Nevada 2017 Regular Session Status: Enacted

AB 35 — Makes various changes relating to insurance. (BDR 57-466)

Last action — Approved by the Governor. Chapter 12.

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced November 16, 2016. Enacted.

Prognosis

Advancing 50% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

909 added · 960 removed

909 line(s) added, 960 removed.

→
Previous
Latest
REQUIRES TWO-THIRDS MAJORITY VOTE (§§ 11, 16) (Reprinted with amendments adopted on April 19, 2017) FIRST REPRINT A.B.
Assembly Bill No.
35 ASSEMBLY B ILLN O.
35–Committee on Commerce and Labor CHAPTER..........
35–COMMITTEE ON C OMMERCE AND L ABOR (O N BEHALF OF THE DIVISION OF NSURANCE OF THE DEPARTMENT OF BUSINESS AND INDUSTRY ) PREFILED N OVEMBER 16, 2016 ____________ Referred to Committee on Commerce and Labor SUMMARY—Makes various changes relating to insurance.
(BDR 57-466) FISCAL NOTE:
Effect on Local Government:
No.
Effect on the State:
Yes.
~ EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
LegExisting law authorizes the Commissioner of Insurance to regulate insurance in this State.
Legislative Counsel’s Digest:
Existing law authorizes the Commissioner of Insurance to regulate insurance in this State.
(NRS 692C.130,rance - *AB35_R1* – 2 – 692C.260) Existing law also requires an insurer or insurance group to regularly conduct an Own Risk and Solvency Assessment and submit a summary report to the Commissioner.
(NRS 692C.130,rance 692C.260) Existing law also requires an insurer or insurance group to regularly conduct an Own Risk and Solvency Assessment and submit a summary report to the Commissioner.
Section 7 requires certain insurers or insurance groups to annually submit to the the contents of the corporate governance annual disclosure.
Commissioner of Insurance a corporate governance annual disclosure and specifiese the contents of the corporate governance annual disclosure.
Section 10 makes a corporate governance annual disclosure and certain other documents, materials and information confidential and authorizes the Commissioner to share such items in certain circumstances.
Section 10 makes a corporate governance annual disclosure and certain other documents, materials and information confidential and authorizes the Commissioner to share such items in consultants and enter into certain agreements to assist in the performance of his or her regulatory duties.
Section 11 authorizes the Commissioner to retain third-party consultants and enter into certain agreements to assist in the performance of his or herSections 13-16 of this bill adopt certain provisions of the National Association of Insurance Commissioners’ Insurance Holding Company System Regulatory Act.
Sections 13-16 of this bill adopt certain provisions of the National Association of Insurance Commissioners’ Insurance Holding Company System Regulatory Act.
Section 16 authorizes an insurance holding company system which does not qualify as an internationally active insurance group to request that the Commissioner determine or acknowledge a group-wide supervisor for the insurance holding company Commissioner or another person is the appropriate group-wide supervisor for an internationally active insurance group.
Section 16 authorizes an insurance holding company system which does not qualify as an or acknowledge a group-wide supervisor for the insurance holding companydetermine system.
Section 16 authorizes the Commissioner to cooperate with other regulatory officials and enter into agreements with or obtain documentation from certain persons or entities.
Section 16 provides for the Commissioner to determine whether the Commissioner or another person is the appropriate group-wide supervisor for an - 79th Session (2017) – 2 – internationally active insurance group.
Finally, section 16 requires an insurer subject to the section to pay the reasonable expenses of the Commissioner in administering the section.
Section 16 authorizes the Commissioner to cooperate with other regulatory officials and enter into agreements with or obtain insurer subject to the section to pay the reasonable expenses of the Commissioner in administering the section.
Existing law provides for the creation of captive insurers and their regulation this bill add to and revise the provisions governing captive insurers, including, without limitation, state-chartered risk retention groups.
Existing law provides for the creation of captive insurers and their regulation by the Commissioner.
Sections 22 and 25 provide for specified existing law to apply to state-chartered risk retention groups.
(NRS 694C.180, 694C.195, 694C.200) Sections 21-27 of this bill add to and revise the provisions governing captive insurers, including, provide for specified existing law to apply to state-chartered risk retention groups.
Sections 21, 23 and 24 make conforming changes related to sections 22 and 25.
Sections 21, 23 and make conforming changes related to sections 22 and 25.
EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
Except as otherwise expressly provided in this title, the Commissioner shall so examine each authorized insurer not less - *AB35_R1* – 3 – frequently than every 5 years.
Except as otherwise expressly provided in this title, the Commissioner shall so examine each authorized insurer not less frequently than every 5 years.
2.
- 79th Session (2017) – 3 – 2.
In examining an insurer pursuant to this section, the Commissioner may examine or investigate any person, or the business of any person, if the examination or investigation is, in the sole discretion of the Commissioner, necessary or material to the examination of the insurer.
In examining an insurer pursuant to this section, the Commissioner may examine or investigate any person, or the business of any person, if the examination or investigation is, in the sole discretion of the Commissioner, necessary or material to the3.xamExamination of an alien insurer must be limited to its insurance transactions, assets, trust deposits and affairs in the United States, except as otherwise required by the Commissioner.
3.
Examination of an alien insurer must be limited to its insurance transactions, assets, trust deposits and affairs in the United States, except as otherwise required by the Commissioner.
No later than 60 days after the completion of an examination, the examiner designated by the Commissioner shall [make a true] file a verified report [thereof] of examination, in writing, which must [comprise] be comprised only of facts appearing upon the books, records or other documents of the [person] insurer or its agents or other persons examined [,] concerning its affairs, or as ascertained from the [sworn] testimony of the officers or agents or other persons examined concerning its affairs, and such conclusions and recommendations as [may] the examiner finds reasonably [be] warranted from the facts.
