Nevada Revised Statutes 681A.1556 – Certified reinsurer: Applicant certified in certain jurisdictions may be deemed by Commissioner to be certified in Nevada
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If an applicant for certification has been certified as a reinsurer in a National Association of Insurance Commissioners accredited jurisdiction, the Commissioner has the discretion to defer to that jurisdiction’s certification, and has the discretion to defer to the rating assigned by that jurisdiction, and such assuming insurer shall be considered to be certified in this State.
Terms Used In Nevada Revised Statutes 681A.1556
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.