Section 694C.245 - Requirements for material service provider contract1. A material service provider contract between a captive insurer and a service provider:(a) Must be for a period of not more than 5 years;(b) Requires the approval of the majority of the captive insurer's directors or subscribers' advisory committee members for its initial term and for all renewals;(c) Must be filed with the Division within 30 days after the effective date of the contract ; and(d) If subsequently amended, must be refiled with the Division within 60 days after the effective date of the amended contract.2. As used in this section:(a) "Material service provider contract" means any contract between a captive insurer and a service provider under the terms of which the amount to be paid to the service provider by the captive insurer is greater than $15,000 during any one 12-month period.(b) "Service provider" means a captive manager, auditor, accountant, actuary, investment adviser, attorney, managing general underwriter, managing general agent, attorney-in-fact or any other party responsible for underwriting, the determination of rates, the collection of premiums, adjusting and settling claims or the preparation of financial statements.Nev. Admin. Code § 694C.245
Added to NAC by Comm'r of Insurance by R071-09, eff. 10-27-2009; A by R080-16A, eff. 11/2/2016