No later than 60 days after the completion of an examination, the examiner designated by the Commissioner shall [make a true] file a verified report [thereof] of examination, in writing, which must [comprise] be comprised only of facts appearing upon the books, records or other documents of the [person] insurer or its agents or other persons examined [,] concerning its affairs, or as ascertained from the [sworn] testimony of the officers or agents or other persons examined concerning its affairs, and such conclusions and recommendations as [may] the of examination must be verified by the oath of the examiner makingt the report.
The report - *AB35_R1* – 4 – of examination must be verified by the oath of the examiner making the report.
(a) A memorandum in support of an opinion submitted pursuant to NRS 681B.200 to 681B.260, inclusive, or 681B.350 and any other documents, materials and other information, including, without limitation, all working papers, and copies thereof, created, produced or obtained by or disclosed to the Commissioner or any other person in connection with such memorandum;
(a) A memorandum in support of an opinion submitted pursuant to NRS 681B.200 to 681B.260, inclusive, or 681B.350 and any other documents, materials and other information, including, without limitation, all working papers, and copies thereof, created, - 79th Session (2017) – 4 – produced or obtained by or disclosed to the Commissioner or any other person in connection with such memorandum;
(b) All documents, materials and other information, including, without limitation, all working papers, and copies thereof, created, produced or obtained by or disclosed to the Commissioner or any other person in the course of an examination authorized by subsection [2] 4 of NRS 679B.230 or subsection 7 of NRS 681B.300, provided that if an examination report or other material prepared in connection with an examination authorized by NRS 679B.230 to 679B.300, inclusive, is not held as private and confidential information in accordance with the provisions of NRS 679B.230 to 679B.300, inclusive, an adopted examination report created in accordance with the provisions of subsection [2] 4 of NRS 679B.230 or subsection 7 of NRS 681B.300 shall not be deemed confidential information;
(b) All documents, materials and other information, including, without limitation, all working papers, and copies thereof, created, other person in the course of an examination authorized byr any subsection [2] 4 of NRS 679B.230 or subsection 7 of NRS 681B.300, provided that if an examination report or other material prepared in connection with an examination authorized by NRS 679B.230 to 679B.300, inclusive, is not held as private and confidential information in accordance with the provisions of NRS 679B.230 to 679B.300, inclusive, an adopted examination report created in accordance with the provisions of subsection [2] 4 of NRS 679B.230 or subsection 7 of NRS 681B.300 shall not be deemed confidential information;
(d) Any principle-based valuation report developed in accordance with paragraph (c) of subsection 1 of NRS 681B.360, and any other documents, materials and other information, including, without limitation, all working papers, and copies thereof, - *AB35_R1* – 5 – created, produced or obtained by or disclosed to the Commissioner or any other person in connection with such report;
(d) Any principle-based valuation report developed in accordance with paragraph (c) of subsection 1 of NRS 681B.360, including, without limitation, all working papers, and copies thereof, created, produced or obtained by or disclosed to the Commissioner or any other person in connection with such report;
(b) “Experience materials” means all documents, materials, data and other information, including, without limitation, all working papers, and copies thereof, created or produced in connection with experience data including, without limitation, any potentially company-identifying or personally identifiable information, that is provided to or obtained by the Commissioner, a designated experience reporting agent or other such person authorized to act on behalf of the Commissioner pursuant to NRS 681B.500 and 681B.510.
- 79th Session (2017) – 5 – (b) “Experience materials” means all documents, materials, data and other information, including, without limitation, all working papers, and copies thereof, created or produced in connection with experience data including, without limitation, any potentially provided to or obtained by the Commissioner, a designatedn, that is experience reporting agent or other such person authorized to act on behalf of the Commissioner pursuant to NRS 681B.500 and 681B.510.
Except as otherwise provided in subsection 3, nothing in sections 5 to 12, inclusive, of this act shall be construed to limit the Commissioner’s authority, or the rights or obligations of third parties, under NRS 679B.230 to 679B.300, inclusive.
Except as otherwise provided in subsection 3, nothing in Commissioner’s authority, or the rights or obligations of thirdlimit the parties, under NRS 679B.230 to 679B.300, inclusive.
- *AB35_R1* – 6 – 3.
3.
Each insurer, or the insurance group of which the insurer is a member, shall, not later than June 1 of each calendar year, submit to the Commissioner a corporate governance annual disclosure which contains the information prescribed by the Commissioner by regulation pursuant to subsection 2 of section 9 of this act.
Each insurer, or the insurance group of which the insurer is a member, shall, not later than June 1 of each calendar year, submit to the Commissioner a corporate - 79th Session (2017) – 6 – governance annual disclosure which contains the information prescribed by the Commissioner by regulation pursuant to subsection 2 of section 9 of this act.
If an insurer is a member of an insurance group, the insurer shall submit the report required by this section to the insurance commissioner of the lead state for the insurance group in accordance with the laws of the lead state, as determined by the procedures contained in the most recent Financial Analysis Handbook published by the National Association of Insurance Commissioners.
If an insurer is a member of an insurance group, the insurer shall submit the report required the insurance group in accordance with the laws of the lead state,r as determined by the procedures contained in the most recent Financial Analysis Handbook published by the National Association of Insurance Commissioners.
For purposes of completing the corporate governance annual disclosure, the insurer or insurance group may provide information regarding the corporate governance at the level of the legal entity which exercises ultimate control over the insurer or insurance group, of an intermediate holding company or of the insurer or insurance group, depending upon the manner in which the insurer or insurance group has structured its system of corporate governance.
For purposes of completing the corporate governance annual disclosure, the insurer or insurance group may provide information regarding the corporate governance at the level of the legal entity which exercises ultimate control over the insurer or insurance group, of an intermediate holding company or of the insurer or insurance group, depending upon the manner in which the insurer or insurance group has structured its system of the extent practicable, provide such information at the level at which:
Show all 109 changed rows (69 more)
Previous
Latest
The insurer or insurance group shall, to the extent practicable, provide such information at the level at which:
- *AB35_R1* – 7 – (b) The earnings, capital, liquidity, operations and reputation of the insurer or insurance group are overseen collectively and the supervision of those factors are coordinated and exercised;
(b) The earnings, capital, liquidity, operations and reputation of the insurer or insurance group are overseen collectively and the supervision of those factors are coordinated and exercised;
¬ If the insurer or insurance group determines the level of reporting based on these criteria, it shall indicate in the corporate governance annual disclosure which of the three criteria was used to determine the level of reporting and explain any changes in the level of reporting used for subsequent corporate governance annual disclosures.
