Nev. Rev. Stat. § 694C.010
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 694C.020 to 694C.150, inclusive, have the meanings ascribed to them in those sections.
Nevada Revised Statutes Chapter 694C — Captive Insurers
Nevada · statute · Nev. Rev. Stat. ch. 694C · 65 active provisions
Nev. Rev. Stat. § 694C.020
“Affiliated company” defined
“Affiliated company” means a company in the same corporate system as its parent or a member organization by virtue of common ownership, control, operation or management.
Nev. Rev. Stat. § 694C.030
“Agency captive insurer” defined
“Agency captive insurer” means a captive insurer that is owned or directly or indirectly controlled by an insurance agency or brokerage and that only insures risks of policies which are placed by or through the agency or brokerage.
Nev. Rev. Stat. § 694C.035
“Alien captive insurer” defined
“Alien captive insurer” means any insurer that is formed to write insurance business for its parents and affiliates and is licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory standards acceptable to the Commissioner on companies transacting the business of insurance in such juri…
Nev. Rev. Stat. § 694C.040
“Association” defined
“Association” means a legal entity consisting of two or more corporations, limited-liability companies, partnerships, associations or other forms of business organizations.
Nev. Rev. Stat. § 694C.050
“Association captive insurer” defined
“Association captive insurer” means a captive insurer that only insures risks of the member organizations of an association and the affiliated companies of those members if: 1. The association or the member organizations of the association: (a) Have complete control over the power to vote all the outstanding voting sec…
Nev. Rev. Stat. § 694C.053
“Branch business” defined
“Branch business” means any insurance business transacted by a branch captive insurer in this State.
Nev. Rev. Stat. § 694C.055
“Branch captive insurer” defined
“Branch captive insurer” means an alien captive insurer licensed pursuant to this chapter to transact the business of insurance through a business unit with a principal place of business in this State.
Nev. Rev. Stat. § 694C.057
“Branch operations” defined
“Branch operations” means any business operations of a branch captive insurer in this State.
Nev. Rev. Stat. § 694C.060
“Captive insurer” defined
“Captive insurer” means: 1. Any pure captive insurer, association captive insurer, agency captive insurer, rental captive insurer and sponsored captive insurer licensed pursuant to this chapter. The term includes a pure captive insurer who, unless otherwise provided by the Commissioner, is a branch captive insurer with…
Nev. Rev. Stat. § 694C.070
“Commissioner” defined
“Commissioner” means the Commissioner of Insurance.
Nev. Rev. Stat. § 694C.075
“Controlled unaffiliated business” defined
“Controlled unaffiliated business” means any company: 1. That is not in the corporate system of a parent and affiliated companies; 2. That has an existing contractual relationship with a parent or affiliated company; and 3. Whose risks are managed by a captive insurer pursuant to this chapter.
Nev. Rev. Stat. § 694C.080
“Division” defined
“Division” means the Division of Insurance of the Department of Business and Industry.
Nev. Rev. Stat. § 694C.085
“Dormant captive insurer” defined
“Dormant captive insurer” means any captive insurer that has been issued a certificate of dormancy by the Commissioner pursuant to NRS 694C.259.
Nev. Rev. Stat. § 694C.090
“Member organization” defined
“Member organization” means any individual or corporation, limited-liability company, partnership, association or other form of business organization that belongs to an association.
Nev. Rev. Stat. § 694C.100
“Mutual insurer” defined
“Mutual insurer” has the meaning ascribed to it in NRS 680A.030.
Nev. Rev. Stat. § 694C.110
“Parent” defined
“Parent” means a corporation, limited-liability company, partnership, association or other form of business organization that directly or indirectly owns, controls or holds with power to vote more than 50 percent of the outstanding voting securities of: 1. A pure captive insurer organized as a stock corporation; or 2.…
Nev. Rev. Stat. § 694C.113
“Participant” defined
“Participant” means a corporation, association, limited-liability company, partnership, trust, sponsor or other business organization, any affiliate thereof, and a homeowner or a unit-owners’ association, as defined in NRS 116.011, that is insured by a sponsored captive insurer, where the losses of the participant are…
Nev. Rev. Stat. § 694C.115
“Participant contract” defined
“Participant contract” means a contract by which a sponsored captive insurer insures the risks of a participant and limits the losses of each such participant to its pro rata share of the assets of one or more protected cells identified in the participant contract.
Nev. Rev. Stat. § 694C.117
“Protected cell” defined
“Protected cell” means a separate account established by a sponsored captive insurer in which assets are maintained for one or more participants in accordance with the terms of one or more participant contracts that fund the liability of the sponsored captive insurer assumed on behalf of the participants as set forth i…
Nev. Rev. Stat. § 694C.120
“Pure captive insurer” defined
“Pure captive insurer” means a captive insurer that only insures risks of its parent and affiliated companies or controlled unaffiliated businesses and, unless otherwise provided by the Commissioner, includes a branch captive insurer.
Nev. Rev. Stat. § 694C.130
“Reciprocal insurer” defined
“Reciprocal insurer” has the meaning ascribed to it in NRS 680A.040.
Nev. Rev. Stat. § 694C.140
“Rental captive insurer” defined
“Rental captive insurer” means a captive insurer formed to enter into contractual agreements with policyholders or associations to offer some or all of the benefits of a program of captive insurance and that only insures risks of such policyholders or associations.
Nev. Rev. Stat. § 694C.141
“Risk retention group” defined
“Risk retention group” has the meaning ascribed to it in NRS 695E.110.
Nev. Rev. Stat. § 694C.143
“Sponsor” defined
“Sponsor” means an insurer licensed pursuant to the laws of any state, a reinsurer authorized or approved under the laws of any state, a captive insurer formed or licensed pursuant to this chapter or a person that: 1. Meets the requirements of subsection 3 of NRS 694C.180 or is approved as a sponsor by the Commissioner…
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