NAC694C.200. Annual report of financial condition.

     1. A report of financial condition filed by an association captive insurer, an agency captive insurer or a rental captive insurer pursuant to NRS 694C.400 must be verified by the oath of two executive officers of the captive insurer.

     2. A captive insurer shall file with the Commissioner an audited statement of its financial condition. The audited statement must be:

     (a) Prepared in accordance with generally accepted accounting principles in the United States and stated in United States dollars, and must contain the footnotes and opinions of the independent certified public accountant who prepared the statement; and

     (b) Accompanied by a statement, prepared by the independent certified public accountant who prepared the audited statement, certifying that all financial requirements established by law and the articles of incorporation, bylaws and the business plan of the captive insurer have been met.

     3. In addition to any other statements and schedules which the captive insurer is required by law to file, the captive insurer shall submit to the Commissioner the following exhibits and schedules from the Property/Casualty Insurance Annual Statements Blanks, published by the National Association of Insurance Commissioners, which is adopted by reference in NAC 694C.090:

     (a) Exhibit 1 - Analysis of Nonadmitted Assets and Related Items;

     (b) Schedule A - Real Estate;

     (c) Schedule B - Mortgage Loans;

     (d) Schedule BA - Other Long-Term Invested Assets;

     (e) Schedule D - Bonds and Stocks;

     (f) Schedule DA - Short-Term Investments; and

     (g) Schedule P - Parts 1 through 4 - Analysis of Losses and Loss Expenses.

Ê The exhibits and schedules must be prepared in accordance with the Annual Statement Instructions for Property/Casualty Manual, published by the National Association of Insurance Commissioners, which is adopted by reference in NAC 694C.090.

     4. A report of financial condition filed by a pure captive insurer pursuant to NRS 694C.400 must be verified by the oath of two executive officers of the pure captive insurer. The report must be on the form prescribed by the Commissioner known as “Captive Annual Statement: Pure.”

     (Added to NAC by Comm’r of Insurance by R125-99, eff. 1-27-2000)