¬ If the insurer or insurance group determines the level of reporting based on these criteria, it shall indicate in the corporate governance annual disclosure which of the three criteria was used to determine the level of reporting and explain any changes in the - 79th Session (2017) – 7 – level of reporting used for subsequent corporate governance annual disclosures.
The review of the corporate governance annual disclosure and any additional requests for information must be performed by the lead state as determined by the procedures contained in the most recent Financial Analysis Handbook published by the National Association of Insurance Commissioners.
The review of the corporate governance annual disclosure and any additional requests for information must be performed by most recent Financial Analysis Handbook published by the in the National Association of Insurance Commissioners.
The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations and orders as are necessary to carry out the provisions of sections 5 to 12, inclusive, of this act.
The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations and orders as are necessary to carry out the provisions of sections to 12, inclusive, of this act.
Except as otherwise provided in subsection 2, an insurer or insurance group may exercise discretion over the responses to inquiries in the corporate governance annual disclosure if the corporate governance annual disclosure contains the material information necessary to allow the Commissioner to gain an understanding of the corporate governance structure, policies and practices of the insurer or insurance group.
Except as otherwise provided in subsection 2, an insurer or insurance group may exercise discretion over the responses to inquiries in the corporate governance annual disclosure if the corporate governance annual disclosure contains the material information necessary to allow the Commissioner to gain an understanding of the corporate governance structure, Commissioner may request additional information that he or she determines is material and necessary to gain a clear understanding of the corporate governance policies or the reporting, information system or controls implementing the corporate governance policies of the insurer or insurance group.
The Commissioner may request additional information that he or she determines is material and necessary to gain a clear understanding of the corporate governance policies or the reporting, information system or controls implementing the corporate governance policies of the insurer or insurance group.
Each insurer or insurance group shall prepare its corporate governance annual disclosure in a manner that is - *AB35_R1* – 8 – consistent with the instructions adopted by the Commissioner by regulation for the corporate governance annual disclosure.
Each insurer or insurance group shall prepare its corporate governance annual disclosure in a manner that is consistent with the instructions adopted by the Commissioner by regulation for the corporate governance annual disclosure.
Except as otherwise provided in sections 5 to 12, inclusive, of this act, and NRS 239.0115, any documents, materials and other information, including, without limitation, a corporate governance annual disclosure, in the possession or control of the Division which are obtained by, created by or disclosed to the Commissioner or any other person in accordance with the provisions of sections 5 to 12, inclusive, of this act are proprietary and constitute trade secrets.
Except as otherwise provided in sections 5 to 12, inclusive, of this act, and NRS 239.0115, any documents, materials - 79th Session (2017) – 8 – and other information, including, without limitation, a corporate governance annual disclosure, in the possession or control of the Division which are obtained by, created by or disclosed to the Commissioner or any other person in accordance with the and constitute trade secrets.
All such documents, materials and other information are:
All such documents, materials andrietary other information are:
Neither the Commissioner nor any person who has received documents, materials or other information relating to a corporate governance annual disclosure through examination or otherwise, while acting under the authority of the Commissioner, or with whom such documents, materials or other information are shared pursuant to sections 5 to 12, inclusive, of this act, may be permitted or required to testify in any private civil action concerning any confidential documents, materials or information described in subsection 1.
Neither the Commissioner nor any person who has received documents, materials or other information relating to a corporate governance annual disclosure through examination or otherwise, while acting under the authority of the Commissioner, or with whom such documents, materials or other information are permitted or required to testify in any private civil action may be concerning any confidential documents, materials or information described in subsection 1.
(a) Upon request, share documents, materials or other information relating to a corporate governance annual disclosure, including, without limitation, the confidential documents, materials or information described in subsection 1 and any other - *AB35_R1* – 9 – proprietary or trade secret documents and materials, with another state, federal or international financial regulatory agency, including, without limitation, the members of any supervisory college, as defined in NRS 692C.359, the National Association of Insurance Commissioners and a third-party consultant retained pursuant to section 11 of this act, if the recipient:
(a) Upon request, share documents, materials or other information relating to a corporate governance annual disclosure, including, without limitation, the confidential documents, materials or information described in subsection 1 and any other proprietary or trade secret documents and materials, with another state, federal or international financial regulatory agency, including, without limitation, the members of any supervisory college, as defined in NRS 692C.359, the National Association of - 79th Session (2017) – 9 – Insurance Commissioners and a third-party consultant retained pursuant to section 11 of this act, if the recipient:
(1) Agrees in writing to maintain the confidentiality and privileged status of the documents, materials or other information relating to a corporate governance annual disclosure;
(1) Agrees in writing to maintain the confidentiality and privileged status of the documents, materials or other information relati(2) Has verified in writing the legal authority to maintain confidentiality;
and (2) Has verified in writing the legal authority to maintain confidentiality;
The disclosure of a document, material or information relating to a corporate governance annual disclosure to the Commissioner pursuant to sections 5 to 12, inclusive, of this act and the sharing of such an item as authorized by this section does not waive any applicable privilege or claim of confidentiality in such an item.
The disclosure of a document, material or information Commissioner pursuant to sections 5 to 12, inclusive, of this act and the sharing of such an item as authorized by this section does not waive any applicable privilege or claim of confidentiality in such an item.
