Section 681A.450 - Certification: Notice of application on Internet website of Commissioner; requirements and eligibility; written notice of approval and rating1. The Commissioner will post notice on the Internet website maintained by the Division promptly upon receipt of an application for certification as a certified reinsurer, which must include, without limitation, instructions for responding to the application by members of the public. The Commissioner will not take final action on an application until at least 30 days after posting the notice required by this subsection.2. Except as otherwise provided in NAC 681A.500, to be eligible for certification as a certified reinsurer, an assuming insurer must:(a) Maintain capital and surplus, or its equivalent, in an amount of not less than $250,000,000 calculated based on the documents described in paragraphs (f) and (g) of subsection 3 of NAC 681A.460. An association that includes incorporated and individual unincorporated underwriters which has minimum capital and surplus equivalents, net of liabilities, of not less than $250,000,000 and a central fund that contains a balance of not less than $250,000,000 shall be deemed to satisfy the requirements of this paragraph.(b) Maintain financial strength ratings from two or more rating agencies determined to be acceptable by the Commissioner. To satisfy the requirements of this paragraph, a financial strength rating must be based on interactive communication between the rating agency and the assuming insurer and must not be based solely on publicly available information. Rating agencies deemed acceptable by the Commissioner include, without limitation: (1) S & P Global Ratings;(2) Moody's Investors Service, Inc.;(4) A.M. Best Company, Inc.; and(5) Any other nationally recognized statistical rating organization.(c) File with the Division a properly executed Form CR-1 as evidence that the assuming insurer has complied with the provisions of subsection 4 of NRS 681A.1551. The Commissioner will not accept a Form CR-1 from an assuming insurer that is domiciled in a jurisdiction that the Commissioner has determined does not adequately and promptly enforce final judgments rendered by a court of competent jurisdiction in the United States or arbitration awards. A copy of Form CR-1 may be obtained free of charge from the Division at the Internet address http://doi.nv.gov/Insurers/Company-Admissions/Annual-Renewals-of-Company-License/.(d) Satisfy the requirements of NRS 681A.1551.(e) Satisfy any other requirement reasonably imposed by the Commissioner.3. If the Commissioner determines that an assuming insurer that has submitted an application for certification as a reinsurer has satisfied the requirements of this section and NRS 681A.1551, the Commissioner will issue a written notice to the assuming insurer that it has been approved as a certified reinsurer. Such a notice must include, without limitation, the rating assigned to the certified reinsurer by the Commissioner pursuant to NAC 681A.460.Nev. Admin. Code § 681A.450
Added to NAC by Comm'r of Insurance by R079-16A, eff. 11/2/2016NRS 679B.130, 681A.130, 681A.1551, 681A.1552, 681A.1554, 681A.1555