NRS 695E.010 – Statement of purpose.

The purpose of this chapter is to regulate the formation and operation in this state of organizations formed pursuant to the provisions of the Liability Risk Retention Act of 1986. (Added to NRS by 1987, 1327)

NRS 695E.020 – Definitions.

As used in this chapter, the words and terms defined in NRS 695E.030 to 695E.110, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1987, 1327)

NRS 695E.030 – “Completed operations liability” defined.

1. “Completed operations liability” means liability arising out of the installation, maintenance or repair of any product at a site that is not owned or controlled by: (a) Any person who performs the work; or (b) Any person who hires an independent contractor to perform the work. 2. The term includes liability for activities that […]

NRS 695E.040 – “Domicile” defined.

“Domicile” means: 1. For a corporation, the state in which it is incorporated; and 2. For any other person, the state of the person’s principal place of business. (Added to NRS by 1987, 1328)

NRS 695E.050 – “Hazardous financial condition” defined.

“Hazardous financial condition” means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able to: 1. Meet obligations to policyholders with respect to known claims and reasonably anticipated claims; or 2. Pay other obligations in the normal course of […]

NRS 695E.060 – “Liability” defined.

1. “Liability” means legal liability for damages, including costs of defense, legal costs and fees, and other expenses for claims, because of injuries to other persons, damage to their property, or other damage or loss to those persons resulting from or arising out of any: (a) Business, whether or not conducted for profit, or any […]

NRS 695E.070 – “Personal risk liability” defined.

“Personal risk liability” means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial or household responsibilities or activities. (Added to NRS by 1987, 1328)

NRS 695E.080 – “Plan of operation” defined.

“Plan of operation” means an analysis of the expected activities and results of a risk retention group, including: 1. The coverages, deductibles, limits of coverage, rates and systems of rating classification for each line of insurance the group intends to offer; 2. Historical and expected loss experience of the proposed members, and national experience of […]

NRS 695E.090 – “Product liability” defined.

“Product liability” means liability for damages because of any personal injury, death, emotional harm, consequential economic damage or damage to property, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease or sale of a product, but does not include the liability of any […]

NRS 695E.100 – “Purchasing group” defined.

“Purchasing group” means any group which: 1. Has as one of its purposes the purchase of liability insurance on a group basis; 2. Purchases such insurance only for its members and only to cover their similar or related exposure to liability, as described in subsection 3; 3. Is composed of members whose businesses or activities […]

NRS 695E.110 – “Risk retention group” defined.

“Risk retention group” means any corporation or association with limited liability that is formed under the laws of any state, Bermuda or the Cayman Islands: 1. Whose primary activity consists of assuming and spreading all or any portion of the exposure of its corporation or association members to liability; 2. Which is organized primarily to […]