Nev. Admin. Code § 680A.160 - Filing requirements; exemptions
1. The annual
statement required to be filed pursuant to
NRS
680A.270 must contain exhibits and schedules
that follow the specifications developed by the National Association of
Insurance Commissioners.
2. Except
as otherwise provided in subsection 10, information from the insurer's annual
statement must be filed:
(a) Pursuant to the
specifications adopted by the National Association of Insurance Commissioners
for filing information in an electronic format;
(b) At the central office of the National
Association of Insurance Commissioners, 1100 Walnut Street, Suite 1500, Kansas
City, Missouri 64106-2197; and
(c)
On or before March 1 of each year.
3. If a foreign or alien insurer files a
statement in an electronic format with the National Association of Insurance
Commissioners, that statement will be deemed to have been filed with the
Commissioner if the foreign or alien insurer has paid the applicable fees set
forth in NRS
680B.010.
4. The form of an annual statement required
by NRS
680A.270 to be filed with the Commissioner
must be the most recent adopted by the National Association of Insurance
Commissioners for the type of insurer reporting. Each insurer filing the form
shall follow the most recent instructions adopted by the National Association
of Insurance Commissioners for the type of annual statement to be filed. These
forms may be obtained from the National Association of Insurance Commissioners,
Publications Department, 1100 Walnut Street, Suite 1500, Kansas City, Missouri
64106-2197, or at the Internet address
www.naic.org/account_manager.htm
or via electronic mail at prodserv@naic.org , for the applicable price listed
in paragraphs (e) to (i), inclusive, of subsection 1 of NAC
679B.033.
5. If necessary to determine a foreign or an
alien insurer's financial condition, fulfillment of contractual obligations and
compliance with law, the Commissioner will require the foreign or alien insurer
to file a financial statement more frequently than annually. Such a statement
must be:
(a) Filed on the most current form
adopted by the National Association of Insurance Commissioners for the type of
insurer reporting;
(b) Completed in
accordance with the instructions accompanying that form; and
(c) Filed with the National Association of
Insurance Commissioners in an electronic format.
6. Each domestic insurer shall file a
quarterly statement. A quarterly statement must be:
(a) Filed on the most current form adopted by
the National Association of Insurance Commissioners for the type of insurer
reporting;
(b) Completed in
accordance with the instructions accompanying that form; and
(c) Filed with the National Association of
Insurance Commissioners in an electronic format.
7. A domestic insurer that is not licensed or
authorized to do business in any state other than this State may apply for an
exemption from the requirement to complete the "Statement of Actuarial Opinion"
required by the Annual and Quarterly Statement Instructions of the National
Association of Insurance Commissioners as part of the domestic insurer's annual
statement. The application must:
(a) Be in
writing.
(b) Be submitted by
December 1 of the calendar year which will be covered in the annual
statement.
(c) Include an agreement
and acknowledgment from the domestic insurer that the Commissioner may use the
services of an independent actuary to certify losses and reserves for loss
adjustment expenses in relation to any examination of the domestic insurer
pursuant to NRS
679B.230, as amended by section 1 of Assembly
Bill No. 35, chapter 12, Statutes of Nevada 2017, at page 61.
(d) Demonstrate that no significant changes
and no unusual or large claims have occurred or are expected to occur during
the calendar year which will be covered in the annual statement.
8. The Commissioner will grant an
application for an exemption made pursuant to subsection 7 if he or she
determines, upon review of the application, that having to file the "Statement
of Actuarial Opinion" would constitute a financial or organizational hardship
upon the domestic insurer or that the insurer has shown other good cause why it
should not have to file the statement. A domestic insurer which has been
granted an exemption pursuant to this subsection must file with its annual
statement a signed affidavit given by one of its officers under oath that
certifies the accuracy and adequacy of the reserves stated in its annual
statement.
9. A domestic insurer
licensed only to sell insurance for home protection but not licensed or
authorized to do business in any state other than this State is exempt from the
requirement to complete the "Statement of Actuarial Opinion" required by the
Annual and Quarterly Statement Instructions of the National
Association of Insurance Commissioners as part of the annual statement of the
domestic insurer if the domestic insurer:
(a)
Completes and submits with its annual statement forms provided by the
Commissioner for reporting information concerning claims;
(b) Complies with the requirements of
paragraphs (c) and (d) of subsection 7; and
(c) Submits with its annual statement a
signed affidavit given by one of its officers under oath that certifies the
accuracy and adequacy of the reserves stated in its annual statement.
10. A domestic insurer that is not
licensed or authorized to do business in any state other than this State is not
required to file information from its annual statement with the National
Association of Insurance Commissioners as required pursuant to subsection 2 if
the written premium of the domestic insurer for the year is less than
$1,000,000.
Notes
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