AB318

Existing law provides for the licensure and regulation of captive insurers by the Commissioner of Insurance. (Chapter 694C of NRS) Existing law sets forth the types of insurance that a captive insurer is authorized to or prohibited from transacting. (NRS 694C.300) Section 1 of this bill authorizes a captive insurer to directly provide workers' compensation insurance. Existing law prohibits a captive insurer from: (1) joining or contributing financially to an assigned risk pool or insurance insolvency guaranty fund in this State; or (2) receiving any benefit from such a pool or fund for claims arising out of the operations of the captive insurer. (NRS 694C.380) Section 2 of this bill authorizes the Commissioner to authorize or require a captive insurer that directly provides workers' compensation insurance to join or contribute financially to an assigned risk pool or insurance insolvency guaranty fund in this State. Under section 2, such a captive insurer may receive such benefits from the pool or fund as the Commissioner may authorize. Existing law sets forth various requirements and restrictions upon insurers, including, without limitation, private carriers, concerning the provision of industrial insurance. (Chapters 616A-617 of NRS) Existing law requires a private carrier, before providing industrial insurance, to be authorized by the Commissioner as an authorized insurer and maintain certain securities applicable to authorized insurers. (NRS 616B.463) Section 4 of