Nevada Revised Statutes 695E.150 – Statement of registration; plan of operation; appointment of Commissioner as agent for service of process; filing fee; transmission of revisions of plan of operation by Commissioner
1. Before transacting insurance in this state, a risk retention group must submit to the Commissioner:
Terms Used In Nevada Revised Statutes 695E.150
- 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
- Service of process: The service of writs or summonses to the appropriate party.
(a) A statement of registration identifying:
(1) Each state in which the risk retention group is chartered or licensed as a liability insurer;
(2) The date of its charter;
(3) Its principal place of business; and
(4) Such other information, including information concerning its membership, as the Commissioner requires to verify its qualification as a risk retention group;
(b) A copy of its plan of operation and any revisions of the plan submitted to its state of domicile, except with respect to any line or classification of liability that was:
(1) Defined in the Product Liability Risk Retention Act of 1981 before October 27, 1986; and
(2) Offered before that date by a risk retention group that had been chartered and operating for not less than 3 years before that date; and
(c) A statement appointing the Commissioner as its agent for service of process pursuant to NRS 680A.250, together with the fee for filing a power of attorney required by subsection 4 of NRS 680B.010.
2. The Commissioner shall, upon receipt of any revisions of a plan of operation provided by a risk retention group pursuant to paragraph (b) of subsection 1, transmit a copy of those revisions to the National Association of Insurance Commissioners.