SB503

Existing law creates the Fund for Insurance Administration and Enforcement and requires the Fund to be used solely for the administration and enforcement of the Nevada Insurance Code and other laws and regulations enforced by the Division of Insurance of the Department of Business and Industry. (NRS 680C.100) Existing law creates within the Fund an Account for the Regulation and Supervision of Captive Insurers. (NRS 694C.460) Under existing law, various fees and assessments received by the Commissioner of Insurance or the Division pursuant to the provisions of existing law governing captive insurers and 25 percent of the revenues collected from the tax imposed upon the premiums of a captive insurer are required to be credited to the Account. (NRS 694C.450, 694C.460) Existing law restricts the purposes for which money in the Account may be used. (NRS 694C.460) Sections 1 and 2 of this bill eliminate the Account. Sections 1 and 2 require the fees, assessments and taxes which are required to be credited to the Account under existing law to instead be credited to the Fund, thereby authorizing such fees, assessments and taxes to be used for any other purpose for which any money in the Fund may be used. Section 3 of this bill requires any money remaining on July 1, 2025, in the Account to remain in the Fund and specifically authorizes the money to be used for any other purpose for which any money in the Fund may be used. Close digest Existing law creates the Fund for Insurance Admi

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