1. An insurer which is domiciled in this State may be designated as a domestic surplus lines insurer by the Commissioner if:
(a) The insurer possesses capital and surplus of not less than $15,000,000; or
(b) The Commissioner makes an affirmative finding of acceptability pursuant to subsection 3 of NRS 685A.070.
2. A designation by the Commissioner of an insurer as a domestic surplus lines insurer must be in writing.
3. A domestic surplus lines insurer may accept surplus lines insurance in any jurisdiction in which it is eligible.
4. A broker who places surplus lines insurance with a domestic surplus lines insurer shall comply with:
(a) The provisions of NRS 685A.175 and 685A.180; and
(b) All other provisions of this chapter which apply to the export of nonadmitted insurance for an insured for which this State is the home state.
5. Except as otherwise provided by specific statute, the provisions of this Code regarding financial and solvency requirements apply to a domestic surplus lines insurer.
6. The provisions of chapter 686C and 687A of NRS do not apply to a domestic surplus lines insurer.
(Added to NRS by 2019, 1700)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.