690B.130 - Deposit of securities or surety bond; maintenance of capital stock or surplus, premium reserves and losses and loss expense reserves.
690B.130 Deposit of securities or surety bond; maintenance of capital stock or surplus, premium reserves and losses and loss expense reserves.
1. Except as otherwise provided in subsection 2, an insurer who issues policies of insurance for home protection, other than casualty insurance, shall deposit, in accordance with chapter 682B of NRS, securities having a market value of not less than $50,000, unless the insurer furnishes evidence satisfactory to the Commissioner of maintaining a deposit of not less than that amount which complies with the requirements of the state of domicile of the insurer and is held for the protection of all holders of insurance contracts.
2. In lieu of the deposit of securities, the insurer may post with the Commissioner a surety bond of not less than $50,000 executed by an insurer who has a valid certificate of authority issued by the Commissioner.
3. The insurer shall maintain:
(a) Unimpaired paid-in capital stock or unimpaired basic surplus, or a combination thereof, in an amount not less than 10 percent of the amount charged as premiums for insurance currently in effect, but not less than $50,000, nor more than is required by NRS 680A.120 for a certificate of authority.
(b) Unearned premium reserves as required by NRS 681B.060.
(c) Losses and loss expense reserves as required by subsection 1 of NRS 681B.050.
(Added to NRS by 1981, 1321; A 1991, 2034; 1995, 1630)