Compliance with NRS 694C-Captive Insurers; Changes for Domestic Risk Retention Groups Regarding Independent Members of Board of Directors.

BRIAN SANDOVAL Governor STATE OF NEVADA BRUCE H. BRESLOW Director  AMY L. PARKS Acting Commissioner DEPARTMENT OF BUSINESS AND INDUSTRY DIVISION OF INSURANCE 1818 East College Pkwy., Suite 103 Carson City, Nevada 89706 (775) 687-0700 • Fax (775) 687-0787 Website: doi.nv.gov E-mail: insinfo@doi.nv.gov Bulletin 15-005 October 9, 2015 # **COMPLIANCE WITH NRS 694C – CAPTIVE INSURERS; CHANGES FOR DOMESTIC RISK RETENTION GROUPS REGARDING INDEPENDENT MEMBERS OF BOARD OF DIRECTORS** Pursuant to Section 309, Subsection 1, of Senate Bill 67, enacted during the 2015 Legislative Session, effective July 1, 2015, the board of directors of a domestic risk retention group is required to have a majority of independent directors, as that term is defined in Section 309, Subsection 2, and used throughout Section 309.¹ The Division expects compliance with the new requirement upon the earliest occasion on which a non-independent board member terms out and is replaced by an independent board member or members, and in any event, full compliance with this requirement by every Nevada-domiciled risk retention group must be completed no later than January 1, 2017. A handwritten signature in black ink, appearing to read 'Amy L. Parks'. AMY L. PARKS Acting Commissioner of Insurance ¹ The full text of Senate Bill 67 can be found at http://leg.state.nv.us/Session/78th2015/Bills/SB/SB67_EN.pdf.