Corporate and Financial Affairs/Captive Insurers
The Commissioner of Insurance has the responsibility to ensure that the insurance companies doing business in Nevada are financially solvent.
Financial regulation seeks to ensure that insurers are able to meet their financial obligations and is accomplished through review of the insurers’ admission and licensing documentation, oversight of corporate governance and related transactions with affiliates, analysis of solvency and investments, and the review of reinsurance activity and compliance with statutes and regulations.
The Division’s Corporate and Financial Affairs/Captive Insurer Section (“C&F”) oversees the solvency of the insurance companies through financial reporting and monitoring, desk audits and examinations. The C&F Section ensures that insurers are in compliance with financial statutes and regulations; and monitors the market conduct of regulated entities — especially their transactions with policyholders. C&F is tasked with the following:
- Company admissions: This function stands at the threshold of the Division’s oversight of an applicant’s future operations within the state. The function encompasses virtually all areas of regulatory oversight, from solvency surveillance to market conduct, to rates and forms and producers’ licensing —within both the applicant and domiciliary state insurance departments.
- Monitoring corporate governance and related transactions with affiliates: Includes address changes, mergers, acquisitions, annual renewals and other revenue items.
- Monitoring solvency and investments, and reinsurance: Accomplished through financial review and analysis, desk audits and financial examination.
- Monitoring compliance with financial statutes and regulations and market practices: Accomplished through market review and analysis and market conduct examination.
C&F is the largest section of the Division, staffed by a Deputy Commissioner, a Chief Insurance Examiner, an Assistant Chief Insurance Examiner, five Insurance Examiners, six Management Analysts, two Actuaries and six Administrative Assistants, and one Accounting Assistant located in Carson City.