.3546, inclusive, or as a result of sharing […]
Documents, materials or other information in the possession or control of the NAIC or a third-party consultant in accordance with the provisions of NRS 692C.351 to 692C.3548, inclusive, are: 1. Confidential by law and privileged; 2. Not subject to the provisions of chapter 239 of NRS; 3. Not subject to subpoena; and 4. Not subject […]
1. The failure to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548, inclusive, within the time specified for the filing is a violation of those sections. 2. Except as otherwise provided in subsection 3, if an insurer or group insurer fails, without just cause, to file an ORSA Summary Report required by […]
