When policies or contracts, or covered obligations with respect thereto, are transferred to an assuming insurer, reinsurance on the policies or contracts may also be transferred by the Association, in the case of policies or contracts assumed under NRS 686C.224, subject to the following:
1. Unless the reinsurer and the assuming insurer agree otherwise, the reinsurance contract transferred must not cover any new policies or contracts in addition to those transferred.
2. The obligations described in NRS 686C.224 no longer apply with respect to matters arising after the effective date of the transfer.
3. Notice must be given in writing, return receipt requested, by the transferring party to the affected reinsurer not less than 30 days before the effective date of the transfer.
(Added to NRS by 2015, 3473; A 2019, 1098, effective January 1, 2020)