695E.120 - Requirements.

695E.120  Requirements.  A purchasing group that intends to conduct business in this state shall register with the Commissioner and:

      1.  Furnish notice to the Commissioner that:

      (a) Identifies the state in which the group is domiciled;

      (b) Specifies the lines and classifications of liability insurance that the purchasing group intends to purchase;

      (c) Identifies the insurer from which the group intends to purchase its insurance and the domicile of the insurer;

      (d) Identifies the principal place of business of the group;

      (e) Identifies all other states in which the group intends to do business; and

      (f) Provides such other information as the Commissioner requires to verify and determine:

             (1) Its qualification as a purchasing group;

             (2) Where the purchasing group is located; and

             (3) The appropriate tax treatment of the purchasing group; and

      2.  Appoint the Commissioner as its agent solely to receive service of legal process, and pay the fee for filing a power of attorney required by subsection 4 of NRS 680B.010, except that this subsection does not apply to a purchasing group that:

      (a) Was domiciled before April 1, 1986, and on and after October 27, 1986, in any state;

      (b) Before and after October 27, 1986, purchased its insurance from an insurer licensed in any state;

      (c) Was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986; and

      (d) Does not purchase insurance that was not authorized for an exemption under that act, as in effect before October 27, 1986.

      (Added to NRS by 1987, 1330; A 1995, 1781)