Section 681A.375 - Requirements for ceding insurer to be granted credit or allowed asset or reduction from liability: Provisions of reinsurance agreementCredit will not be granted, or an asset or reduction from liability allowed, to a ceding insurer for reinsurance transacted with assuming insurers that meet the requirements of NRS 681A.140 to 681A.240, inclusive, and NAC 681A.250 to 681A.380, inclusive, unless the reinsurance agreement includes:
1. A proper insolvency clause pursuant to NRS 681A.230;2. If the assuming insurer is an unauthorized assuming insurer, a provision in accordance with NRS 681A.210 whereby the assuming insurer has: (a) Agreed to submit to the jurisdiction of an alternative dispute panel or court of competent jurisdiction within the United States;(b) Agreed to comply with all requirements necessary to give the court or panel jurisdiction;(c) Designated an agent upon whom all legal process may be served; and(d) Agreed to abide by the final decision of the court or panel ; and3. A reinsurance intermediary clause, if applicable, which stipulates that the credit risk for the intermediary is carried by the assuming insurer.Nev. Admin. Code § 681A.375
Added to NAC by Comm'r of Insurance by R169-03, eff. 2-12-2004; A by R079-16A, eff. 11/2/2016