Nevada Revised Statutes
Chapter 694C - Captive Insurers
NRS 694C.147 - "Sponsored captive insurer" defined.

"Sponsored captive insurer" means any captive insurer:
1. In which the minimum capital and surplus required by applicable law is provided by one or more sponsors;
2. That is formed or licensed pursuant to this chapter;
3. That only insures the risks of its participants through separate participant contracts; and
4. That funds the liability for each participant through one or more protected cells where the assets of each protected cell are segregated from the assets of other protected cells and the assets of the general account of the sponsored captive insurer.
(Added to NRS by 2005, 2148)

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Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 694C - Captive Insurers

NRS 694C.010 - Definitions.

NRS 694C.020 - "Affiliated company" defined.

NRS 694C.030 - "Agency captive insurer" defined.

NRS 694C.035 - "Alien captive insurer" defined.

NRS 694C.040 - "Association" defined.

NRS 694C.050 - "Association captive insurer" defined.

NRS 694C.053 - "Branch business" defined.

NRS 694C.055 - "Branch captive insurer" defined.

NRS 694C.057 - "Branch operations" defined.

NRS 694C.060 - "Captive insurer" defined.

NRS 694C.070 - "Commissioner" defined.

NRS 694C.075 - "Controlled unaffiliated business" defined.

NRS 694C.080 - "Division" defined.

NRS 694C.085 - "Dormant captive insurer" defined.

NRS 694C.090 - "Member organization" defined.

NRS 694C.100 - "Mutual insurer" defined.

NRS 694C.110 - "Parent" defined.

NRS 694C.113 - "Participant" defined.

NRS 694C.115 - "Participant contract" defined.

NRS 694C.117 - "Protected cell" defined.

NRS 694C.120 - "Pure captive insurer" defined.

NRS 694C.130 - "Reciprocal insurer" defined.

NRS 694C.140 - "Rental captive insurer" defined.

NRS 694C.141 - "Risk retention group" defined.

NRS 694C.143 - "Sponsor" defined.

NRS 694C.147 - "Sponsored captive insurer" defined.

NRS 694C.149 - State-chartered risk retention group" defined.

NRS 694C.150 - "Stock insurer" defined.

NRS 694C.155 - Applicability of chapter 696B of NRS to sponsored captive insurer.

NRS 694C.160 - Applicability of other provisions.

NRS 694C.170 - Regulations.

NRS 694C.180 - Formation of captive insurer.

NRS 694C.190 - Name.

NRS 694C.195 - Sponsored captive insurer: Formation; conditions for formation and licensure; requirements for sponsor and participants.

NRS 694C.200 - Authorization to apply for license in certain circumstances; license required to transact insurance; penalty.

NRS 694C.210 - Application: Requirement; contents.

NRS 694C.215 - Application: Sponsored captive insurer required to file certain information with Commissioner.

NRS 694C.220 - Application: Fees; Commissioner authorized to retain professional services relating to examination of applicant; cost of services.

NRS 694C.230 - Issuance of license; annual renewal; fees.

NRS 694C.240 - Insurer required to include business plan with application for issuance and renewal of license; updates to business plan.

NRS 694C.250 - Capital or surplus required: Amount; form; Commissioner authorized to prescribe additional requirements; letter of credit; use of surplus note.

NRS 694C.259 - Certificate of dormancy: Application; powers and duties of certificate holder; renewal; expiration; surrender; revocation; regulations.

NRS 694C.270 - Suspension or revocation of license: Grounds; hearings.

NRS 694C.300 - Authorized and prohibited types of insurance.

NRS 694C.310 - Meetings of board of directors; additional requirements to transact insurance; review by Commissioner of qualifications of manager.

NRS 694C.320 - Plan for payment of dividends; regulations.

NRS 694C.330 - Payment of dividends and extraordinary dividends.

NRS 694C.340 - Compliance with requirements relating to investments; loan to parent or affiliated company by pure captive insurer in certain circumstances.

NRS 694C.350 - Reinsurance; credit for reserves on risks or portions of risks in certain circumstances; plan for workers’ compensation deemed reinsurance in certain circumstances.

NRS 694C.360 - Use of insurance of captive insurer to satisfy requirements relating to insurance on vehicles subject to Nevada Transportation Authority or Taxicab Authority prohibited; exception.

NRS 694C.370 - Insurer not required to join rating organization.

NRS 694C.380 - Insurer prohibited from joining or contributing to or receiving benefit for claims from assigned risk pool or insurance insolvency guaranty fund.

NRS 694C.382 - Combining assets for investment.

NRS 694C.384 - Security for branch operations.

NRS 694C.386 - Alien captive insurer: Issuance of certificate related to branch operations; registration.

NRS 694C.388 - Alien captive insurer: Reports and statements.

NRS 694C.389 - State-chartered risk retention group: Compliance with laws and requirements applicable to liability insurers.

NRS 694C.390 - State-chartered risk retention group: Required filings.

NRS 694C.392 - State-chartered risk retention group: Board of directors; material service provider contracts; audit committee; written policies, governance standards and code of business conduct; duty to notify domestic regulator of material noncompl...

NRS 694C.400 - Submission of annual report of financial condition, audit and financial statement to Commissioner; regulations designating form; alternative date to file annual report; penalties for failing to comply or making false statement.

NRS 694C.410 - Examinations: Conducted by Commissioner; frequency; Commissioner authorized to obtain professional services; cost.

NRS 694C.415 - Examinations: Branch captive insurer; alien captive insurer.

NRS 694C.450 - Taxes on premiums: Imposition; deposit; nonrefundable credit.

NRS 694C.455 - Tax on premiums: Applicable only to branch business of branch captive insurer.

NRS 694C.460 - Account for the Regulation and Supervision of Captive Insurers: Creation; uses; deposits; transfers to agency for economic development; administrative expenses; transfers to State General Fund; warrants by State Controller on receipts.