reglab/housing_qa huggingface dataset:
NV Rev Stat § 681B.110 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.110 - Valuation and calculation of reserves; acceptance of valuation by another state or jurisdiction; applicability.

  1. The Commissioner shall, in the manner provided by NRS 681B.110 to 681B.150, inclusive, annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurer doing business in this state, issued on or after January 1, 1972, and before the operative date of the Valuation Manual, except that in the case of an alien insurer, the valuation must be limited to its United States business.  2. The Commissioner may:  (a) Use any method, including group methods and the net level premium method, in the calculation of the reserves.  (b) Use approximate averages for fractions of a year or other period to calculate the reserves.  (c) In lieu of the valuation of the reserves required of any foreign or alien company, accept any valuation made, or caused to be made, by an insurance supervisory officer of any other state or jurisdiction if the valuation by the insurance supervisory officer complies with the minimum standard required by NRS 681B.110 to 681B.150, inclusive.  3. The provisions set forth in NRS 681B.110 to 681B.155, inclusive, apply to all policies and contracts, as appropriate, issued on or after January 1, 1972, and before the operative date of the Valuation Manual. The provisions set forth in NRS 681B.300, 681B.320, 681B.360, 681B.370 and 681B.380 do not apply to any such policies and contracts.  4. The minimum standard for the valuation of policies and contracts issued before January 1, 1972, must be that provided by the laws in effect immediately preceding that date.  5. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only to, or in connection with, policies and contracts issued on or after January 1, 1972, and before the operative date of the Valuation Manual.  (Added to NRS by 1971, 1612; A 1983, 938; 2015, 3400)
NV Rev Stat § 681B.140 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.140 - Calculation of reserves on higher or lower standards; rate of interest; applicability.

  1. Reserves for any category of policies, contracts or benefits as established by the Commissioner, issued on or after January 1, 1972, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for the category than those calculated according to the minimum standards provided by subsections 2 and 3 of NRS 681B.120 and 681B.125, but the rate or rates of interest used for policies and contracts other than the annuity and pure endowment contracts must not be higher than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided for in such policies.  2. Any insurer which has adopted a standard of valuation producing greater aggregate reserves as described in subsection 1 may, with the approval of the Commissioner, adopt a lower standard of valuation, but not lower than the minimum described in subsection 1.  3. The minimum standard for the valuation of policies and contracts issued before January 1, 1972, must be that provided by the laws in effect immediately preceding that date.  4. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only to, or in connection with, policies and contracts issued on or after January 1, 1972, and before the operative date of the Valuation Manual.  (Added to NRS by 1971, 1615; A 1977, 687; 1983, 945; 1995, 1772; 2015, 3410)
NV Rev Stat § 681B.145 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.145 - Reserves for plan of life insurance; applicability.

  1. For any plan of life insurance which provides for the determination of a future premium, the amounts of which are to be determined by the insurer based on estimates of future experience, or for any plan of life insurance or annuity which is of such a nature that the minimum reserves cannot be determined by the methods described in NRS 681B.130 and 681B.150, the reserves which are held under the plan must be:  (a) Appropriate in relation to the benefits and the pattern of premiums for the plan; and  (b) Computed by a method which is consistent with the principles of standard valuation contained in this chapter.  2. The minimum standard for the valuation of policies and contracts issued before January 1, 1972, must be that provided by the laws in effect immediately preceding that date.  3. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only to, or in connection with, policies and contracts issued on or after January 1, 1972, and before the operative date of the Valuation Manual.  (Added to NRS by 1983, 938; A 2015, 3410)
NV Rev Stat § 681B.150 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.150 - Minimum reserve; applicability.

