Revocation or suspension of eligibility of assuming insurer; effect on credit

1. If the Commissioner determines that an assuming insurer no longer meets one or more of the requirements under NRS 681A.211 to 681A.2155, inclusive, the Commissioner may revoke or suspend the eligibility of the assuming insurer for recognition under this section. 2. While an assuming insurer’s eligibility is suspended, no reinsurance agreement issued, amended or renewed after the effective date of the suspension qualifies for credit except to the extent that the assuming insurer’s obligations under the contract are secured in accordance with NRS 681A.240. 3. If an assuming insurer’s eligibility is revoked, no credit for reinsurance may be granted after the effective date of the revocation with respect to any reinsurance agreements entered into by the assuming insurer, including reinsurance agreements entered into prior to the date of revocation, except to the extent that the assuming insurer’s obligations under the contract are secured in a form acceptable to the Commissioner and consistent with the provisions of NRS 681A.240.