Section 681A.500 - Certification by accredited jurisdiction: Authority of Commissioner to deem certification in this State; notification to Commissioner of change in status or rating in certifying jurisdiction; withdrawal of certifying jurisdiction's rating and issuance of new rating1. If an assuming insurer has been certified as a reinsurer by a jurisdiction which is accredited by the National Association of Insurance Commissioners and submits to the Division a properly executed Form CR-1 and any additional information required by the Commissioner, the Commissioner may, if he or she agrees with the action of that jurisdiction after reviewing all information submitted to the Commissioner, deem the assuming insurer to be a certified reinsurer in this State and hold in this State the rating assigned to the assuming insurer in that jurisdiction.2. An assuming insurer deemed to be a certified reinsurer pursuant to subsection 1 shall notify the Commissioner of any change in its status or rating in the certifying jurisdiction within 10 days after it receives notice of the change. Unless the Commissioner withdraws recognition of the certifying jurisdiction's certification or rating pursuant to subsection 3, such a change shall be deemed to apply in this State.3. The Commissioner may, upon written notice to the assuming insurer, withdraw recognition of the certifying jurisdiction's certification or rating at any time. If the Commissioner withdraws recognition of the certifying jurisdiction's rating, the Commissioner will evaluate the assuming insurer and issue a rating to the assuming insurer pursuant to NAC 681A.460. If the Commissioner withdraws recognition of the certifying jurisdiction's certification, the assuming insurer shall, unless the Commissioner suspends or revokes its certification pursuant to subsection 1 of NAC 681A.480, continue to be deemed a certified reinsurer for 3 months after the date on which the Commissioner withdraws recognition, which the Commissioner may extend if he or she determines additional time is necessary to consider an application of the assuming insurer for certification as a reinsurer in this State.Nev. Admin. Code § 681A.500
Added to NAC by Comm'r of Insurance by R079-16A, eff. 11/2/2016NRS 679B.130, 681A.130, 681A.1554, 681A.1556