  1. If in any contract year the gross premium charged by any life insurer on any policy or contract issued on or after January 1, 1972, is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract is the greater of:  (a) The reserve calculated according to the mortality table, rate of interest and method actually used for the policy or contract; or  (b) The reserve calculated by the method actually used for the policy or contract, but using the minimum valuation standards of mortality and rate of interest, and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this subsection are the standards stated in NRS 681B.120 and 681B.125.  2. If any life insurance policy is issued on or after January 1, 1987, for which the gross premium in the first policy year exceeds that of the second year and no comparable additional benefit is provided in the first year in return for the excess premium, and which provides an endowment benefit or a cash surrender value, or a combination thereof, in an amount greater than the excess premium, the provisions of this section must be applied as if the method actually used in calculating the reserve for the policy were the method described in NRS 681B.130 other than in subsection 2 of that section. The minimum reserve required at each policy anniversary of such a policy is the greater of the minimum reserve calculated in accordance with NRS 681B.130, including subsection 2 of that section, and the minimum reserve calculated in accordance with this subsection and subsection 1.  3. The minimum standard for the valuation of policies and contracts issued before January 1, 1972, must be that provided by the laws in effect immediately preceding that date.  4. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only to, or in connection with, policies and contracts issued on or after January 1, 1972, and before the operative date of the Valuation Manual.  (Added to NRS by 1971, 1616; A 1977, 687; 1983, 945; 2015, 3411)
NV Rev Stat § 681B.155 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.155 - Regulations regarding standards for valuation for health insurance contracts; applicability.

  1. For health insurance contracts of any kind issued on or after January 1, 1972, and before the operative date of the Valuation Manual, by health insurers, corporations for hospital, medical and dental service, health maintenance organizations and plans for dental care, the minimum standard of valuation is the standard adopted by the Commissioner by regulation.  2. The minimum standard for the valuation of policies and contracts issued before January 1, 1972, must be that provided by the laws in effect immediately preceding that date.  3. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only before the operative date of the Valuation Manual.  (Added to NRS by 1995, 1770; A 2015, 3415) — (Substituted in revision for NRS 681B.270)
NV Rev Stat § 681B.200 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.200 - "Qualified actuary" defined.

  1. As used in NRS 681B.200 to 681B.260, inclusive, "qualified actuary" means a natural person who is qualified to sign the applicable statement of actuarial opinion in accordance with the qualification standards set by the American Academy of Actuaries for an actuary signing such a statement.  2. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only before the operative date of the Valuation Manual.  (Added to NRS by 1995, 1768; A 2011, 3353; 2015, 3412)
NV Rev Stat § 681B.210 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.210 - Insurer to submit annual opinion as to computation of reserves and related actuarial items; applicability.

  1. Every insurer doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Commissioner by regulation are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state. The Commissioner by regulation may further define or enlarge the scope of this opinion.  2. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only before the operative date of the Valuation Manual.  (Added to NRS by 1995, 1768; A 2011, 3353; 2015, 3412)
NV Rev Stat § 681B.220 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.220 - Insurer to submit annual opinion as to sufficiency of reserves and related actuarial items; applicability.

  1. Every such insurer, unless exempted by or pursuant to regulation, shall also annually submit an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Commissioner by regulation, when considered in light of the assets held by the insurer with respect to the reserves and related actuarial items, including the earnings on the assets invested and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the insurer’s obligations under the policies and contracts, including the benefits under and expenses associated with the policies and contracts.  2. The Commissioner may provide by regulation for a period of transition for establishing any higher reserves which the qualified actuary may deem necessary in order to render the opinion required by this section and NRS 681B.210.  3. The holding of additional reserves determined by a qualified actuary to be necessary to render the opinion required by this section or NRS 681B.210, shall not be deemed to be the adoption of a higher standard of valuation for the purposes of NRS 681B.120 or 681B.140.  4. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only before the operative date of the Valuation Manual.  (Added to NRS by 1995, 1768; A 2015, 3413)
NV Rev Stat § 681B.230 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.230 - Opinion to be supported by memorandum; Commissioner may cause independent actuary to review opinion under certain circumstances; applicability.

