purchase insurance that was not authorized for an exemption under that act, as in effect before October 27, 1986. (Added to NRS by 1987, 1330; A 1995, 1781) NRS 695E.125 Notification of change in information provided to Commissioner. A purchasing group shall notify the Commissioner of any change in any of the information required pursuant to subsection 1 of NRS 695E.120, within 10 days after the information ceases to be accurate. (Added to NRS by 1995, 1780) NRS 695E.130 Purchase of insurance; exemption from certain laws. 1. Except as otherwise provided in chapter 685A of NRS, a purchasing group shall not purchase insurance from an unauthorized insurer or a risk retention group that is not chartered or registered in this state. 2. A purchasing group is exempt from any law of this state that relates to the formation or prohibition of groups for the purchase of insurance, and any law that would discriminate against a purchasing group or its members. 3. An insurer is exempt from any law of this state that prohibits providing, or offering to provide, to a purchasing group or its members advantages based on their loss and expense experiences not afforded to other persons with respect to rates, policy forms, coverages or other matters. 4. A purchasing group and its insurer are exempt from any law of this state which requires that an insurance policy issued to a purchasing group or any of its members be countersigned by an insurance agent residing in this state. 5. A purchasing group that obtains liability insurance from a surplus lines insurer or a risk retention group shall inform each of the members of the purchasing group which have a risk resident or located in this state that the risk is not protected by an insurance insolvency guaranty fund in this state, and that the risk retention group or insurer may not be subject to all insurance laws and regulations of this state. 6. No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole, but the coverage may provide for a deductible or self-insured retention applicable to individual members of the group. 7. Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits which are applicable to all purchases of group insurance. (Added to NRS by 1987, 1330; A 1995, 1782) NRS 695E.135 Extent of liability for payment of premium tax. All premiums paid by a purchasing group or any member of the purchasing group for insurance on risks resident, located or to be performed in this state are subject to the payment of premium taxes and any related fines or penalties pursuant to chapters 680A, 680B and 685A of NRS. To the extent that premiums are paid by a purchasing group or any member of the purchasing group: 1. To an authorized insurer, the insurer shall pay the premium taxes and any related fines or penalties pursuant to chapters 680A and 680B of NRS; 2. To a surplus lines broker for insurance procured as surplus lines coverage, the surplus lines broker shall pay the premium taxes and any related fines or penalties pursuant to chapter 685A of NRS; or 3. To an unauthorized insurer for insurance independently procured by the purchasing group or any member of the group, premium taxes and any related fines and penalties are payable first by the purchasing group, and if not paid by the purchasing group, then by each of its members, pursuant to NRS 680B.040. (Added to NRS by 1995, 1780) RISK RETENTION GROUPS NRS 695E.140 Requirements. 1. A risk retention group seeking to be chartered in this State must obtain a certificate of authority pursuant to chapter 694C of NRS to transact liability insurance and, except as otherwise provided in this chapter, must comply with: (a) All of the laws, regulations and requirements applicable to liability insurers in this State; and (b) The provisions of NRS 695E.150 to 695E.210, inclusive, to the extent that those provisions do not limit or conflict with the provisions with which the group is required to comply pursuant to paragraph (a). 2. Before it may transact insurance in any state, the risk retention group must submit to the Commissioner for his approval a plan of operation. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation within 10 days after the change. The group shall not offer any additional kinds of liability insurance, in this State or in any other state, until a revision of the plan is approved by the Commissioner. 3. A risk retention group chartered in a state other than Nevada that is seeking to transact insurance as a risk retention group in this State must comply with the provisions of NRS 695E.150 to 695E.210, inclusive. (Added to NRS by 1987, 1330; A 1995, 1782; 2005, 2158) NRS 695E.150 Identifying statement; plan of operation; Commissioner to serve as agent for service of process; filing fee. Before transacting insurance in this state, a risk retention group must submit to the Commissioner: 1. A statement of registration identifying: (a) Each state in which the risk retention group is chartered or licensed as a liability insurer; (b) The date of its charter; (c) Its principal place of business; and (d) Such other information, including information concerning its membership, as the Commissioner requires to verify its qualification as a risk retention group; 2. A copy of its plan of operation and any revisions of the plan submitted to its state of domicile, except with respect to any line or classification of liability that was: (a) Defined in the Product Liability Risk Retention Act of 1981 before October 27, 1986; and (b) Offered before that date by a risk retention group that had been chartered and operating for not less than 3 years before that date; and 3. A statement appointing the Commissioner as its agent for service of process pursuant to NRS 680A.250, together with the fee for filing a power of attorney required by subsection 4 of NRS 680B.010. (Added to NRS by 1987, 1331; A 1995, 1783) NRS 695E.160 Submission of financial statement, examinations, audits and other information. A risk retention group transacting insurance in this state shall submit to the Commissioner: 1. A copy of the group’s financial statement submitted to its state of domicile, which must be certified by an independent public accountant and contain a statement of opinion on its reserves for loss and expenses of loss adjustment made by a member of the American Academy of Actuaries or another qualified specialist in reserves for loss; 2. A copy of each examination of the risk retention group, certified by the Commissioner or other public officer conducting the examination; 3. Upon the request of the Commissioner, a copy of any audit performed with respect to the risk retention group; and 4. Such other information as the Commissioner requires to verify its continuing qualification as a risk retention group. (Added to NRS by 1987, 1331) NRS 695E.170 Applicability of other provisions. 1. A risk retention group and its agents and representatives are subject to the provisions of NRS 686A.010 to 686A.310, inclusive. Any injunction obtained pursuant to those sections must be obtained from a court of competent jurisdiction. 2. All premiums paid for coverages within this state to a risk retention group are subject to the provisions of chapter 680B of NRS. Each risk retention group shall report all premiums paid to it and shall pay the taxes on premiums and any related fines or penalties for risks resident, located or to be performed in the state. (Added to NRS by 1987, 1331; A 1995, 1633, 1783; 1997, 549) NRS 695E.180 Notice required in

Vegas Law