1. A trust for the purposes of NRS 681A.180 or 681A.190, and any amendment to the trust, must be established or amended in a form approved by:

(a) The Commissioner; and

(b) The commissioner of insurance or other appropriate person of:

(1) The state in which the trust is domiciled; or

(2) Any other state that, pursuant to the trust instrument, accepts regulatory authority over the trust.

2. The form of the trust and any amendment to the trust must be filed with the commissioner of insurance or other appropriate person of each state in which the policyholders of the ceding insurer who are the beneficiaries of the trust are domiciled.

3. The trust instrument must provide that contested claims become valid, enforceable and payable from money held in the trust fund to the extent that the contested claims remain unsatisfied, within 30 days after the entry of the final order of any court of competent jurisdiction in the United States. The trust must vest legal title to its assets in the trustees of the trust for its policyholders and ceding insurers in the United States, their assigns and successors in interest. The trust and the assuming insurer are subject to examination as determined by the Commissioner. The trust must remain in effect for as long as the assuming insurer or any member or former member of the group of insurers has outstanding obligations due under the agreements for reinsurance subject to the trust.

4. Not later than February 28 of each year the trustees of the trust shall report to the Commissioner in writing setting forth the balance of the trust and listing the trust’s investments at the end of the preceding year and shall certify the date of termination of the trust, if so planned, or certify that the trust will not expire before the next following December 31.

(Added to NRS by 1995, 1758; A 2003, 3285)