May retain, at the expense of the insurer or insurance group, third-party consultants, including, without limitation, attorneys, actuaries, accountants and other experts who are not part of the staff of the Commissioner, as may be reasonably necessary to assist the Commissioner in reviewing a corporate governance annual disclosure and related information or the - *AB35_R1* – 10 – compliance of an insurer or insurance group with sections 5 to 12, inclusive, of this act, if:
May retain, at the expense of the insurer or insurance group, third-party consultants, including, without limitation, attorneys, actuaries, accountants and other experts who are not part of the staff of the Commissioner, as may be reasonably necessary to assist the Commissioner in reviewing a corporate governance annual disclosure and related information or the compliance of an insurer or insurance group with sections 5 to 12, inclusive, of this act, if:
(a) Any third-party consultant so retained is under the direction and control of the Commissioner and acts in a purely advisory capacity;
- 79th Session (2017) – 10 – (a) Any third-party consultant so retained is under the direction and control of the Commissioner and acts in a purely advisory capacity;
(b) The third-party consultant is subject to the same confidentiality standards and requirements as the Commissioner;
(b) The third-party consultant is subject to the same andfidentiality standards and requirements as the Commissioner;
and (c) The third-party consultant verifies to the Commissioner before being retained, and provides notice to the insurer or insurance group, as applicable, that he or she does not have a conflict of interest and has internal procedures in place to monitor the existence of a conflict of interest and to comply with the confidentiality standards and requirements of sections 5 to 12, inclusive, of this act.
(c) The third-party consultant verifies to the Commissioner before being retained, and provides notice to the insurer or insurance group, as applicable, that he or she does not have a conflict of interest and has internal procedures in place to monitor the existence of a conflict of interest and to comply with the confidentiality standards and requirements of sections 5 to 12, inclusive, of this act.
(b) Provide that the recipient of documents, materials or other information relating to a corporate governance annual disclosure agrees in writing to maintain the confidentiality and privileged status of such items and has verified in writing the legal authority to maintain confidentiality;
(b) Provide that the recipient of documents, materials or other information relating to a corporate governance annual disclosure status of such items and has verified in writing the legal authority to maintain confidentiality;
(e) Require the National Association of Insurance Commissioners or third-party consultant to provide prompt notice - *AB35_R1* – 11 – to the Commissioner and to the insurer or insurance group, as applicable, regarding any subpoena, request for disclosure or request for production of the information relating to the corporate governance annual disclosure of the insurer or insurance group, as applicable;
(e) Require the National Association of Insurance Commissioners or third-party consultant to provide prompt notice - 79th Session (2017) – 11 – to the Commissioner and to the insurer or insurance group, as applicable, regarding any subpoena, request for disclosure or request for production of the information relating to the corporate governance annual disclosure of the insurer or insurance group, as (f) Require andthe National Association of Insurance Commissioners or third-party consultant to consent to intervention by an insurer or insurance group in any judicial or administrative action in which the National Association of Insurance Commissioners or third-party consultant may be required to disclose confidential information about the insurer or insurance group which is shared with the National Association of Insurance Commissioners or third-party consultant.
and (f) Require the National Association of Insurance Commissioners or third-party consultant to consent to intervention by an insurer or insurance group in any judicial or administrative action in which the National Association of Insurance Commissioners or third-party consultant may be required to disclose confidential information about the insurer or insurance group which is shared with the National Association of Insurance Commissioners or third-party consultant.
unless the context otherwise requires, the words and terms defined, in sections 14 and 15 of this act have the meanings ascribed to them in those sections.
13.
As used in sections 13 to 16, inclusive, of this act, unless the context otherwise requires, the words and terms defined in sections 14 and 15 of this act have the meanings ascribed to them in those sections.
Sec.
- *AB35_R1* – 12 – (b) Writes 10 percent or more of the insurance holding company system’s total gross written premiums outside of the United States;
- 79th Session (2017) – 12 – (b) Writes 10 percent or more of the insurance holding company system’s total gross written premiums outside of the United States;
and (c) Based on a 3-year rolling average, has total assets of $50 billion or more or total gross written premiums of $10 billion or more.
and (c) Based on a 3-year rolling average, has total assets of $50 more.on or more or total gross written premiums of $10 billion or Sec.
Sec.
In cooperation with other state, federal and international regulatory agencies, the Commissioner shall identify a single group-wide supervisor for each internationally active insurance group.
In cooperation with other state, federal and international regulatory agencies, the Commissioner shall identify a single group-wide supervisor for each internationally active insurance is the appropriate group-wide supervisor for an internationally active insurance group which conducts substantial insurance operations that are concentrated in this State.
The Commissioner may determine that the Commissioner is the appropriate group-wide supervisor for an internationally active insurance group which conducts substantial insurance operations that are concentrated in this State.
(c) The location of the executive offices or largest operational offices of the internationally active insurance group;
- 79th Session (2017) – 13 – (c) The location of the executive offices or largest operational offices of the internationally active insurance group;
- *AB35_R1* – 13 – (d) Whether another regulatory official is acting or is seeking to act as the group-wide supervisor under a regulatory system that the Commissioner determines to be:
(d) Whether another regulatory official is acting or is seeking to act as the group-wide supervisor under a regulatory system that the Commissioner determines to be:
and (e) Whether another regulatory official acting or seeking to act as the group-wide supervisor provides the Commissioner with reasonably reciprocal recognition and cooperation.
and as the group-wide supervisor provides the Commissioner withg to act reasonably reciprocal recognition and cooperation.
Pursuant to NRS 692C.410, the Commissioner may collect from any insurer registered pursuant to NRS 692C.260 all information necessary to determine whether the Commissioner may act as the group-wide supervisor of an internationally active insurance group or if the Commissioner may acknowledge another regulatory official to act as the group-wide supervisor.
Pursuant to NRS 692C.410, the Commissioner may collect from any insurer registered pursuant to NRS 692C.260 all information necessary to determine whether the Commissioner - 79th Session (2017) – 14 – may act as the group-wide supervisor of an internationally active insurance group or if the Commissioner may acknowledge another regulatory official to act as the group-wide supervisor.
Before issuing a determination that the Commissioner act as the - *AB35_R1* – 14 – group-wide supervisor of an internationally active insurance group, the Commissioner shall notify the insurer registered pursuant to NRS 692C.410 and the ultimate controlling person within the internationally active insurance group.
