ubscribes 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. (Added to NRS by 1971, 1588) NRS 680A.290 Loss prevention reports and programs. 1. Every insurer except life insurers shall, if requested by the Commissioner, submit an annual report to the Commissioner on September 15, concerning its loss prevention and control programs, and on new conclusions it has reached as to the loss implications of its statistics, underwriting, claims files and operations. 2. Based on the reports of subsection 1, as well as other available information, the Commissioner shall prepare each year a report on the loss prevention programs of insurers with recommendations for more effective loss prevention activity. (Added to NRS by 1971, 1588; A 1971, 1933) NRS 680A.300 Resident agent; countersignature. 1. Except as provided in NRS 680A.310, no authorized insurer may make, write, place, renew or cause to be made, placed or renewed, any policy or duplicate policy of insurance of any kind upon persons, property or risks resident, located or to be performed in this State, except through its duly appointed and licensed agents resident in this State, any one of whom shall countersign the policy. 2. Where two or more insurers jointly issue a single policy, the policy may be countersigned, on behalf of all insurers appearing thereon, by a licensed agent resident in this State of any one insurer. 3. In any case where it is necessary to execute an emergency bond and a commissioned agent authorized to execute the bond is not present, a manager or other employee of the insurer having authority under a power of attorney may execute the bond in order to produce a valid contract between the insurer and the obligee. The bond must subsequently be countersigned by a resident commissioned agent, who shall make and retain an adequate office record of the transaction. 4. Nothing contained in this section prevents exercise of the free and unlimited right to negotiate contracts by licensed nonresident agents or brokers outside this State, if the policies, endorsements or evidence of those contracts covering properties or insurable interests in this State are countersigned by a resident agent of this State. Every such policy or contract must be countersigned by a resident agent. 5. On business produced by a licensed nonresident agent or broker, which is countersigned by a resident commissioned agent of this State, there must be a division of the usual commission between the licensed nonresident producing agent or broker and the resident countersigning commissioned agent which must produce for the latter a commission of at least 5 percent of the premium. No commission or fee is required as to policies with an annual premium of $250 or less. The insurer issuing any policy or bond is responsible for payment to the countersigning agent of the fee or commission for the countersignature. Where the licensed nonresident agent or broker or the insurer assuming the risk desires the resident commissioned agent to render additional services during the life of a policy, the compensation to the countersigning commissioned resident agent is a matter of contract between the parties in interest. 6. An insurer may use an endorsement to the policy for the sole purpose of countersigning the policy, as required in this section, only if: (a) The endorsement is attached to the policy to which it applies; and (b) The policy insures persons or property in this State and one or more other states. (Added to NRS by 1971, 1589; A 1981, 704) NRS 680A.310 Exceptions to requirements for countersignature by resident agent. NRS 680A.300 does not apply to any of the following: 1. Life insurance and annuities. 2. Health insurance. 3. Policies covering property in transit while in the possession or custody of any common carrier, or the rolling stock or other property of any common carrier employed by it in the operation and maintenance of its plant and business as a common carrier of freight or passengers, or both. 4. Reinsurance or retrocessions made by or for authorized insurers. 5. Bid bonds issued in connection with any public or private contract. 6. A policy issued to a risk retention group, as defined in NRS 695E.110, or to a member of a risk retention group. (Added to NRS by 1971, 1589; A 1987, 1333) NRS 680A.320 Transaction with parent corporation, financial holding company, depository institution, subsidiary or affiliated person. 1. For the purposes of this section: (a) An “affiliated person” is a person controlled by any combination of the insurer, the parent corporation, a subsidiary or the principal stockholders or officers or directors of any of the foregoing. (b) “Depository institution” has the meaning ascribed to it in section 3 of the Federal Deposit Insurance Act, 12 U.S.C. § 1813(c)(1). (c) “Financial holding company” means a bank holding company that satisfies the requirements of section 4(l)(1) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1841(l)(1). (d) “Health facility” has the meaning ascribed to it in NRS 439A.015. (e) A “subsidiary” is a person of which either the insurer and the parent corporation or the insurer or the parent corporation holds practical control. 2. No insurer may engage directly or indirectly in any transaction or agreement with its parent corporation, a financial holding company, a depository institution, or any subsidiary or affiliated person which will result or tend to result in: (a) Substitution contrary to the interest of the insurer and through any method of any asset of the insurer with an asset or assets of inferior quality or lower fair market value; (b) Deception as to the true operating results of the insurer; (c) Deception as to the true financial condition of the insurer; (d) Allocation to the insurer of a proportion of the expense of combined facilities or operations which is unfair and unfavorable to the insurer; (e) Unfair or excessive charges against the insurer for services, facilities, supplies or reinsurance; (f) Unfair and inadequate charges by the insurer for reinsurance, services, facilities or supplies furnished by the insurer to others; (g) Payment by the insurer for services, facilities, supplies or reinsurance not reasonably needed by the insurer; (h) Depletion of the insurer’s surplus, through payment of dividends or other distribution or withdrawal, below the amount thereof reasonably required for conduct of the insurer’s business and maintenance of growth with safety to policyholders; or (i) Payment by the insurer for services or products for which the health facility has charged less than fair market value, unless the reduced charge is reflected in the form of reduced premiums. In determining what constitutes fair market value, consideration must be given to reasonable agreements for the preferential provision of health care, in accordance with regulations adopted by the Commissioner. An insurer which pays less than fair market value for services or products in a transaction which is subject to the provisions of this paragraph shall annually file a certification with the Commissioner that the reduced payment has been reflected in the form of reduced premiums, together with documentation supporting the certification. 3. In all transactions between the insurer and its parent corporation, or involving the insurer and any subsidiary or affiliated person, full recognition must be given to the paramount duty and obligation of the insurer to protect the interests of policyholders, both existing and future. 4. If a health facility is a parent, subsidiary or affiliate of an insurer or of a parent or facility o

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