Reinsurance ceded to assuming accredited reinsurer in Nevada.
1. Except as otherwise provided in subsection 2, credit must be allowed if reinsurance is ceded to an assuming insurer which is accredited as a reinsurer in this state. An accredited reinsurer is one which:
(a) Files with the Commissioner an executed form approved by the Commissioner as evidence of its submission to this state’s jurisdiction;
(b) Submits to this state’s authority to examine its books and records;
(c) Files with the Commissioner a certified copy of a certificate of authority or other evidence approved by the Commissioner indicating that it is licensed to transact insurance or reinsurance in at least one state, or in the case of a branch in the United States of an alien assuming insurer is entered through and licensed to transact insurance or reinsurance in at least one state;
(d) Files annually with the Commissioner a copy of its annual statement filed with the Division of its state of domicile or entry and a copy of its most recent audited financial statement; and
(e) Maintains a surplus as regards policyholders in an amount which is not less than $20,000,000 and whose accreditation:
(1) Has not been denied by the Commissioner within 90 days after its submission; or
(2) Has been approved by the Commissioner.
2. No credit may be allowed for a domestic ceding insurer if the assuming insurer’s accreditation has been revoked by the Commissioner after notice and a hearing.
Last modified: February 27, 2006