Nevada Domestic Companies
Nevada domestic companies are required to submit biographical affidavits and third-party verifications for controlling owners, officers, directors and key managerial personnel with the ultimate authority over the financial and operational decisions of the insurer, such as the chief executive officer, chief operating officer, chief financial officer, secretary, chief marketing officer and treasurer.
The information contained in the Biographical Affidavit is used to validate the educational, employment and criminal history of the Affiant. The results of the validation process are used by the Division to assess competency, character, experience and integrity of the personnel responsible for the insurer.
Note, failure to disclose certain items in the Biographical Affidavit may increase the processing time of an application and slow an insurer’s speed to market. When in doubt, always disclose. If there is any doubt about the accuracy of an answer, the question should be answered in the positive and an explanation provided.
An Independent Third Party, chosen by the Affiant from the list of vendors located on the UCAA website, performs the validation/verification process, and submits the results directly to the State Insurance Department(s) in the form of a Background Investigative Report.
Nevada Foreign Companies
Biographical affidavits and third-party verifications are not required for foreign companies. Instead a listing of the new officers and directors shall be sent to the Division within 90 days of the event.