NRS685A.185. Multi-state agreement to collect premium tax on multi-state risks.

      1.  The Commissioner may, with the approval of the State Board of Examiners, on behalf of the State enter into a multi-state agreement to preserve the ability of this State to collect premium tax on multi-state risks.

      2.  If, within 18 months after the Commissioner enters into a multi-state agreement pursuant to subsection 1, the Commissioner conducts a hearing pursuant to the provisions of chapter 233B of NRS concerning participation in the multi-state agreement, the Commissioner shall submit to the State Board of Examiners and to the Director of the Legislative Counsel Bureau for transmittal to the Legislature a report concerning the findings of the Commissioner pursuant to the hearing.

      3.  The State Board of Examiners shall review and may accept the findings of the Commissioner. If the Commissioner finds and the State Board of Examiners accepts that because of the effect of the multi-state agreement on the gross receipt of premiums collected in this State:

      (a) It is in the best interest of the State to continue to participate in the multi-state agreement, the State Board of Examiners may approve the State’s continued participation in the multi-state agreement.

      (b) It is not in the best interest of the State to continue to participate in the multi-state agreement, the State Board of Examiners may approve the State’s withdrawal from the multi-state agreement.

      (Added to NRS by 2011, 2011)