NRS 685A.072 - Domestic surplus lines insurer: Designation; authority; requirements for broker who places surplus lines insurance with insurer; applicability of other provisions.

NV Rev Stat § 685A.072 (2019) (N/A)

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1. An insurer which is domiciled in this State may be designated as a domestic surplus lines insurer by the Commissioner if:

(a) The insurer possesses capital and surplus of not less than $15,000,000; or

(b) The Commissioner makes an affirmative finding of acceptability pursuant to subsection 3 of NRS 685A.070.

2. A designation by the Commissioner of an insurer as a domestic surplus lines insurer must be in writing.

3. A domestic surplus lines insurer may accept surplus lines insurance in any jurisdiction in which it is eligible.

4. A broker who places surplus lines insurance with a domestic surplus lines insurer shall comply with:

(a) The provisions of NRS 685A.175 and 685A.180; and

(b) All other provisions of this chapter which apply to the export of nonadmitted insurance for an insured for which this State is the home state.

5. Except as otherwise provided by specific statute, the provisions of this Code regarding financial and solvency requirements apply to a domestic surplus lines insurer.

6. The provisions of chapter 686C and 687A of NRS do not apply to a domestic surplus lines insurer.

(Added to NRS by 2019, 1700)

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NRS 685A.075 - Nonprofit organization of brokers: Formation; board of directors; information and records filed with Commissioner; examination by Commissioner; broker required to be member as condition of continued licensure.