[Rev. 11/22/2013 10:24:31 AM--2013]

[NAC-682B Revised Date: 4-12]

CHAPTER 682B - INSURANCE: DEPOSITS

682B.010         “Special deposit” defined.

682B.020         Special deposits; determination of amount; disposition.

682B.030         Special deposits; book entry form.

 

 

 

      NAC 682B.010  “Special deposit” defined. (NRS 679B.130, 682B.015)  As used in NAC 682B.020 and 682B.030, unless the context otherwise requires, “special deposit” means a deposit in the form of cash, securities or certificates of deposit that is placed with and maintained by the Commissioner pursuant to NRS 682B.015.

     (Added to NAC by Comm’r of Insurance, eff. 3-28-96)

      NAC 682B.020  Special deposits; determination of amount; disposition. (NRS 679B.130, 682B.015)

     1.  The Commissioner may require any authorized insurer who is subject to the provisions of chapter 680A of NRS, at the time of or any time after its admission, and any eligible insurer who is subject to the provisions of chapter 685A of NRS, at the time of becoming or any time after becoming eligible, to deposit with the Commissioner a special deposit. To determine which insurer will be required to make a special deposit and in what amount, the Commissioner will consider:

     (a) The amount of business being transacted or to be transacted in this state by the insurer;

     (b) The financial strength of the insurer; and

     (c) The ability of the insurer to fulfill its policy obligations.

     2.  Any deposit made pursuant to this section must be deposited, released and maintained in accordance with NRS 682B.015.

     (Added to NAC by Comm’r of Insurance, eff. 3-28-96)

      NAC 682B.030  Special deposits; book entry form. (NRS 679B.130, 682B.015)  Each insurer who is required to make a special deposit pursuant to NAC 682B.020 may hold the securities in book entry form through the United States banking system if recorded in the name of the insurer or its nominee by the authorized transfer agency or trustee of the security. An insurer who is holding his or her special deposit in book entry form shall provide to the Commissioner an irrevocable power of attorney in the format prescribed by the Commissioner for that insurer. The power of attorney must describe the securities held and give the Commissioner the authority to transfer the securities or any part thereof for the purposes set forth in NRS 682B.015.

     (Added to NAC by Comm’r of Insurance, eff. 3-28-96)