Before issuing a determination that the Commissioner act as the group, the Commissioner shall notify the insurer registerede pursuant to NRS 692C.410 and the ultimate controlling person within the internationally active insurance group.
and (3) Material intercompany transactions;
and (c) Coordinate and, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to timely recognize and mitigate enterprise risks to members of the internationally active insurance group that are engaged in the business of insurance;
(c) Coordinate and, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to timely recognize and mitigate enterprise risks to members of the internationally active insurance group that are engaged in the business of insurance;
(e) Enter into agreements with or obtain documentation from any insurer registered under NRS 692C.410, any member of the internationally active insurance group and any other state, federal and international regulatory agencies for members of the internationally active insurance group which provide the basis for or otherwise clarify the role of the Commissioner as group-wide - *AB35_R1* – 15 – supervisor, including, without limitation, provisions for resolving disputes with other regulatory officials;
- 79th Session (2017) – 15 – (e) Enter into agreements with or obtain documentation from any insurer registered under NRS 692C.410, any member of the internationally active insurance group and any other state, federal and international regulatory agencies for members of the or otherwise clarify the role of the Commissioner as group-widefor supervisor, including, without limitation, provisions for resolving disputes with other regulatory officials;
and (b) The regulatory official acknowledged as the group-wide supervisor also recognizes and cooperates with the Commissioner’s activities as a group-wide supervisor for other internationally active insurance groups where applicable.
and (b) The regulatory official acknowledged as the group-wide supervisor also recognizes and cooperates with the Commissioner’s activities as a group-wide supervisor for other ¬ If such recognition and cooperation is not reasonablye.
¬ If such recognition and cooperation is not reasonably reciprocal, the Commissioner may refuse recognition and cooperation.
reciprocal, the Commissioner may refuse recognition and cooperation.
A registered insurer subject to this section shall be liable for and pay the reasonable expenses of the Commissioner for the administration of this section, including the engagement of attorneys, actuaries and any other professionals and all reasonable travel expenses.
A registered insurer subject to this section shall be liable for and pay the reasonable expenses of the Commissioner for the - 79th Session (2017) – 16 – administration of this section, including the engagement of attorneys, actuaries and any other professionals and all reasonable travel expenses.
692C.057 “Insurance group” means, for the purpose of conducting an ORSA [,] or submitting a corporate governance annual disclosure, those insurers and affiliates included within an insurance holding company system.
conducting an ORSA [,] or submitting a corporate governance annual disclosure, those insurers and affiliates included within an insurance holding company system.
- *AB35_R1* – 16 – Sec.
Sec.
Except as otherwise provided in NRS 239.0115, all information, documents and copies thereof obtained by or disclosed to the Commissioner or any other person in the course of an examination or investigation made pursuant to NRS 692C.410, and all information reported or provided to the Commissioner pursuant to section 16 of this act, subsections 12 and 13 of NRS 692C.190 and NRS 692C.260 to 692C.350, inclusive, is confidential, is not subject to subpoena, is not subject to discovery, is not admissible in evidence in any private civil action and must not be made public by the Commissioner or any other person, except to insurance departments of other states, without the prior written consent of the insurer to which it pertains unless the Commissioner, after giving the insurer and its affiliates who would be affected thereby notice and an opportunity to be heard, determines that the interests of policyholders, shareholders or the public will be served by the publication thereof, in which event he or she may publish all or any part thereof in any manner as he or she may deem appropriate.
Except as otherwise provided in NRS 239.0115, all information, documents and copies thereof obtained by or disclosed to the Commissioner or any other person in the course of an examination or investigation made pursuant to NRS 692C.410, and all information reported or provided to the Commissioner pursuant to section 16 of this act, subsections 12 and 13 of NRS 692C.190 and NRS 692C.260 to 692C.350, inclusive, is confidential, is not subject to subpoena, is not subject to discovery, is not admissible in evidence in any private civil action and must not be made public by the Commissioner or any other person, except to insurance departments of other states, without the prior written consent of the insurer to which it pertains unless the Commissioner, thereby notice and an opportunity to be heard, determines that the interests of policyholders, shareholders or the public will be served by the publication thereof, in which event he or she may publish all or any part thereof in any manner as he or she may deem appropriate.
The sharing or receipt of the information, document or copy pursuant to this subsection does not waive any applicable privilege or claim of confidentiality in the information, document or copy.
The sharing or receipt of the information, document or copy pursuant to this subsection does not waive any - 79th Session (2017) – 17 – applicable privilege or claim of confidentiality in the information, document or copy.
The Commissioner shall enter into a written agreement with the NAIC governing the sharing and use of information specified in subsection 1 that must:
The Commissioner shall enter into a written agreement with the NAIC governing the sharing and use of information specified in sub(a) Specifyhat procedures and protocols regarding the confidentiality and security of information shared with the NAIC and its affiliates and subsidiaries, including procedures and protocols for sharing by the NAIC with other state, federal and international regulators;
(a) Specify procedures and protocols regarding the confidentiality and security of information shared with the NAIC and its affiliates and subsidiaries, including procedures and protocols for sharing by the NAIC with other state, federal and international regulators;
(b) Specify that ownership of the information shared with the NAIC and its affiliates and subsidiaries remains with the Commissioner and the NAIC’s use of the information is subject to the discretion of the Commissioner;
- *AB35_R1* – 17 – (b) Specify that ownership of the information shared with the NAIC and its affiliates and subsidiaries remains with the Commissioner and the NAIC’s use of the information is subject to the discretion of the Commissioner;
No waiver of any applicable privilege or claim of confidentiality in the documents, materials or information shall occur as a result of disclosure to the Commissioner in accordance with this section or as a result of sharing as authorized in this section.
No waiver of any applicable privilege or claim of occur as a result of disclosure to the Commissioner in accordance with this section or as a result of sharing as authorized in this section.
Sec.
- 79th Session (2017) – 18 – Sec.
with all of the laws, regulations and requirements applicable to liability insurers in this State, unless otherwise approved by the Commissioner.
22.
A state-chartered risk retention group must comply with all of the laws, regulations and requirements applicable to liability insurers in this State, unless otherwise approved by the Commissioner.
