NRS 695E.140 – Requirements.

1. A risk retention group seeking to be chartered in this State must obtain a certificate of authority pursuant to chapter 694C of NRS to transact liability insurance and, except as otherwise provided in this chapter, must comply with: (a) All of the laws, regulations and requirements applicable to liability insurers in this State, unless […]

NRS 695E.150 – Statement of registration; plan of operation; appointment of Commissioner as agent for service of process; filing fee; transmission of revisions of plan of operation by Commissioner.

1. Before transacting insurance in this state, a risk retention group must submit to the Commissioner: (a) A statement of registration identifying: (1) Each state in which the risk retention group is chartered or licensed as a liability insurer; (2) The date of its charter; (3) Its principal place of business; and (4) Such other […]

NRS 695E.160 – Submission of financial statement, examinations, audits and other information.

A risk retention group transacting insurance in this state shall submit to the Commissioner: 1. A copy of the group’s financial statement submitted to its state of domicile, which must be certified by an independent public accountant and contain a statement of opinion on its reserves for loss and expenses of loss adjustment made by […]

NRS 695E.170 – Applicability of other provisions; duties of agent or broker.

1. A risk retention group and its agents and representatives are subject to the provisions of: (a) NRS 680A.205 and any regulations adopted pursuant thereto, including, without limitation, regulations relating to the standards which may be used by the Commissioner in determining whether a risk retention group is in a hazardous financial condition. (b) NRS […]

NRS 695E.180 – Notice required in policy.

A policy issued by a risk retention group must contain in 10-point type on the front page and the declaration page, the following notice: NOTICE This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insolvency […]

NRS 695E.190 – Risk retention group not chartered and doing business in this State: Examination by Commissioner; compliance with order issued in certain proceedings if finding of financial impairment after examination; enforcement by district courts in this State of order issued by federal court enjoining conduct of operations or transaction of insurance in any state.

1. A risk retention group shall submit to an examination by the Commissioner to determine its financial condition if the commissioner of insurance of the jurisdiction in which the group is chartered does not initiate such an examination within 60 days after a request by the Commissioner of Insurance of this state. The examination must […]

NRS 695E.200 – Prohibited acts.

A risk retention group shall not: 1. Transact insurance with any person who is not eligible for membership in the risk retention group; 2. Conduct any business in this state if an insurer is directly or indirectly a member or owner of the group, unless all the members of the group are insurers; 3. Transact […]