694C.210 - Application: Requirement; contents. - Nevada Statutes

694C.210  Application: Requirement; contents.  A captive insurer must apply to the Commissioner for a license. The application must include:

      1.  A certified copy of the charter and bylaws of the captive insurer;

      2.  A pro forma financial statement for the captive insurer that has been prepared by a certified public accountant;

      3.  Any other statements or documents that the Commissioner requires to be filed with the application;

      4.  Evidence of:

      (a) The amount and liquidity of its assets relative to the risks to be assumed by the captive insurer;

      (b) The expertise, experience and character of the persons who will manage the captive insurer;

      (c) The overall soundness of the plan of operation of the captive insurer; and

      (d) The adequacy of the programs of the captive insurer providing for loss prevention by its parent or member organizations, as applicable; and

      5.  Such other information deemed to be relevant by the Commissioner in ascertaining whether the proposed captive insurer will be able to meet its policy obligations.

      (Added to NRS by 1999, 3210)