NAC694C.280. Officers and directors.

     1. Within 30 days after any change in the executive officers and directors of a captive insurer, the captive insurer shall report the change to the Commissioner. The report must include a statement of the business and professional affiliations of the new executive officer or director. The new executive officer or director must meet the same standards that were indicated in the initial application of the captive insurer for that officer or director position.

     2. A director, an officer or an employee of a captive insurer shall not, except on behalf of the captive insurer, accept or be the beneficiary of any fee, brokerage, gift or other emolument because of any investment, loan, deposit, purchase, sale, payment or exchange made by or for the captive insurer, but such a person may receive reasonable compensation for necessary services rendered to the captive insurer in his or her usual private, professional or business capacity. Prior to receiving compensation pursuant to this subsection, the person performing necessary services must obtain the consent of the board of directors or subscribers’ advisory committee for the performance of and compensation for such necessary services.

     3. Any profit or gain received by or on behalf of any person in violation of this section is recoverable by the captive insurer.

     (Added to NAC by Comm’r of Insurance by R125-99, eff. 1-27-2000; A by R070-09, 10-27-2009)