Sec.
- *AB35_R1* – 18 – Sec.
Sec.
(a) The provisions of NRS 681A.250 to 681A.580, inclusive, regarding intermediaries;
regarding intermediaries;NRS 681A.250 to 681A.580, inclusive, (b) The provisions of NRS 681B.550 regarding risk-based capital;
(b) The provisions of NRS 681B.550 regarding risk-based capital;
A captive insurer or its insured, its parent or an affiliated company, or any member organization of its association shall not receive any benefit from such a pool or fund for claims arising out of the operations of the captive insurer.
A captive insurer or its insured, its parent or an affiliated company, or any member organization of its association shall not receive any benefit from - 79th Session (2017) – 19 – such a pool or fund for claims arising out of the operations of the captive insurer.
On or before March 1 of each year, a captive insurer shall submit to the Commissioner a report of its financial condition.
On or before March 1 of each year, a captive condition.
The Commissioner - *AB35_R1* – 19 – shall adopt regulations designating the form in which pure captive insurers must report.
The Commissioner shall adopt regulations designating the form in which pure captive insurers must report.
A pure captive insurer may apply, in writing, for authorization to file its annual report based on a fiscal year that is consistent with the fiscal year of the parent company of the pure captive insurer.
A pure captive insurer may apply, in writing, for authorization to file its annual report based on a fiscal year that is captive insurer.
Any captive insurer failing, without just cause beyond the reasonable control of the captive insurer, to file its annual [statement] report of financial condition as required by subsection 1 , its annual audit as required by subsection 2 or its financial statement as required by subsection 3 shall pay a penalty of $100 for each day the captive insurer fails to file the report [,] of financial condition, the annual audit or the financial statement, but not to exceed an aggregate amount of $3,000, to be recovered in the name of the State of Nevada by the Attorney General.
Any captive insurer failing, without just cause beyond the reasonable control of the captive insurer, to file its annual [statement] report of financial condition as required by subsection , its annual audit as required by subsection 2 or its financial statement as required by subsection 3 shall pay a penalty of $100 for each day the captive insurer fails to file the report [,] of financial condition, the annual audit or the financial statement, but not to - 79th Session (2017) – 20 – exceed an aggregate amount of $3,000, to be recovered in the name of the State of Nevada by the Attorney General.
Any director, officer, agent or employee of a captive insurer who subscribes to, makes or concurs in making or publishing, any annual or other statement required by law, knowing the same to contain any material statement which is false, is guilty of a gross misdemeanor.
Any director, officer, agent or employee of a captive insurer who subscribes to, makes or concurs in making or the same to contain any material statement which is false, is guilty of a gross misdemeanor.
Except as otherwise provided in this section and NRS 1.4683, 1.4687, 1A.110, 41.071, 49.095, 62D.420, 62D.440, 62E.516, 62E.620, 62H.025, 62H.030, 62H.170, 62H.220, 62H.320, 75A.100, 75A.150, 76.160, 78.152, 80.113, 81.850, 82.183, 86.246, 86.54615, 87.515, 87.5413, 87A.200, 87A.580, 87A.640, 88.3355, 88.5927, 88.6067, 88A.345, 88A.7345, 89.045, 89.251, 90.730, 91.160, 116.757, 116A.270, 116B.880, 118B.026, 119.260, 119.265, 119.267, 119.280, 119A.280, 119A.653, 119B.370, 119B.382, 120A.690, 125.130, 125B.140, 126.141, 126.161, - *AB35_R1* – 20 – 126.163, 126.730, 127.007, 127.057, 127.130, 127.140, 127.2817, 130.312, 130.712, 136.050, 159.044, 172.075, 172.245, 176.015, 176.0625, 176.09129, 176.156, 176A.630, 178.39801, 178.4715, 178.5691, 179.495, 179A.070, 179A.165, 179A.450, 179D.160, 200.3771, 200.3772, 200.5095, 200.604, 202.3662, 205.4651, 209.392, 209.3925, 209.419, 209.521, 211A.140, 213.010, 213.040, 213.095, 213.131, 217.105, 217.110, 217.464, 217.475, 218A.350, 218E.625, 218F.150, 218G.130, 218G.240, 218G.350, 228.270, 228.450, 228.495, 228.570, 231.069, 231.1473, 233.190, 237.300, 239.0105, 239.0113, 239B.030, 239B.040, 239B.050, 239C.140, 239C.210, 239C.230, 239C.250, 239C.270, 240.007, 241.020, 241.030, 241.039, 242.105, 244.264, 244.335, 250.087, 250.130, 250.140, 250.150, 268.095, 268.490, 268.910, 271A.105, 281.195, 281A.350, 281A.440, 281A.550, 284.4068, 286.110, 287.0438, 289.025, 289.080, 289.387, 289.830, 293.5002, 293.503, 293.558, 293B.135, 293D.510, 331.110, 332.061, 332.351, 333.333, 333.335, 338.070, 338.1379, 338.16925, 338.1725, 338.1727, 348.420, 349.597, 349.775, 353.205, 353A.049, 353A.085, 353A.100, 353C.240, 360.240, 360.247, 360.255, 360.755, 361.044, 361.610, 365.138, 366.160, 368A.180, 372A.080, 378.290, 378.300, 379.008, 385A.830, 385B.100, 387.626, 387.631, 388.1455, 388.259, 388.501, 388.503, 388.513, 388.750, 391.035, 392.029, 392.147, 392.264, 392.271, 392.850, 394.167, 394.1698, 394.447, 394.460, 394.465, 396.3295, 396.405, 396.525, 396.535, 398.403, 408.3885, 408.3886, 408.3888, 