Section 694C.290 - Conflict of interest: Statement; disclosure1. A captive insurer chartered in this State shall adopt a conflict of interest policy for its attorneys-in-fact, trustees, managers, officers and directors. The policy must contain:(a) A requirement that the attorney-in-fact, trustee, manager, officer or director must annually and within 60 days after any subsequent change disclose that he or she has no outside commitments, personal or otherwise, that would divert him or her from the duty to further the interests of the captive insurer that he or she represents;(b) A clear expression that the attorney-in-fact, trustee, manager, officer or director has a duty of care to protect the interests of the captive insurer above those of any person including, but not limited to, the attorney-in-fact, trustee, manager, officer or director or any service provider; and(c) A requirement that each attorney-in-fact, trustee, manager, officer or director must annually and within 60 days after any subsequent change provide a complete disclosure of each material relationship that he or she has with the captive insurer.2. Each attorney-in-fact, trustee, manager, officer or director of a captive insurer shall file a disclosure of his or her conflicts of interest with the board of directors or subscribers' advisory committee of the captive insurer annually and within 60 days after any subsequent change.3. Nothing in this section shall be construed to prevent an attorney-in-fact, trustee, manager, officer or director of a captive insurer from being a director or officer in more than one insurance company or captive insurer.4. As used in this section: (a) "Material relationship" means any relationship in which an attorney-in-fact, trustee, manager, officer or director of a captive insurer, any member of such a person's immediate family or any business with which such a person is affiliated receives compensation or payment of any other items of value from the captive insurer or a consultant or service provider to the captive insurer of an amount greater than $15,000 within any one 12-month period.(b) "Service provider" means a captive manager, auditor, accountant, actuary, investment adviser, attorney, managing general underwriter, managing general agent, attorney-in-fact or any other party responsible for underwriting, the determination of rates, the collection of premiums, adjusting and settling claims or the preparation of financial statements.Nev. Admin. Code § 694C.290
Added to NAC by Comm'r of Insurance by R125-99, eff. 1-27-2000; A by R071-09, 10-27-2009; A by R080-16A, eff. 11/2/2016