Nevada Revised Statutes 695E.190 – Risk retention group not chartered and doing business in this State: Examination by Commissioner; compliance with order issued in certain proceedings if finding of financial impairment after examination; enforcement…
1. A risk retention group shall submit to an examination by the Commissioner to determine its financial condition if the commissioner of insurance of the jurisdiction in which the group is chartered does not initiate such an examination within 60 days after a request by the Commissioner of Insurance of this state. The examination must be coordinated to avoid unjustified repetition and conducted in an expeditious manner. The Commissioner shall give due consideration to the procedure outlined in the handbook for examiners sponsored by the National Association of Insurance Commissioners.
Terms Used In Nevada Revised Statutes 695E.190
- 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.
2. A risk retention group not chartered in this state and doing business in this state shall comply with a lawful order issued in a proceeding for voluntary dissolution or in a delinquency proceeding commenced by a commissioner of insurance of any state if there has been a finding of financial impairment after an examination conducted pursuant to subsection 1.
3. An order issued by a District Court of the United States, entered upon a finding that a risk retention group is in a hazardous financial condition, that enjoins the group from conducting operations or transacting insurance in any state, must be enforced by the district courts of this state.