reglab/housing_qa huggingface dataset:
NV Rev Stat § 681A.550 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.550 - Managers: Conditions for employment; annual statement of financial condition; reserves for losses; retrocessional contracts; notice of termination; prohibition against serving on board of directors of reinsurer.

  1. A reinsurer shall not engage the services of any person to act as a manager for reinsurance on its behalf unless the person is licensed as required by NRS 681A.430.  2. A reinsurer shall annually obtain a copy of statements of the financial condition of each manager for reinsurance whom the reinsurer has engaged. The statements must be prepared by an independent certified public accountant in a form approved by the Commissioner.  3. If a manager for reinsurance establishes reserves for losses, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of reserves established for losses incurred and outstanding on the business produced by the manager for reinsurance. The opinion of the actuary must be in addition to any other required certification.  4. An officer of the reinsurer must have authority to bind a reinsurer for all retrocessional contracts and for participation in syndicates for reinsurance. The officer must not be affiliated with the manager for reinsurance.  5. At least 30 days before termination of a contract with a manager for reinsurance, the reinsurer shall provide written notification of the termination to the Commissioner.  6. Except as otherwise provided in chapter 692C of NRS, a reinsurer shall not appoint to its board of directors any officer, director, employee, controlling shareholder or subproducer of its manager for reinsurance.  (Added to NRS by 1995, 1766)
NV Rev Stat § 681A.560 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.560 - Examination of intermediary by Commissioner.

  1. An intermediary is subject to examination by the Commissioner. The intermediary shall allow the Commissioner to have access to all of the books, bank accounts and records of the intermediary in a form usable to the Commissioner.  2. A manager for reinsurance may be examined as if he or she were the reinsurer.  (Added to NRS by 1995, 1766)
NV Rev Stat § 681A.570 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.570 - Actions that may be taken against intermediary who fails to comply with laws.

  1. If the Commissioner believes that the reinsurance intermediary or any other person has not materially complied with NRS 681A.250 to 681A.560, inclusive, or any regulation adopted or order issued pursuant thereto, the Commissioner may, after a hearing conducted in accordance with NRS 679B.310 to 679B.370, inclusive, order:  (a) For each separate violation, the payment of a penalty in an amount not exceeding $5,000; and  (b) The revocation or suspension of the license of the reinsurance intermediary.  2. If the Commissioner finds that the material noncompliance of the reinsurance intermediary has caused the insurer or reinsurer any loss or damage, the Commissioner may initiate a civil action against the intermediary on behalf of the insurer or reinsurer and the policyholders and creditors of the insurer or reinsurer to recover compensatory damages or other appropriate relief for the benefit of the insurer or reinsurer and the policyholders and creditors.  3. If an order of rehabilitation or liquidation of the insurer has been entered and the receiver appointed by that order determines that:  (a) The reinsurance intermediary or any other person has not materially complied with NRS 681A.250 to 681A.560, inclusive, or any regulation adopted or order issued pursuant thereto; and  (b) The insurer has suffered any loss or damage as a result of that noncompliance,  the receiver may bring a civil action for the recovery of damages or for any other appropriate sanctions on behalf of the insurer.  (Added to NRS by 1995, 1766; A 1997, 3023)
NV Rev Stat § 681A.580 (2021)
2021 Nevada Revised Statutes|Chapter 681A - Kinds of Insurance; Limits on Risk; Reinsurance|NRS 681A.580 - Rights of relevant parties not limited or expanded.

NRS 681A.250 to 681A.580, inclusive, do not limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights on such persons.  (Added to NRS by 1995, 1767)
NV Rev Stat § 681B.001 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.001 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 681B.0023 to 681B.0071, inclusive, have the meanings ascribed to them in those sections.  (Added to NRS by 2015, 3390)
NV Rev Stat § 681B.0023 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0023 - "Accident and health insurance" defined.

Accident and health insurance means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness or medical conditions, and as may further be specified in the Valuation Manual.  (Added to NRS by 2015, 3390)
NV Rev Stat § 681B.0025 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0025 - "Applicable company" defined.

Applicable company means an insurer that:  1. Has written, issued or reinsured life insurance, accident and health insurance or deposit-type contracts in this State and has at least one such policy in force or on claim; or  2. Has written, issued or reinsured life insurance, accident and health insurance or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance or deposit-type contracts in this State.  (Added to NRS by 2015, 3390)
NV Rev Stat § 681B.0027 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0027 - "Appointed actuary" defined.

Appointed actuary means a qualified actuary who is appointed in accordance with the Valuation Manual to prepare the actuarial opinion required by NRS 681B.350.  (Added to NRS by 2015, 3390)
NV Rev Stat § 681B.0033 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0033 - "Confidential information" defined.

Confidential information means any information which qualifies as confidential under NRS 681B.400.  (Added to NRS by 2015, 3390)
NV Rev Stat § 681B.0036 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0036 - "Deposit-type contract" defined.

Deposit-type contract means a contract that does not incorporate mortality or morbidity risks, and as may further be specified in the Valuation Manual.  (Added to NRS by 2015, 3390)
NV Rev Stat § 681B.0041 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0041 - "Life insurance" defined.

Life insurance means a contract that incorporates mortality risk, including, without limitation, an annuity and pure endowment contract, and as may further be specified in the Valuation Manual.  (Added to NRS by 2015, 3390)
NV Rev Stat § 681B.0045 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0045 - "NAIC" defined.

NAIC means the National Association of Insurance Commissioners or its successor organization.  (Added to NRS by 2015, 3390)
NV Rev Stat § 681B.0049 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0049 - "Operative date of the Valuation Manual" defined.

Operative date of the Valuation Manual means the date determined pursuant to subsection 2 of NRS 681B.300.  (Added to NRS by 2015, 3390)
NV Rev Stat § 681B.0052 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0052 - "Policyholder behavior" defined.

Policyholder behavior includes any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take pursuant to a policy or contract subject to this chapter, including, without limitation, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization or benefit elections prescribed by the policy or contract. The term does not include events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract.  (Added to NRS by 2015, 3390)
NV Rev Stat § 681B.0055 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0055 - "Principle-based valuation" defined.

Principle-based valuation means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with NRS 681B.360, 681B.370 and 681B.380, and as may further be specified in the Valuation Manual.  (Added to NRS by 2015, 3391)
NV Rev Stat § 681B.0059 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0059 - "Qualified actuary" defined.

Qualified actuary means a natural person who:  1. Is qualified to sign the applicable statement of actuarial opinion in accordance with the standards that are established by the American Academy of Actuaries, or its successor organization, to determine the qualification of an actuary to sign such a statement; and  2. Meets the applicable requirements set forth in the Valuation Manual.  (Added to NRS by 2015, 3391)
NV Rev Stat § 681B.0065 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0065 - "Tail risk" defined.

Tail risk means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude.  (Added to NRS by 2015, 3391)
NV Rev Stat § 681B.0071 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.0071 - "Valuation Manual" defined.

Valuation Manual means the Valuation Manual adopted by the National Association of Insurance Commissioners on December 2, 2012, and as subsequently amended by the NAIC.  (Added to NRS by 2015, 3391)
NV Rev Stat § 681B.020 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.020 - Assets not allowed.

  1. In addition to assets impliedly excluded by the provisions of NRS 681B.010, the following expressly may not be allowed as assets in any determination of the financial condition of an insurer:  (a) Goodwill, trade names and other like intangible assets.  (b) Advances to officers, other than policy loans, whether secured or not, and advances to employees, agents and other persons on personal security only.  (c) Stock of such insurer, owned by it, or any equity therein or loans secured thereby, or any proportionate interest in such stock acquired or held through the ownership by such insurer of an interest in another firm, corporation or business unit.  (d) Furniture, fixtures, furnishings, safes, vehicles, libraries, stationery, literature and supplies, other than data processing, recordkeeping and accounting systems authorized under subsection 13 of NRS 681B.010, except such personal property as the insurer is permitted to hold pursuant to chapter 682A of NRS, or which is reasonably necessary for the maintenance and operation of real property lawfully acquired and held by the insurer other than real property used by it for home office, branch office and similar purposes.  (e) The amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value thereof as determined under this Code.  2. If any successor organization to the State Industrial Insurance System that was established by section 79 of chapter 642, Statutes of Nevada 1981, at page 1449, wishes to transact in this state property or casualty insurance other than industrial insurance, the money required to be held in trust by that organization pursuant to NRS 616B.042 may not be allowed as assets of the successor organization in determining its financial condition to transact such insurance.  (Added to NRS by 1971, 1608; A 1999, 1831; 2015, 3399)
NV Rev Stat § 681B.030 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.030 - Disallowance of asset arranged to deceive.

  1. The Commissioner shall disallow as an asset or as a credit against liabilities any reinsurance found by the Commissioner after a hearing thereon to have been arranged for the purpose principally of deception as to the ceding insurer’s financial condition as of the date of any financial statement of the insurer. Without limiting the general purport of the foregoing provision, reinsurance of any substantial part of the insurer’s outstanding risks contracted for in fact within 4 months prior to the date of any such financial statement and cancelled in fact within 4 months after the date of such statement, or reinsurance under which the reinsurer bears no substantial insurance risk or chance of net loss to itself, shall prima facie be deemed to have been arranged principally for the purpose of deception.  2. The Commissioner shall disallow as an asset any deposit, funds or other assets of the insurer found by the Commissioner after a hearing thereon:  (a) Not to be in good faith the property of the insurer;  (b) Not freely subject to withdrawal or liquidation by the insurer at any time for the payment or discharge of claims or other obligations arising under its policies; and  (c) To be resulting from arrangements made principally for the purpose of deception as to the insurer’s financial condition as at the date of any financial statement of the insurer.  3. The Commissioner may suspend or revoke the certificate of authority of any insurer which has knowingly been a party to any such deception or attempted deception.  (Added to NRS by 1971, 1609)
NV Rev Stat § 681B.040 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.040 - Liabilities.

In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include:  1. The amount of its capital stock outstanding, if any.  2. The amount, estimated to be consistent with the provisions of this Code, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of the statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof.  3. With reference to life insurance policies and annuity contracts, and disability and accidental death benefits in or supplemental thereto:  (a) The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest and methods adopted pursuant to this Code which are applicable thereto.  (b) Reserves for disability benefits, for both active and disabled lives.  (c) Reserves for accidental death benefits.  (d) Any additional reserves which may be required by the Commissioner consistent with applicable customary and general practice in insurance accounting.  4. As to health insurance policies, the reserves required under NRS 681B.080.  5. With reference to insurance other than specified in subsections 3 and 4, and other than title insurance, the amount of the unearned premium reserves computed in accordance with NRS 681B.060 and 681B.070.  6. Taxes, expenses and other obligations due or accrued at the date of the statement.  (Added to NRS by 1971, 1609)
NV Rev Stat § 681B.050 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.050 - Reserves for losses from casualty insurance.

  1. As to casualty insurance transacted by it, each insurer shall maintain at all times reserves in an amount estimated in the aggregate to provide for payment of all losses and claims incurred, whether reported or unreported, which are unpaid and for which the insurer may be liable and to provide for the expenses of adjustment or settlement of losses and claims. The reserves must be computed in accordance with regulations adopted from time to time by the Commissioner upon reasonable consideration of the ascertained experience and the character of such kind of business for the purpose of adequately protecting the insured and the solvency of the insurer.  2. Whenever the loss and loss expense experience of the insurer show that reserves, calculated in accordance with those regulations, are inadequate, the Commissioner may require the insurer to maintain additional reserves.  3. The Commissioner may, by regulation, prescribe the manner and form of reporting pertinent information concerning the reserves provided for in this section.  (Added to NRS by 1971, 1610; A 1981, 105; 2007, 3316)
NV Rev Stat § 681B.060 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.060 - Reserve for unearned premiums.

  1. As to property, casualty and surety insurance the insurer shall maintain as a liability an unearned premium reserve on all policies in force.  2. Except as provided in NRS 681B.070 as to marine and transportation risks, the unearned premium reserve shall be equal to the unearned portion of gross premiums in force (after deduction of applicable reinsurance in solvent insurers) computed on an annual, monthly or more frequently pro rata basis.  (Added to NRS by 1971, 1611)
NV Rev Stat § 681B.070 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.070 - Reserve for unearned premiums for marine and transportation insurance.

