686C.306 - Notice of certain actions by Commissioner; reports by Commissioner of certain information to Board of Directors.
686C.306 Notice of certain actions by Commissioner; reports by Commissioner of certain information to Board of Directors.
1. The Commissioner shall notify the commissioners of insurance of all the other states within 30 days after the Commissioner takes any of the following actions against a member insurer:
(a) Revokes a member insurer’s license;
(b) Suspends a member insurer’s license; or
(c) Makes any formal order that a member insurer is to restrict its premium writing, obtain additional contributions to surplus, withdraw from the state, reinsure all or any part of its business, or increase capital, surplus, or any other account for the security of the owners of its policies or its creditors.
2. The Commissioner shall report to the Board of Directors when the Commissioner has taken any of the actions set forth in subsection 1, or has received a report from any other commissioner indicating that any such action has been taken in another state. The report to the Board must contain all significant details of the action taken or the report received from another commissioner.
3. The Commissioner shall report to the Board of Directors when the Commissioner has reasonable cause to believe from an examination of a member insurer, whether completed or in process, that the insurer may be impaired or insolvent.
4. The Commissioner shall furnish to the Board the ratios of the “Insurance Regulatory Information System” developed by the National Association of Insurance Commissioners and listings of companies not included in those ratios, and the Board may use the information contained therein in carrying out its duties and responsibilities under this chapter. Such reports and the information contained therein must be kept confidential by the Board until such time as made public by the Commissioner or other lawful authority.
(Added to NRS by 1991, 867; A 2001, 1045)