Nev. Admin. Code § 485.060 - Application for certificate; duties of applicant
1.
Before applying for a certificate of self-insurance, an applicant must submit a
complete list of his or her motor vehicles to the Department. The list must
contain the vehicle identification number, the license plate number and the
name of the make and model of each vehicle.
2. After the list is submitted, the number of
vehicles actively registered in this State in the name of the applicant must
not drop below 11.
3. An
application for a certificate of self-insurance must be made on a form provided
by the Department. The application must contain a statement by the applicant
that he or she realizes that, in self-insuring, the applicant is performing an
insurance function and expressly agrees, as a condition to the granting of a
certificate of self-insurance, to abide by the statutes of this State
concerning unfair practices in settling claims and any regulations adopted
thereunder by the Commissioner of Insurance.
4. Except as otherwise provided in this
subsection, each applicant for a certificate of self-insurance must submit, for
the confidential use of the Department, an affidavit from a certified public
accountant licensed in this State attesting that the financial statements of
the applicant have been audited and setting forth the current ratio of the
applicant at the time of the audit.
5. An applicant for self-insurance may be
required by the Department to submit evidence of excess insurance or
reinsurance written by an insurer authorized to do business in this State to
provide protection against large or numerous judgments. This insurance may be
in excess of the amount of security deposited with the Department. To determine
if excess insurance or reinsurance will be required, the Director or the
authorized representative will consider the number of vehicles actively
registered in this State in the name of the applicant, the manner in which they
are being used and the applicant's financial ability to pay claims.
Notes
NRS 485.130, 485.380
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