NAC681A.375. Requirements for ceding insurer to be granted credit or allowed asset or reduction from liability: Provisions of reinsurance agreement.

Credit will not be granted, or an asset or reduction from liability allowed, to a ceding insurer for reinsurance transacted with assuming insurers that meet the requirements of NRS 681A.140 to 681A.240, inclusive, and NAC 681A.250 to 681A.380, inclusive, unless the reinsurance agreement includes:

     1. A proper insolvency clause pursuant to NRS 681A.230; and

     2. If the assuming insurer is an unauthorized assuming insurer, a provision in accordance with NRS 681A.210 whereby the assuming insurer has:

     (a) Agreed to submit to the jurisdiction of an alternative dispute panel or court of competent jurisdiction within the United States;

     (b) Agreed to comply with all requirements necessary to give the court or panel jurisdiction;

     (c) Designated an agent upon whom all legal process may be served; and

     (d) Agreed to abide by the final decision of the court or panel.

     (Added to NAC by Comm’r of Insurance by R169-03, eff. 2-12-2004)