Nevada Revised Statutes 692C.359 – Supervisory college: Commissioner may convene or participate; composition; agreements with other regulatory agencies
1. The Commissioner may, for any registered insurer who is part of an insurance holding company system with international operations, convene a supervisory college or participate in a supervisory college convened by a state, federal or international regulatory agency with authority over any insurer who is part of the insurance holding company system:
(a) To determine whether or not the registered insurer is in compliance with the provisions of this chapter;
(b) To assess the business strategy, financial position, legal and regulatory compliance, risk exposure, risk management and governance procedures of the registered insurer; or
(c) As part of an examination of the registered insurer pursuant to NRS 692C.410.
2. In convening a supervisory college pursuant to subsection 1, the Commissioner may, without limitation:
(a) Establish:
(1) The membership of the supervisory college;
(2) The functions of the supervisory college; and
(3) The role of each regulatory agency participating in the supervisory college;
(b) Designate a regulatory agency as supervisor of the supervisory college; and
(c) Coordinate the activities of the supervisory college, including, without limitation:
(1) Meetings;
(2) Supervisory activities; and
(3) The sharing of information among members of the supervisory college.
3. In convening or participating in a supervisory college pursuant to this section, the Commissioner may enter into agreements with other state, federal or international regulatory agencies concerning the governance of a supervisory college. Such an agreement must meet the confidentiality requirements of NRS 692C.420.
4. The provisions of this section must not be construed to:
(a) Limit the authority of the Commissioner; or
(b) Delegate to any supervisory college the authority of the Commissioner to regulate a registered insurer or any affiliate of a registered insurer pursuant to this title.
5. As used in this section, ‘supervisory college’ means a temporary or permanent forum for communication and cooperation between regulators, including, without limitation, state, federal and international regulatory agencies which are charged with regulating and supervising an insurer.