  1. Each opinion required by NRS 681B.220 must be supported by memorandum, in form and substance acceptable to the Commissioner as specified by regulation.  2. If an insurer fails to provide a supporting memorandum at the request of the Commissioner within a period specified by regulation, or the Commissioner determines that the supporting memorandum provided by the insurer fails to meet the standards prescribed by the regulations or is otherwise unacceptable to the Commissioner, the Commissioner may engage a qualified actuary at the expense of the insurer to review the opinion and the basis for the opinion and prepare such supporting memorandum as is required by the Commissioner.  3. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only before the operative date of the Valuation Manual.  (Added to NRS by 1995, 1769; A 2015, 3413)
NV Rev Stat § 681B.240 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.240 - Requirements for opinion; applicability.

  1. Every opinion must:  (a) Be submitted with the annual statement reflecting the valuation of reserve liabilities for each year ending on or after December 31, 1996.  (b) Apply to all business in force including, without limitation, individual and group health insurance plans, in form and substance acceptable to the Commissioner as specified by regulation.  (c) Be based on standards adopted from time to time by the Actuarial Standards Board or a successor organization approved by the Commissioner and on such additional standards as the Commissioner may by regulation prescribe.  2. In the case of an opinion required to be submitted by a foreign or alien company, the Commissioner may accept the opinion filed by that company with the commissioner of insurance of another state if the Commissioner determines that the opinion reasonably meets the requirements applicable to an insurer domiciled in this state.  3. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only before the operative date of the Valuation Manual.  (Added to NRS by 1995, 1769; A 1997, 1623, 3024; 1999, 468; 2015, 3413)
NV Rev Stat § 681B.250 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.250 - Liability of qualified actuary; disciplinary action; applicability.

  1. Except in a case of fraud or willful misconduct, a qualified actuary who is appointed by an insurer to issue an opinion pursuant to this chapter or any regulation adopted pursuant thereto is not liable for damages to any person other than an affected insurer or the Commissioner for any act, error, omission, decision or conduct with respect to the actuary’s opinion.  2. Disciplinary action by the Commissioner against an actuary must be prescribed by regulation by the Commissioner.  3. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only before the operative date of the Valuation Manual.  (Added to NRS by 1995, 1769; A 2011, 3353; 2015, 3414)
NV Rev Stat § 681B.260 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.260 - Confidentiality of documents, material and other information provided by insurer to Commissioner; applicability.

  1. Except as otherwise provided in this section and NRS 239.0115, 681B.400, 681B.410 and 681B.420, any documents and other material or information provided by an insurer to the Commissioner, which constitute a memorandum in support of an opinion, and any other material provided to the Commissioner in connection with such a memorandum, must be kept confidential by the Commissioner, is not open to the public, and is not subject to subpoena, except for the purpose of defending an action seeking damages from any person by reason of any action required by NRS 681B.200 to 681B.260, inclusive, or by any regulation adopted under those sections.  2. A memorandum or other material may be released by the Commissioner with the written consent of the insurer or to the American Academy of Actuaries or its successor organization upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the Commissioner for preserving the confidentiality of the memorandum or other material.  3. If any portion of a confidential memorandum is cited by the insurer in its marketing or is cited before any governmental agency other than a state commissioner of insurance or is released by an insurer to the public, all portions of the memorandum are no longer confidential.  4. The Commissioner may use the documents, materials and other information described in this section in the furtherance of any regulatory or legal action brought as part of the Commissioner’s official duties.  5. Neither the Commissioner nor any other person in receipt of documents, materials or other information obtained while acting under the authority of the Commissioner may be permitted or required to testify in any private civil action concerning any confidential documents, materials or information subject to this section.  6. No waiver of any applicable privilege or claim of confidentiality in the documents, materials or other information described in this section shall occur as a result of disclosure to the Commissioner pursuant to this section or as a result of sharing as authorized in subsection 8 of NRS 679B.190.  7. A memorandum in support of an opinion, and any other material provided by the applicable company or insurer to the Commissioner in connection with the memorandum, may be subject to subpoena for the purpose of defending an action seeking damages from the actuary submitting the memorandum by reason of an action required by this section.  8. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only before the operative date of the Valuation Manual.  (Added to NRS by 1995, 1769; A 2007, 2156; 2015, 3414) PROVISIONS GOVERNING POLICIES AND CONTRACTS SUBJECT TO PROVISIONS OF THE VALUATION MANUAL
NV Rev Stat § 681B.310 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.310 - Commissioner authorized to exempt certain policies and contracts from provisions of Valuation Manual; alternate applicable provisions; applicability.

