Before denying statement credit or imposing a requirement to post security with respect to NRS 681A.214 or adopting any similar requirement that will have substantially the same regulatory impact as security, the Commissioner: 1. Shall notify the ceding insurer, the assuming insurer and the assuming insurer’s supervisory authority that the assuming insurer no longer satisfies one of the conditions set forth in NRS 681A.211 to 681A.2125, inclusive; 2. Shall provide the assuming insurer with 30 days from the notice provided pursuant to subsection 1 to submit a plan to remedy the defect, and 90 days from the notice provided pursuant to subsection 1 to remedy the defect, except in exceptional circumstances determined by the Commissioner in which a shorter period is necessary for policyholder and other consumer protection; 3. After the expiration of 90 days or less, as specified in subsection 2, if the Commissioner determines that no or insufficient action was taken by the assuming insurer, may impose additional requirements upon the assuming insurer as determined by the Commissioner to be appropriate; and 4. r determines that no or insufficient action was taken by the assuming insurer, may impose additional requirements upon the assuming insurer as determined by the Commissioner to be appropriate; and 4. Shall, if applicable, provide a written explanation to the assuming insurer of any additional requirements imposed pursuant to subsection 3. (Added to NRS by 2021, 2953)
Nevada Legal Code