Nevada Revised Statutes 680A.070 – Certificate of authority: Exceptions to requirement
A certificate of authority is not required of an insurer with respect to any of the following:
Terms Used In Nevada Revised Statutes 680A.070
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
1. Investigation, settlement or litigation of claims under its policies lawfully written in this State, or liquidation of assets and liabilities of the insurer, other than collection of new premiums, all as resulting from its former authorized operations in this State.
2. Except as otherwise provided in subsection 2 of NRS 680A.060, transactions thereunder after issuance of a policy covering only subjects of insurance that are not resident, located or expressly to be performed in this State at the time of issuance, and lawfully solicited, written and delivered outside this State.
3. Prosecution or defense of suits at law, except that no insurer unlawfully transacting insurance in this State without a certificate of authority may institute or maintain, other than defend, any action at law or in equity in any court of this State, either directly or through an assignee or successor in interest, to enforce any right, claim or demand arising out of such an insurance transaction until the insurer, assignee or successor has obtained a certificate of authority. This provision does not apply to any suit or action by the receiver, rehabilitator or liquidator of such an insurer, assignee or successor under laws similar to those contained in chapter 696B of NRS.
4. Transactions pursuant to surplus lines coverages lawfully written under chapter 685A of NRS.
5. A suit, action or proceeding for the enforcement or defense of its rights relative to its investments in this State.
6. Reinsurance, except as to a domestic reinsurer or the reinsurance of a domestic insurer, unless the reinsurance is authorized pursuant to subsection 1 of NRS 681A.110.
7. Transactions in this State involving group life insurance, group health or blanket health insurance, or group annuities where the master policy or contract of such groups was lawfully solicited, issued and delivered pursuant to the laws of a state in which the insurer was authorized to transact insurance, to a group organized for purposes other than the procurement of insurance or to a group approved pursuant to NRS 688B.030 or 689B.026, and where the policyholder is domiciled or otherwise has a bona fide situs.
8. The issuance of annuities by an affiliate of an authorized insurer if the affiliate:
(a) Is approved by the Commissioner;
(b) Is organized as a nonprofit educational corporation;
(c) Issues annuities only to nonprofit institutions of education and research; and
(d) Reports and pays any premium tax on the annuities required pursuant to chapter 680B of NRS.
9. Transactions, other than for workers’ compensation insurance or for industrial insurance provided pursuant to chapters 616A to 617, inclusive, of NRS, involving the procurement of excess liability insurance above underlying liability coverage or self-insured retention of at least $25,000,000, if procured from an unauthorized alien or foreign insurer who does not solicit, negotiate or enter into such transactions in this State by any means, and if procured by a person:
(a) Whose total annual premiums for property and casualty insurance, not including workers’ compensation or industrial insurance, is $1,000,000 or more; and
(b) Who employs 250 or more full-time employees. A person who procures insurance in accordance with this subsection shall report and pay any premium tax on the insurance required pursuant to NRS 680B.040.