408.5484, 412.153, 416.070, 422.2749, 422.305, 422A.342, 422A.350, 425.400, 427A.1236, 427A.872, 432.205, 432B.175, 432B.280, 432B.290, 432B.407, 432B.430, 432B.560, 433.534, 433A.360, 439.840, 439B.420, 440.170, 441A.195, 441A.220, 441A.230, 442.330, 442.395, 445A.665, 445B.570, 449.209, 449.245, 449.720, 450.140, 453.164, 453.720, 453A.610, 453A.700, 458.055, 458.280, 459.050, 459.3866, 459.555, 459.7056, 459.846, 463.120, 463.15993, 463.240, 463.3403, 463.3407, 463.790, 467.1005, 480.365, 481.063, 482.170, 482.5536, 483.340, 483.363, 483.575, 483.659, 483.800, 484E.070, 485.316, 503.452, 522.040, 534A.031, 561.285, 571.160, 584.655, 587.877, 598.0964, 598.098, 598A.110, 599B.090, 603.070, 603A.210, 604A.710, 612.265, 616B.012, 616B.015, 616B.315, 616B.350, 618.341, 618.425, 622.310, 623.131, 623A.137, 624.110, 624.265, 624.327, 625.425, 625A.185, 628.418, 628B.230, 628B.760, 629.047, 629.069, 630.133, 630.30665, 630.336, 630A.555, 631.368, 632.121, 632.125, 632.405, 633.283, 633.301, 633.524, 634.055, 634.214, 634A.185, 635.158, 636.107, 637.085, 637B.288, 638.087, 638.089, 639.2485, 639.570, 640.075, 640A.220, 640B.730, 640C.400, 640C.745, 640C.760, 640D.190, 640E.340, 641.090, 641A.191, 641B.170, 641C.760, 642.524, - *AB35_R1* – 21 – 643.189, 644.446, 645.180, 645.625, 645A.050, 645A.082, 645B.060, 645B.092, 645C.220, 645C.225, 645D.130, 645D.135, 645E.300, 645E.375, 645G.510, 645H.320, 645H.330, 647.0945, 647.0947, 648.033, 648.197, 649.065, 649.067, 652.228, 654.110, 656.105, 661.115, 665.130, 665.133, 669.275, 669.285, 669A.310, 671.170, 673.430, 675.380, 676A.340, 676A.370, 677.243, 679B.122, 679B.152, 679B.159, 679B.190, 679B.285, 679B.690, 680A.270, 681A.440, 681B.260, 681B.410, 681B.540, 683A.0873, 685A.077, 686A.289, 686B.170, 686C.306, 687A.110, 687A.115, 687C.010, 688C.230, 688C.480, 688C.490, 692A.117, 692C.190, 692C.3536, 692C.3538, 692C.354, 692C.420, 693A.480, 693A.615, 696B.550, 703.196, 704B.320, 704B.325, 706.1725, 706A.230, 710.159, 711.600, and section 10 of this act, sections 35, 38 and 41 of chapter 478, Statutes of Nevada 2011 and section 2 of chapter 391, Statutes of Nevada 2013 and unless otherwise declared by law to be confidential, all public books and public records of a governmental entity must be open at all times during office hours to inspection by any person, and may be fully copied or an abstract or memorandum may be prepared from those public books and public records.
Except as otherwise provided in this section and NRS 1.4683, 1.4687, 1A.110, 41.071, 49.095, 62D.420, 62D.440, 62E.516, 62E.620, 62H.025, 62H.030, 62H.170, 62H.220, 62H.320, 75A.100, 75A.150, 76.160, 78.152, 80.113, 81.850, 82.183, 86.246, 86.54615, 87.515, 87.5413, 87A.200, 87A.580, 87A.640, 88.3355, 88.5927, 88.6067, 88A.345, 88A.7345, 89.045, 89.251, 90.730, 91.160, 116.757, 116A.270, 116B.880, 118B.026, 119.260, 119.265, 119.267, 119.280, 119A.280, 119A.653, 119B.370, 119B.382, 120A.690, 125.130, 125B.140, 126.141, 126.161, 126.163, 126.730, 127.007, 127.057, 127.130, 127.140, 127.2817, 130.312, 130.712, 136.050, 159.044, 172.075, 172.245, 176.015, 176.0625, 176.09129, 176.156, 176A.630, 178.39801, 178.4715, 178.5691, 179.495, 179A.070, 179A.165, 179A.450, 179D.160, 200.3771, 200.3772, 200.5095, 200.604, 202.3662, 205.4651, 209.392, 209.3925, 209.419, 209.521, 211A.140, 213.010, 213.040, 213.095, 213.131, 217.105, 217.110, 217.464, 217.475, 218A.350, 218E.625, 218F.150, 218G.130, 218G.240, 218G.350, 228.270, 228.450, 228.495, 228.570, 231.069, 231.1473, 233.190, 237.300, 239.0105, 239.0113, 239B.030, 239B.040, 239B.050, 239C.140, 239C.210, 239C.230, 239C.250, 239C.270, 240.007, 241.020, 250.140, 250.150, 268.095, 268.490, 268.910, 271A.105, 281.195, 281A.350, 281A.440, 281A.550, 284.4068, 286.110, 287.0438, 289.025, 289.080, 289.387, 289.830, 293.5002, 293.503, 293.558, 293B.135, 293D.510, 331.110, 332.061, 332.351, 333.333, 333.335, 338.070, 338.1379, 338.16925, 338.1725, 338.1727, 348.420, 349.597, 349.775, 353.205, 353A.049, 353A.085, 353A.100, 353C.240, 360.240, 360.247, 360.255, 360.755, 361.044, 361.610, 365.138, 366.160, 368A.180, 372A.080, 378.290, 378.300, 379.008, 385A.830, 385B.100, 387.626, 387.631, 388.1455, 388.259, 388.501, 388.503, 388.513, 388.750, 391.035, 392.029, 392.147, 392.264, 392.271, 392.850, 394.167, 394.1698, 394.447, 394.460, 394.465, 396.3295, 396.405, 396.525, 396.535, 398.403, 408.3885, 408.3886, 408.3888, 408.5484, 412.153, 416.070, 422.2749, 422.305, 422A.342, 422A.350, 425.400, 427A.1236, 427A.872, - 79th Session (2017) – 21 – 432.205, 432B.175, 432B.280, 432B.290, 432B.407, 432B.430, 432B.560, 433.534, 433A.360, 439.840, 439B.420, 440.170, 441A.195, 441A.220, 441A.230, 442.330, 442.395, 445A.665, 445B.570, 449.209, 449.245, 449.720, 450.140, 453.164, 453.720, 453A.610, 453A.700, 458.055, 458.280, 459.050, 459.3866, 459.555, 459.7056, 459.846, 463.120, 463.15993, 463.240, 463.3403, 463.3407, 463.790, 467.1005, 480.365, 481.063, 482.170, 482.5536, 483.340, 483.363, 483.575, 483.659, 483.800, 484E.070, 485.316, 503.452, 522.040, 534A.031, 561.285, 571.160, 584.655, 587.877, 598.0964, 598.098, 598A.110, 599B.090, 603.070, 616B.350, 618.341, 618.425, 622.310, 623.131, 623A.137, 624.110, 624.265, 624.327, 625.425, 625A.185, 628.418, 628B.230, 