694C.215 - Sponsored captive insurer required to file certain information with Commissioner. - Nevada Statutes

694C.215  Sponsored captive insurer required to file certain information with Commissioner.  In addition to the information required pursuant to NRS 694C.210, each sponsored captive insurer shall file with the Commissioner:

      1.  Information demonstrating the manner in which the applicant will account for the loss and expense experience of each protected cell, at a level of detail deemed sufficient by the Commissioner, and the method of reporting such information;

      2.  A written acknowledgment that all financial records of the sponsored captive insurer, including, but not limited to, records pertaining to any protected cells, must be made available for inspection or examination by the Commissioner or a designee of the Commissioner;

      3.  All contracts entered into between the sponsored captive insurer and any participant, including, but not limited to, participant contracts; and

      4.  Evidence satisfactory to the Commissioner indicating that expenses will be allocated to each protected cell in a fair and equitable manner.

      (Added to NRS by 2005, 2151)