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

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

      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)