Nevada · statute · Nev. Rev. Stat. ch. 694B · 28 active provisions
As used in this Code, “reciprocal” insurance is that resulting from an interchange among persons, known as “subscribers,” of reciprocal agreements of indemnity, the interchange being effectuated through an attorney-in-fact common to all such persons.
1. All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocals. 2. After January 1, 1972, existing authorized reciprocal insurers shall comply with the provisions of this chapter, and shall make such amendments to their subscribers’ agreem…
1. A reciprocal insurer may, upon qualifying therefor as provided for by this Code, transact any kind or kinds of insurance defined by this Code other than life or title insurances. 2. Such an insurer may purchase reinsurance upon the risk of any subscriber, and may grant reinsurance as to any kind of insurance it is a…
A reciprocal insurer may purchase, sell, mortgage, encumber, lease or otherwise affect the title to real property for the purposes and objects of the reciprocal insurer. All deeds, notes, mortgages or other documents relating to the real property may be executed in the name of the reciprocal insurer by its attorney.
A reciprocal insurer shall: 1. Have and use a business name. The name shall include the word “reciprocal,” or “interinsurer,” or “interinsurance,” or “exchange,” or “underwriters,” or “underwriting,” or “association.” 2. Sue and be sued in its own name.
1. “Attorney,” as used in this chapter, refers to the attorney-in-fact of a reciprocal insurer. The attorney may be an individual, firm or corporation. 2. The attorney of a foreign reciprocal insurer, which insurer is duly authorized to transact insurance in this State, shall not, by virtue of the discharge of its duti…
1. Twenty-five or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the Commissioner for a certificate of authority to transact insurance. 2. The proposed attorney shall fulfill the requirements of and shall execute and file with the Commissioner when applying for a…
1. The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer. 2. The Commissioner may refuse, suspend or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to comply with any applicable provision of this Code.
1. The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers. 2. The power of attorney must set forth: (a) The powers of the attorney; (b) If a domestic insurer, that the attorney is empowered to accept service of process on behalf of the ins…
Modifications of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers’ advisory committee. No such modification shall be effective retroactively, or as to any insurance contract issued prior thereto.
1. Concurrently with the filing of the declaration provided for in NRS 694B.060, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of this bond as set forth in subsec…
In lieu of the bond required under NRS 694B.100, the attorney may maintain on deposit through the Commissioner, a like amount in cash or in market value of United States Government bonds, subject to the same conditions as the bond.
An action on the attorney’s bond or to recover against any such deposit made in lieu thereof may be brought by one or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and become part of the insurer’s…
1. Legal process shall be served upon a domestic reciprocal insurer by serving the insurer’s attorney at his or her principal offices or by serving the Commissioner as the insurer’s process agent under NRS 680A.250 and 680A.260. 2. Any judgment based upon legal process so served shall be binding upon each of the insure…
1. Except as otherwise provided in subsection 2, a reciprocal insurer shall at all times maintain an unearned premium reserve equal to not less than 50 percent of the net written premiums of the subscribers on policies that have 1 year or less to run and pro rata on those for longer periods, except that, as to marine a…
1. The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms such funds as it may require from time to time in its operations. Sums so advanced shall not be treated as a liability of the insurer, and, except upon liquidation of the insurer, shall not be withdrawn or repaid except…
In determining the financial condition of a reciprocal insurer the Commissioner shall apply the following rules: 1. The Commissioner shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis. 2. The surplus deposits of subscribers shall be a…
1. Individuals, partnerships and corporations of this state may make application, enter into an agreement for and hold policies or contracts in or with and be a subscriber of any domestic, foreign or alien reciprocal insurer. Any corporation organized under the laws of this state before, on or after January 1, 1972, in…
1. The advisory committee of a domestic reciprocal insurer exercising the subscribers’ rights shall be selected under such rules as the subscribers adopt. 2. Not less than two-thirds of such committee shall be subscribers other than the attorney, or any person employed by, representing or having a financial interest in…
1. The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several and proportionate liability, and not joint. 2. Except as to a nonassessable policy, each subscriber shall have a contingent assessment liability, in the amount prov…
1. No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days. 2. Any such judgment shall be binding upon each subscriber only in such proportion as the interests of the subscriber may appear…
1. Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies by: (a) The attorney upon approval in advance by the subscribers’ advisory committee and the Commissioner; or (b) The Commissioner in liquidation of the insurer. 2. Each sub…
Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for, and shall pay his or her share of any assessment, as computed and limited in accordance with this chapter, if: 1. While the policy of the subscriber is in force or within 1 year after its termination, the subscriber is no…
No one policy or subscriber to such policy, shall be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any 1 calendar year, in excess of the amount provided for in the power of attorney or in the subscribers’ agreement, computed solely upon the…
1. If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock and surplus required to be maintained by a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers’ advisory committee th…