1. The Commissioner may suspend or revoke the license of a captive insurer if, after a hearing, the Commissioner determines that:
(a) The captive insurer:
(1) Is insolvent or has impaired its required capital or surplus;
(2) Has failed to meet a requirement of NRS 694C.250, 694C.320 or 694C.330;
(3) Has refused or failed to submit an annual report, as required by NRS 694C.400, or any other report or statement required by law or by order of the Commissioner;
(4) Has failed to comply with the provisions of its charter or bylaws;
(5) Has failed to submit to an examination required pursuant to NRS 694C.410;
(6) Has refused or failed to pay the cost of an examination required pursuant to NRS 694C.410;
(7) Has used any method in transacting insurance pursuant to this chapter which is detrimental to the operation of the captive insurer or would make its condition unsound with respect to its policyholders or the general public; or
(8) Has failed to pay taxes on premiums as required by NRS 694C.450 or otherwise to comply with the laws of this State; and
(b) The suspension or revocation of the license of the captive insurer is in the best interest of its policyholders or the general public.
2. The provisions of NRS 679B.310 to 679B.370, inclusive, apply to hearings conducted pursuant to this section.
(Added to NRS by 1999, 3214; A 2007, 3329; 2019, 1712)