ory provision. _________ NRS 680A.010 Definitions. As used in this Code, unless the context otherwise requires, the words and terms defined in NRS 680A.020 to 680A.050, inclusive, shall have the meanings ascribed to them in NRS 680A.020 to 680A.050, inclusive. (Added to NRS by 1971, 1576) NRS 680A.020 “Charter” defined. “Charter” means certificate of incorporation, articles of incorporation, articles of agreement, articles of association, charter granted by legislative act, or other basic constituent document of a corporation, or the power of attorney of the attorney-in-fact of a reciprocal insurer. (Added to NRS by 1971, 1576) NRS 680A.030 “Mutual” insurer defined. A “mutual” insurer is an incorporated insurer without capital stock and the governing body of which is elected by its policyholders. This definition shall not be deemed to exclude as “mutual” insurers certain foreign insurers found by the Commissioner to be organized on the mutual plan under the laws of their states of domicile, but having temporary share capital or providing for election of the insurer’s governing body on a reasonable basis. (Added to NRS by 1971, 1576) NRS 680A.040 “Reciprocal” insurer defined. A “reciprocal” insurer is an unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact common to all such persons to provide reciprocal insurance among themselves. (Added to NRS by 1971, 1576) NRS 680A.050 “Stock” insurer defined. A “stock” insurer is an incorporated insurer with its capital divided into shares and owned by its stockholders. (Added to NRS by 1971, 1576) NRS 680A.060 Certificate of authority required; penalty. 1. A person shall not act as an insurer and an insurer shall not transact insurance in this State by mail or otherwise, except as authorized by a certificate of authority issued by the Commissioner and then in full force, and except as to such transactions as are expressly otherwise provided in this Code. 2. A domestic insurer and a foreign insurer from offices or by personnel or facilities located in this State shall not solicit insurance applications or otherwise transact insurance in another state or country unless it holds a subsisting certificate of authority granted to it by the Commissioner authorizing it to transact the same kind or kinds of insurance in this State. 3. Any officer, director, agent, representative or employee of any insurer who willfully authorizes, negotiates, makes or issues any insurance contract in violation of this section is guilty of a misdemeanor. (Added to NRS by 1971, 1576; A 1983, 684; 1985, 348) NRS 680A.070 Exceptions to requirement of certificate of authority. A certificate of authority is not required of an insurer with respect to any of the following: 1. Investigation, settlement or litigation of claims under its policies lawfully written in this State, or liquidation of assets and liabilities of the insurer, other than collection of new premiums, all as resulting from its former authorized operations in this State. 2. Except as otherwise provided in subsection 2 of NRS 680A.060, transactions thereunder after issuance of a policy covering only subjects of insurance that are not resident, located or expressly to be performed in this State at the time of issuance, and lawfully solicited, written and delivered outside this State. 3. Prosecution or defense of suits at law, except that no insurer unlawfully transacting insurance in this State without a certificate of authority may institute or maintain, other than defend, any action at law or in equity in any court of this State, either directly or through an assignee or successor in interest, to enforce any right, claim or demand arising out of such an insurance transaction until the insurer, assignee or successor has obtained a certificate of authority. This provision does not apply to any suit or action by the receiver, rehabilitator or liquidator of such an insurer, assignee or successor under laws similar to those contained in chapter 696B of NRS. 4. Transactions pursuant to surplus lines coverages lawfully written under chapter 685A of NRS. 5. A suit, action or proceeding for the enforcement or defense of its rights relative to its investments in this State. 6. Reinsurance, except as to a domestic reinsurer or the reinsurance of a domestic insurer, unless the reinsurance is authorized pursuant to subsection 1 of NRS 681A.110. 7. Transactions in this State involving group life insurance, group health or blanket health insurance, or group annuities where the master policy or contract of such groups was lawfully solicited, issued and delivered pursuant to the laws of a state in which the insurer was authorized to transact insurance, to a group organized for purposes other than the procurement of insurance or to a group approved pursuant to NRS 688B.030 or 689B.026, and where the policyholder is domiciled or otherwise has a bona fide situs. 8. The issuance of annuities by an affiliate of an authorized insurer if the affiliate: (a) Is approved by the Commissioner; (b) Is organized as a nonprofit educational corporation; (c) Issues annuities only to nonprofit institutions of education and research; and (d) Reports and pays any premium tax on the annuities required pursuant to chapter 680B of NRS. 9. Transactions, other than for workers’ compensation insurance or for industrial insurance provided pursuant to chapters 616A to 617, inclusive, of NRS, involving the procurement of excess liability insurance above underlying liability coverage or self-insured retention of at least $25,000,000, if procured from an unauthorized alien or foreign insurer who does not solicit, negotiate or enter into such transactions in this State by any means, and if procured by a person: (a) Whose total annual premiums for property and casualty insurance, not including workers’ compensation or industrial insurance, is $1,000,000 or more; and (b) Who employs 250 or more full-time employees. A person who procures insurance in accordance with this subsection shall report and pay any premium tax on the insurance required pursuant to NRS 680B.040. (Added to NRS by 1971, 1581; A 1985, 1058; 1987, 484, 642; 1989, 599; 1991, 861; 1997, 286; 1999, 400) NRS 680A.080 Eligibility for certificate of authority: General requirements. To qualify for and hold authority to transact insurance in this State, an insurer must be otherwise in compliance with this Code and with its charter powers, and must be an incorporated stock or mutual insurer, or a reciprocal insurer, of the same general type as may be formed as a domestic insurer under this Code, except that: 1. No foreign insurer may be authorized to transact insurance in this State which does not maintain reserves as required by chapter 681B of NRS (assets and liabilities), as applicable to the kind or kinds of insurance transacted by such insurer, wherever transacted in the United States of America, or which transacts business anywhere in the United States of America on the assessment plan, or stipulated premium plan, or any similar plan. 2. No insurer may be authorized to transact a kind of insurance in this State unless duly authorized or qualified to transact such insurance in the state or country of its domicile. 3. No insurer may be authorized to transact in this State any kind of insurance which is not within the definitions as set forth in NRS 681A.010 to 681A.080, inclusive (kinds of insurance). 4. No such authority may be granted or continued to any insurer while in arrears to the State for fees, licenses, taxes, assessments, fines or penalties accrued on business previously transacted in this State. In addition to the other requirements set forth in this section, an insurer who proposes to transact in this State insuran

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