1.  No credit may be taken as an asset or as a deduction from liability on account of reinsurance unless the reinsurer is authorized to transact insurance or reinsurance in this state pursuant to the requirements of NRS 681A.110, 681A.155 to 681A.190, inclusive, 681A.211 to 681A.217, inclusive, or 681A.220. If the reinsurer is authorized pursuant to NRS 681A.180 or 681A.190, the requirements of NRS 681A.200 must also be met. If the reinsurer is authorized pursuant to NRS 681A.170, 681A.180 or 681A.190, the requirements of NRS 681A.210 must also be met.

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2.  Credit shall be allowed for the cases of authorization pursuant to NRS 681A.110 to 681A.160, inclusive, or 681A.170 only with respect to cessions of those kinds or classes of business for which the assuming insurer is licensed or otherwise permitted to write or assume in its state of domicile or, in the case of a United States branch of an alien assuming insurer, in the state through which it is entered and licensed to transact insurance or reinsurance.