Authorization to apply for license in certain circumstances; license required to transact insurance; penalty.
1. A captive insurer, when authorized by its articles of association, articles of incorporation or charter, may apply to the Commissioner for a license to transact insurance.
2. A captive insurer shall not transact insurance in this state unless the captive insurer first obtains a license from the Commissioner.
3. A person who violates this section is subject to the provisions of, and shall be punished pursuant to, the Unauthorized Insurers Act set forth in NRS 685B.020 to 685B.080, inclusive.
Last modified: February 27, 2006