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NRS 686B.350 - Conversion into domestic mutual insurer or domestic reciprocal insurer: Filing and contents of notice of intent to qualify.

NV Rev Stat § 686B.350 (2019) (N/A)
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1. An essential insurance association shall, if requested to do so by the Commissioner, file a notice of intent to qualify as a domestic mutual insurer or a domestic reciprocal insurer. In the absence of a request by the Commissioner, an essential insurance association may file such a notice at such time as the association determines appropriate.

2. The notice must be filed with the Commissioner at least 4 months before the date the association is to become a domestic mutual insurer or a domestic reciprocal insurer and must include:

(a) An application prepared pursuant to chapter 680A of NRS for a certificate of authority to transact business in Nevada as a domestic mutual insurer or a domestic reciprocal insurer;

(b) A valuation of the policyholder’s surplus according to both market and amortized value based on the association’s annual financial statement for the previous year; and

(c) A provision for the return of any unused portion of the insured’s capital stabilization charges.

(Added to NRS by 2003, 3304)

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NRS 686B.340 - Conversion into domestic mutual insurer or domestic reciprocal insurer: Exemption from applicability of NRS 81.130 and 81.510.
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NRS 686B.360 - Conversion into domestic mutual insurer or domestic reciprocal insurer: Notice to insurers and insured; hearing.