NRS680B.040. Independently procured coverages: Report; tax; penalty.

      1.  Every insured for whom this State is the home state as defined in NRS 685A.034 who procures or causes to be procured or continues or renews insurance in an unauthorized alien or foreign insurer, or any self-insurer in this State who procures or continues excess loss, catastrophe or other insurance, other than insurance procured through a surplus line broker pursuant to chapter 685A of NRS or exempted from that chapter, shall within 45 days after the end of each quarter in which such insurance was so procured, continued or renewed, file a written report as directed by the Commissioner pursuant to chapter 685A of NRS and furnished to such an insured upon request. The report must show:

      (a) The name and address of the insured or insureds.

      (b) The name and address of the insurer.

      (c) The subject of the insurance.

      (d) A general description of the coverage.

      (e) The premium currently charged therefor.

      (f) Such additional pertinent information as is reasonably requested by the Commissioner or the designee of the Commissioner.

Ê If any such insurance covers also a subject of insurance resident, located or to be performed outside of this State for which this State is the home state of the insured as defined in NRS 685A.034, for the purposes of this section a proper pro rata portion of the entire premium payable for all such insurance must be allocated and disbursed pursuant to the provisions of chapter 685A of NRS.

      2.  For the general support of the government of this State there is levied upon the obligation, chose in action or right represented by the premium charged or payable for such insurance a tax at the rate prescribed in NRS 685A.175 and 685A.180. The insured shall withhold the amount of the tax from the amount of premium charged by and otherwise payable to the insurer for such insurance, and within 30 days after the insurance was so procured, continued or renewed, and coincidentally with the filing of the report provided for in subsection 1, the insured shall pay the amount of the tax as directed by the Commissioner.

      3.  If the insured fails to withhold from the premium the amount of tax levied in this section, the insured is liable for the amount of the tax and shall pay it as directed by the Commissioner within the time stated in subsection 2.

      4.  If the insured fails to pay the tax imposed by this section, the insured shall in addition to any other applicable penalty pay a penalty of not more than 10 percent of the amount of the tax which is owed, as determined by the Department of Taxation, in addition to the tax, plus interest at the rate of 1.5 percent per month, or fraction of a month, from the date on which the tax should have been paid until the date of payment.

      5.  The tax is collectible from the insured by civil action brought by the Department of Taxation, and by the seizure, distraint and sale of any property of the insured situated in this State.

      6.  This section does not abrogate or modify any other provision of this Code.

      7.  This section does not apply to life or disability insurances.

      8.  The provisions of this section do not prohibit the procurement of insurance from an unauthorized alien or foreign insurer by a person in accordance with the requirements of subsection 9 of NRS 680A.070.

      (Added to NRS by 1971, 1596; A 1985, 599; 1987, 899; 1991, 862; 1993, 1910; 2011, 2004)