As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned; and the Commissioner may require the insurer to carry a reserve equal to 100 percent of premiums on trip risks written during the month ended as of the date of statement.  (Added to NRS by 1971, 1611)
NV Rev Stat § 681B.080 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.080 - Reserves for policies of health insurance.

For all health insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and be not less than the reserve according to appropriate standards set forth in regulations issued by the Commissioner and, in no event, less in the aggregate than the pro rata gross unearned premiums for such policies.  (Added to NRS by 1971, 1611)
NV Rev Stat § 681B.100 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.100 - Contingency reserves for insurance of repayment of debt secured by mortgage.

  1. Casualty or surety insurers insuring real property mortgage lenders against loss by reason of nonpayment of the mortgage indebtedness by the borrower shall maintain a contingency reserve for the protection of policyholders against the effects of adverse economic cycles.  2. The insurer shall contribute to such contingency reserve 50 percent of net premiums (gross premiums less premiums returned to policyholders) written on such insurance remaining after establishment of the unearned premium reserve.  3. Subject to the Commissioner’s approval, the contingency reserve shall be available for payment of losses only when the insurer’s incurred losses in any 1 calendar year exceed the rate formula expected losses by 10 percent of the related earned premiums.  (Added to NRS by 1971, 1612)
NV Rev Stat § 681B.105 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.105 - Valuation of bonds.

  1. Except as otherwise provided in subsection 5, all bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows:  (a) If purchased at par, at the par value.  (b) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made or, in lieu of that method, according to an accepted method of valuation that is approved by the Commissioner.  2. The purchase price must not be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage or express charges paid in the acquisition of such securities.  3. Unless otherwise provided by a valuation established or approved by the Commissioner, the security must not be carried at above the call price for the entire issue during any period within which the security may be so called.  4. The Commissioner has full discretion in determining the method of calculating values pursuant to this section.  5. A valuation determined pursuant to this section must not be inconsistent with any applicable valuation or method then currently formulated or approved by the NAIC.  (Added to NRS by 1971, 1616; A 2003, 3287; 2015, 3411) — (Substituted in revision for NRS 681B.160)
NV Rev Stat § 681B.106 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.106 - Valuation of other securities.

  1. Except as otherwise provided in subsection 4, securities, other than those specified in NRS 681B.105, held by an insurer must be valued, in the discretion of the Commissioner, at their market value, or at their appraised value, or at prices determined by the Commissioner as representing their fair market value.  2. Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the discretion of the Commissioner and in accordance with a method of computation approved by the Commissioner.  3. The stock of a subsidiary of an insurer must be valued on the basis of the value of only those assets of the subsidiary as would constitute lawful investments of the insurer if acquired or held directly by the insurer.  4. A valuation determined pursuant to this section must not be inconsistent with any applicable valuation or method then currently formulated or approved by the NAIC.  (Added to NRS by 1971, 1616; A 2003, 3287; 2015, 3412) — (Substituted in revision for NRS 681B.170)
NV Rev Stat § 681B.108 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.108 - Valuation of property.

  1. Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the Commissioner to be reliable, must not be valued at an amount greater than the unpaid principal of the defaulted loan or contract plus interest due and accrued at the date of acquisition, together with any taxes and expenses paid or incurred in connection with the acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.  2. Other real property held by an insurer must not be valued at an amount in excess of the lesser of the fair value as determined by recent appraisal or the actual cost, plus capitalized improvements, less normal depreciation. If valuation is based on an appraisal more than 3 years old, the Commissioner may, at his or her discretion, call for and require a new appraisal in order to determine fair value.  (Added to NRS by 1971, 1617; A 1995, 1772) — (Substituted in revision for NRS 681B.180)
NV Rev Stat § 681B.109 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.109 - Valuation of purchase money mortgages.

Purchase money mortgages on real property referred to in subsection 1 of NRS 681B.108 shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of such real property, whichever is less.  (Added to NRS by 1971, 1617) — (Substituted in revision for NRS 681B.190) PROVISIONS GOVERNING POLICIES AND CONTRACTS NOT SUBJECT TO PROVISIONS OF THE VALUATION MANUAL