628B.760, 629.047, 629.069, 630.133, 630.30665, 630.336, 630A.555, 631.368, 632.121, 632.125, 632.405, 633.283, 633.301, 633.524, 634.055, 634.214, 634A.185, 635.158, 636.107, 637.085, 637B.288, 638.087, 638.089, 639.2485, 639.570, 640.075, 640A.220, 640B.730, 640C.400, 640C.745, 640C.760, 640D.190, 640E.340, 641.090, 641A.191, 641B.170, 641C.760, 642.524, 643.189, 644.446, 645.180, 645.625, 645A.050, 645A.082, 645B.060, 645B.092, 645C.220, 645C.225, 645D.130, 645D.135, 645E.300, 645E.375, 645G.510, 645H.320, 645H.330, 647.0945, 647.0947, 648.033, 648.197, 649.065, 649.067, 652.228, 654.110, 656.105, 661.115, 665.130, 665.133, 669.275, 669.285, 669A.310, 671.170, 673.430, 675.380, 676A.340, 676A.370, 677.243, 679B.122, 679B.152, 679B.159, 679B.190, 679B.285, 679B.690, 680A.270, 681A.440, 681B.260, 681B.410, 681B.540, 683A.0873, 685A.077, 686A.289, 686B.170, 686C.306, 687A.110, 687A.115, 687C.010, 688C.230, 688C.480, 688C.490, 692A.117, 692C.190, 692C.3536, 692C.3538, 692C.354, 692C.420, 693A.480, 693A.615, 696B.550, 703.196, 704B.320, 704B.325, 706.1725, 706A.230, 710.159, 711.600, and section 10 of this act, sections 35, 38 and 41 of chapter 478, Statutes of Nevada 2011 and section 2 of chapter 391, Statutes of Nevada 2013 and unless otherwise declared by law to be confidential, all public books and public records of a governmental entity must be open at all times during office hours to inspection by any person, and may be fully copied or an abstract or memorandum may be prepared from those public books and public records.
This section does not supersede or in any manner affect the federal laws governing copyrights or enlarge, diminish or affect in any other manner the rights of a person in any written book or record which is copyrighted pursuant to federal law.
This section does not supersede or in any manner affect the federal laws governing - 79th Session (2017) – 22 – copyrights or enlarge, diminish or affect in any other manner the rights of a person in any written book or record which is copyrighted pursuant to federal law.
A governmental entity that has legal custody or control of a public book or record shall not deny a request made pursuant to subsection 1 to inspect or copy or receive a copy of a public book or record on the basis that the requested public book or record contains information that is confidential if the governmental entity can redact, delete, conceal or separate the confidential information from the information included in the public book or record that is not otherwise confidential.
A governmental entity that has legal custody or control of a public book or record shall not deny a request made pursuant to subsection 1 to inspect or copy or receive a copy of a public book or record on the basis that the requested public book or record contains information that is confidential if the governmental entity can the information included in the public book or record that is notfrom otherwise confidential.
- *AB35_R1* – 22 – (b) Except as otherwise provided in NRS 239.030, shall, upon request, prepare the copy of the public record and shall not require the person who has requested the copy to prepare the copy himself or herself.
(b) Except as otherwise provided in NRS 239.030, shall, upon request, prepare the copy of the public record and shall not require the person who has requested the copy to prepare the copy himself or herself.
H - *AB35_R1*
~~~~~ 17 - 79th Session (2017)
⬇ Download PDF
View plain text versions (3)

Action History

  1. Approved by the Governor. Chapter 12.

  2. Enrolled and delivered to Governor.

  3. In Assembly. To enrollment.

  4. Read third time. Passed. Title approved. (Yeas: 21, Nays: None.) To Assembly.

  5. Taken from General File. Placed on General File for next legislative day.

  6. Read second time.

  7. From committee: Do pass.

  8. Read first time. Referred to Committee on Commerce, Labor and Energy. To committee.

  9. In Senate.

  10. Read third time. Passed, as amended. Title approved. (Yeas: 36, Nays: 2, Excused: 4.) To Senate.

  11. Taken from General File. Placed on General File for next legislative day.

  12. From printer. To engrossment. Engrossed. First reprint .

  13. Read second time. Amended. (Amend. No. 28.) To printer.

  14. From committee: Amend, and do pass as amended.

  15. Read first time. To committee.

  16. From printer.

  17. Prefiled. Referred to Committee on Commerce and Labor. To printer.

Sponsors

  • Commerce and Labor · Primary

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 0 co-sponsors · 66 not signed on

Sponsors (1)

  • Commerce and Labor

Co-sponsors (0)

None.

Not signed on (66)

66 members have not signed on to this bill.

Show all 66 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

healthcare health-insurance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors AB 35?
AB 35 is sponsored by Commerce and Labor.
What is the current status of AB 35?
This bill has been enacted into law. Introduced November 16, 2016. Enacted.
Where can I track AB 35?
Track AB 35 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on AB 35

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of AB 35

Last checked for changes 2 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →