Nevada Revised Statutes 680A.165 – Certificate of authority: Insurer required to notify Commissioner of all material changes to information provided in application; suspension or revocation or administrative fine for failure to provide certain such notice
1. Each insurer to which the Commissioner issues a certificate of authority shall notify the Commissioner of all material changes to the information provided by the insurer in its written application pursuant to NRS 680A.150, including, without limitation:
Terms Used In Nevada Revised Statutes 680A.165
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(a) Any change of address, such as a change to:
(1) The mailing address of the home office, or any other physical address, of the insurer; and
(2) Any other mailing address of the insurer, including, without limitation, the address used for general correspondence or for annual renewal notices;
(b) Any changes in the officers, directors or ownership of the insurer;
(c) Any changes to the manner of service of legal process against the insurer; and
(d) Any changes to the articles of incorporation, by-laws or power of attorney for the attorney-in-fact of the insurer.
2. The notice required by subsection 1 must be provided to the Commissioner within 30 days after the date on which the change occurs.
3. If an insurer changes its physical or mailing address without giving written notice and the Commissioner is unable to locate the insurer after diligent effort, the Commissioner may suspend or revoke the insurer’s certificate of authority without a hearing. The mailing of a letter by certified mail, return receipt requested, addressed to the insurer at its last mailing address appearing on the records of the Division, and the return of the letter undelivered, constitutes a diligent effort by the Commissioner. In lieu of such a suspension or revocation, the Commissioner may levy upon the insurer, and the insurer shall pay forthwith, an administrative fine of not more than $2,000 for each act or violation.