Section 680A.1995 - Internal audit function: Exemption; requirements when exemption ceases1. An insurer is exempt from the requirements of NAC 680A.1993 if: (a) The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums but excluding premiums reinsured with the Federal Crop Insurance Corporation and the National Flood Insurance Program, of less than $500,000,000; and(b) If the insurer is a member of a group of insurers, the group of insurers of which the insurer is a member has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums but excluding premiums reinsured with the Federal Crop Insurance Corporation and the National Flood Insurance Program, of less than $1 billion.2. An insurer who was previously exempt from the requirements of NAC 680A.1993 pursuant to subsection 1 but no longer qualifies for such an exemption shall comply with the requirements of NAC 680A.1993 within 1 year after the date on which the insurer ceased to qualify for an exemption pursuant to subsection 1.Nev. Admin. Code § 680A.1995
Added to NAC by Comm'r of Insurance by R108-16A, 12-21-2016, eff. 1/1/2017