Requirements. A purchasing group that intends to conduct business in this state shall register with the Commissioner and:
1. Furnish notice to the Commissioner that:
(a) Identifies the state in which the group is domiciled;
(b) Specifies the lines and classifications of liability insurance that the purchasing group intends to purchase;
(c) Identifies the insurer from which the group intends to purchase its insurance and the domicile of the insurer;
(d) Identifies the principal place of business of the group;
(e) Identifies all other states in which the group intends to do business; and
(f) Provides such other information as the Commissioner requires to verify and determine:
(1) Its qualification as a purchasing group;
(2) Where the purchasing group is located; and
(3) The appropriate tax treatment of the purchasing group; and
2. Appoint the Commissioner as its agent solely to receive service of legal process, and pay the fee for filing a power of attorney required by subsection 4 of NRS 680B.010, except that this subsection does not apply to a purchasing group that:
(a) Was domiciled before April 1, 1986, and on and after October 27, 1986, in any state;
(b) Before and after October 27, 1986, purchased its insurance from an insurer licensed in any state;
(c) Was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986; and
(d) Does not purchase insurance that was not authorized for an exemption under that act, as in effect before October 27, 1986.
Last modified: February 27, 2006