680A.095 - Certificate of authority required to transact reinsurance; eligibility for certificate; exceptions. - Nevada Statutes

680A.095  Certificate of authority required to transact reinsurance; eligibility for certificate; exceptions.

      1.  Except as otherwise provided in subsection 3, an insurer which is not authorized to transact insurance in this State may not transact reinsurance with a domestic insurer in this State, by mail or otherwise, unless the insurer holds a certificate of authority as a reinsurer in accordance with the provisions of NRS 680A.010 to 680A.150, inclusive, 680A.160 to 680A.290, inclusive, 680A.320 and 680A.330.

      2.  To qualify for authority only to transact reinsurance, an insurer must meet the same requirements for capital and surplus as are imposed on an insurer which is authorized to transact insurance in this State.

      3.  This section does not apply to the joint reinsurance of title insurance risks or to reciprocal insurance authorized pursuant to chapter 694B of NRS.

      (Added to NRS by 1987, 642)