To qualify for and hold authority to transact insurance in this State, an insurer must be otherwise in compliance with this Code and with its charter powers, and must be an incorporated stock or mutual insurer, or a reciprocal insurer, of the same general type as may be formed as a domestic insurer under this Code, except that:

1. No foreign insurer may be authorized to transact insurance in this State which does not maintain reserves as required by chapter 681B of NRS (assets and liabilities), as applicable to the kind or kinds of insurance transacted by such insurer, wherever transacted in the United States of America, or which transacts business anywhere in the United States of America on the assessment plan, or stipulated premium plan, or any similar plan.

2. No insurer may be authorized to transact a kind of insurance in this State unless duly authorized or qualified to transact such insurance in the state or country of its domicile.

3. No insurer may be authorized to transact in this State any kind of insurance which is not within the definitions as set forth in NRS 681A.010 to 681A.080, inclusive (kinds of insurance).

4. No such authority may be granted or continued to any insurer while in arrears to the State for fees, licenses, taxes, assessments, fines or penalties accrued on business previously transacted in this State.

In addition to the other requirements set forth in this section, an insurer who proposes to transact in this State insurance that protects a policyholder from liability arising out of the ownership, maintenance or use of a motor vehicle must demonstrate to the satisfaction of the Department of Motor Vehicles that the insurer is able to comply with the provisions of NRS 485.314.

(Added to NRS by 1971, 1577; A 1997, 1086; 2001, 2634)