NAC694C.224. Hearing to determine whether independent certified public accountant is qualified; determination that accountant is not qualified.

     1. The Commissioner will, if he or she deems it necessary, hold a hearing to determine whether an independent certified public accountant is qualified for the purposes of NRS 694C.400 and NAC 694C.200 and 694C.210. If, based on the evidence presented, the Commissioner determines that the accountant is not qualified, the Commissioner will:

     (a) Rule that the accountant is not qualified for purposes of expressing his or her opinion on the financial statements in the annual audited financial report to be made pursuant to NRS 694C.400 and NAC 694C.200 and 694C.210, and require the captive insurer to replace the accountant with an independent certified public accountant who is so qualified; or

     (b) Take any other action determined to be necessary by the Commissioner.

     2. If the Commissioner determines, without a hearing, that the accountant is not qualified, the accountant may request a hearing pursuant to NRS 679B.310.

     (Added to NAC by Comm’r of Insurance by R064-06, eff. 9-18-2006)