Nevada Revised Statutes 694C.215 – Application: Sponsored captive insurer required to file certain information with Commissioner
In addition to the information required pursuant to NRS 694C.210, each sponsored captive insurer shall file with the Commissioner:
Terms Used In Nevada Revised Statutes 694C.215
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
1. Information demonstrating the manner in which the applicant will account for the loss and expense experience of each protected cell, at a level of detail deemed sufficient by the Commissioner, and the method of reporting such information;
2. A written acknowledgment that all financial records of the sponsored captive insurer, including, but not limited to, records pertaining to any protected cells, must be made available for inspection or examination by the Commissioner or a designee of the Commissioner;
3. All contracts entered into between the sponsored captive insurer and any participant, including, but not limited to, participant contracts; and
4. Evidence satisfactory to the Commissioner indicating that expenses will be allocated to each protected cell in a fair and equitable manner.