  1. The Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in this State from the requirements of NRS 681B.300, if:  (a) The Commissioner has issued to the company a written exemption and has not subsequently revoked that written exemption; and  (b) The company computes reserves using assumptions and methods that were used before the operative date of the Valuation Manual, in addition to complying with any applicable requirements established in regulations adopted by the Commissioner.  2. If a company is granted an exemption as described in subsection 1, the provisions of NRS 681B.110 to 681B.260, inclusive, apply to that company.  3. The provisions of this section apply only on or after the operative date of the Valuation Manual.  (Added to NRS by 2015, 3399)
NV Rev Stat § 681B.320 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.320 - Accident and health insurance policies: Minimum standard of valuation; applicability.

  1. For accident and health insurance policies and contracts issued on or after the operative date of the Valuation Manual, the standard prescribed in the Valuation Manual is the minimum standard of valuation required under NRS 681B.330.  2. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only to, or in connection with, policies and contracts issued on or after the operative date of the Valuation Manual.  (Added to NRS by 2015, 3396)
NV Rev Stat § 681B.330 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.330 - Valuation and calculation of reserves; acceptance of valuation by another state or jurisdiction; applicability.

  1. For policies and contracts issued on or after the operative date of the Valuation Manual:  (a) The Commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every applicable company doing business in this State.  (b) In lieu of the valuation of the reserves required of a foreign or alien applicable company, the Commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in NRS 681B.110 to 681B.510, inclusive.  2. The provisions set forth in NRS 681B.300, 681B.320, 681B.360, 681B.370 and 681B.380 apply to all policies and contracts issued on or after the operative date of the Valuation Manual.  3. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only to, or in connection with, policies and contracts issued on or after the operative date of the Valuation Manual.  (Added to NRS by 2015, 3392)
NV Rev Stat § 681B.360 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.360 - Principle-based valuation: Requirements; applicability.

  1. An applicable company using a principle-based valuation for one or more policies or contracts subject to this chapter, and as specified in the Valuation Manual, shall:  (a) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the Valuation Manual.  (b) Provide to the Commissioner, and the company’s board of directors, an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. Such controls must be designed to ensure that all material risks inherent in the liabilities and associated assets subject to such valuation are included in the valuation, and that valuations are made pursuant to the Valuation Manual. The certification must be based on the controls in place as of the end of the preceding calendar year.  (c) Develop and, upon request, provide to the Commissioner a principle-based valuation report that complies with the standards prescribed in the Valuation Manual.  2. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only on or after the operative date of the Valuation Manual.  (Added to NRS by 2015, 3397)
NV Rev Stat § 681B.370 (2021)
2021 Nevada Revised Statutes|Chapter 681B - Assets and Liabilities|NRS 681B.370 - Principle-based valuation: Required reserves; applicability.

  1. An applicable company using a principle-based valuation must establish reserves that:  (a) Quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at a level of conservatism that reflects conditions which include unfavorable events that have a reasonable probability of occurring during the lifetime of the contracts. For policies or contracts with significant tail risk, the valuation must reflect conditions appropriately adverse to quantify the tail risk.  (b) Incorporate assumptions, risk analysis methods and financial models and management techniques that are consistent with, but not necessarily identical to, those utilized within the company’s overall risk assessment process while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods.  (c) Incorporate assumptions that are:  (1) Prescribed in the Valuation Manual; or  (2) Established utilizing the company’s available experience, to the extent that it is relevant and statistically credible or established utilizing other relevant, statistically credible experience.  (d) Provide margins for uncertainty, including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve.  2. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only on or after the operative date of the Valuation Manual.  (Added to NRS by 2015, 3396)