679B.230 - Examination of insurers. - Nevada Statutes

679B.230  Examination of insurers.

      1.  For the purpose of determining its financial condition, fulfillment of its contractual obligations and compliance with law, the Commissioner shall, as often as he or she deems advisable, examine the affairs, transactions, accounts, records and assets of each authorized insurer, and of any person as to any matter relevant to the financial affairs of the insurer or to the examination. Except as otherwise expressly provided in this title, the Commissioner shall so examine each authorized insurer not less frequently than every 5 years. Examination of an alien insurer must be limited to its insurance transactions, assets, trust deposits and affairs in the United States, except as otherwise required by the Commissioner.

      2.  The Commissioner shall in like manner examine each insurer applying for an initial certificate of authority to transact insurance in this state.

      3.  In lieu of an examination under this chapter, the Commissioner may accept a report of the examination of a foreign or alien insurer prepared by the Division for a foreign insurer’s state of domicile or an alien insurer’s state of entry into the United States.

      4.  As far as practical the examination of a foreign or alien insurer must be made in cooperation with the insurance supervisory officers of other states in which the insurer transacts business.

      (Added to NRS by 1971, 1567; A 1995, 1750)