Created an Item/Item Rev in Teamcenter RAC, but no UGMaster dataset exists at this time. Then send this Item to NX, after performing 'File --> Save' in NX, noticed there is no UGMaster dataset being created.
SolutionExamined following Customer Defaults: "Teamcenter Integration > General > Parts without NX Datasets tab". The setting for "Parts with Other/No Dataset" is set to "Never" - this means to never create an NX dataset, which is not the desired result here.
After switching it to "On Save", now it is working properly - UGMaster dataset is being created after Save is performed.