reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.070 - "Contractual obligation" defined.

"Contractual obligation" means any obligation under a policy or contract or a certificate under a group policy or contract, or portion thereof, for which coverage is provided under NRS 686C.030.
(Added to NRS by 1973, 303; A 1989, 565; 1991, 870; 2001, 1033)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.080 - "Covered policy or contract" defined.

"Covered policy or contract" means any policy or contract included within the scope of this chapter, as expressed in NRS 686C.030 and 686C.035.
(Added to NRS by 1973, 303; A 1991, 870; 2019, 1087)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.090 - "Impaired insurer" defined.

"Impaired insurer" means a member insurer which is not an insolvent insurer and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.
(Added to NRS by 1973, 303; A 1991, 870; 2001, 1033; 2015, 3475)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.095 - "Insolvent insurer" defined.

"Insolvent insurer" means a member insurer which is ordered to liquidate by a court of competent jurisdiction after a finding of insolvency.
(Added to NRS by 1991, 863; A 2015, 3475)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.100 - "Member insurer" defined.

"Member insurer" means an insurer which is licensed or holds a certificate of authority to transact in this state any kind of insurance for which coverage is provided in this chapter or a health maintenance organization which holds a certificate of authority to operate in this State. The term includes an insurer or health maintenance organization whose license or certificate of authority in this state has been suspended, revoked, not renewed or voluntarily withdrawn. The term does not include:
1. A fraternal benefit society;
2. A mandatory state pooling plan;
3. A mutual assessment company or other person that operates on the basis of assessments;
4. An insurance exchange;
5. An organization that is authorized only to issue charitable gift annuities under NRS 688A.281 to 688A.285, inclusive;
6. A reinsurance program operated by the State Government; or
7. An organization similar to any of those listed in subsections 1 to 6, inclusive.
(Added to NRS by 1973, 303; A 1991, 870; 2001, 1033; 2019, 1087)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.104 - "Owner" defined.

"Owner" of a policy or contract means the person who is identified as the legal owner under the terms of the policy or contract or who is otherwise vested with legal title to the policy or contract through a valid assignment completed in accordance with the terms of the policy or contract and properly recorded as the owner on the books of the issuer.
(Added to NRS by 2001, 1026)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.110 - "Premiums" defined.

"Premiums" means amounts received in any calendar year on covered policies or contracts less premiums, considerations and deposits returned thereon, and less dividends and credits for experience thereon. The term does not include:
1. Any amounts received for policies or contracts or for the portions of policies or contracts for which coverage is not provided under NRS 686C.030 except that the assessable premium is not reduced on account of paragraph (c) of subsection 1 of NRS 686C.035 relating to limitations on interest and subsection 2 or paragraph (b) of subsection 1 of NRS 686C.210 relating to limitations with respect to any one life.
2. Premiums for an unallocated annuity contract, except those issued in accordance with the provisions of a governmental retirement plan, established under section 401, 403(b) or 457 of the Internal Revenue Code, 26 U.S.C. §§ 401, 403(b) and 457, respectively, or the trustees of such a plan.
3. Premiums that exceed $5,000,000 for several nongroup policies of life insurance owned by one owner, regardless of:
(a) Whether the owner is a natural person, firm, corporation or other person;
(b) Whether any person insured under the policies is an officer, manager, employee or other person; or
(c) The number of policies or contracts held by the owner.
(Added to NRS by 1973, 303; A 1991, 870; 2001, 1033; 2015, 3475)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.115 - "Principal place of business" defined.

1. "Principal place of business" of an organization means the single state in which the natural persons who establish policy for the direction, control and coordination of the operations of the organization as a whole primarily perform that function, determined by the Association in its reasonable judgment by considering:
(a) The state in which the primary executive and administrative headquarters of the organization is located;
(b) The state in which the principal office of the chief executive officer of the organization is located;
(c) The state in which the board of directors, or similar governing authority, of the organization conducts the majority of its meetings;
(d) The state in which the executive or managerial committee of the board of directors, or similar governing authority, of the organization conducts the majority of its meetings; and
(e) The state from which the management of the overall operations of the organization is directed.
2. "Principal place of business" of the sponsor of a benefit plan means the principal place of business of the association, committee, joint board of trustees or similar group of representatives of the parties who establish or maintain the plan or, if that cannot be ascertained, of the employer or the employee organization that has the largest investment in the plan, except that in either case if more than half of the participants of the plan are employed in one state, it means that state. In the case of a benefit plan sponsored by affiliated companies comprising a consolidated corporation, it means the state in which the holding company or controlling affiliate has its principal place of business as determined by using the factors set forth in subsection 1.
(Added to NRS by 2001, 1026)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.120 - "Resident" defined.

"Resident" means any person to whom a contractual obligation is owed and who resides in this state on the date of entry of a court order that determines a member insurer to be impaired or insolvent. A person may be a resident of but one state, which in the case of a person other than a natural person is its principal place of business. A citizen of the United States who is a resident of a foreign country or of a territory or insular possession subject to the jurisdiction of the United States which does not have an association similar to the Association created by this chapter shall be deemed to be a resident of the state of domicile of the member insurer that issued the policy or contract.
(Added to NRS by 1973, 303; A 1991, 871; 2001, 1034; 2015, 3475; 2019, 1087)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.124 - "Structured settlement annuity" defined.

"Structured settlement annuity" means an annuity purchased to fund periodic payments to a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.
(Added to NRS by 2001, 1027)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.125 - "Supplemental contract" defined.

"Supplemental contract" means a written agreement for the distribution of proceeds from a life or health insurance policy or contract or an annuity.
(Added to NRS by 1991, 864; A 2001, 1034; 2019, 1087)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.127 - "Unallocated annuity contract" defined.

"Unallocated annuity contract" means an annuity contract or group annuity certificate which is not issued to and owned by a natural person except to the extent such an annuity contract or group annuity certificate is guaranteed to a natural person by an insurer under such contract or certificate.
(Added to NRS by 2011, 3368)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.128 - Document describing general purposes and current limitations of chapter: Preparation; distribution and revision; disclaimer; related duties by member insurer.

1. The Association shall prepare, and submit to the Commissioner for approval, a summary document describing the general purposes and current limitations of this chapter. After the expiration of 60 days after the approval of the summary document by the Commissioner, a member insurer may not deliver a policy or contract to the policy or contract owner, certificate holder or enrollee unless the summary document is delivered to the policy or contract owner, certificate holder or enrollee at the time of delivery of the policy or contract. The document must also be available upon request by the policy or contract owner, certificate holder or enrollee. The distribution, delivery, contents or interpretation of this document does not guarantee that the policy or contract or the policy or contract owner, certificate holder or enrollee is covered in the event of the impairment or insolvency of a member insurer. The descriptive document must be revised by the Association as amendments to this chapter may require. Failure to receive this document does not give the policy or contract owner, certificate holder or enrollee any greater rights than those stated in this chapter.
2. The document prepared pursuant to subsection 1 must contain a clear and conspicuous disclaimer on its face. The Commissioner shall establish the form and content of the disclaimer. The disclaimer must:
(a) State the name and address of the Association and of the Division;
(b) Prominently warn the policy or contract owner, certificate holder or enrollee that the Association may not cover the policy or contract or, if coverage is available, it will be subject to substantial limitations and exclusions and conditioned on continued residence in this State;
(c) State the types of policies and contracts for which guaranty funds will provide coverage;
(d) State that the member insurer and its agents are prohibited by law from using the existence of the Association for the purpose of sales, solicitation or inducement to purchase any form of insurance or coverage offered by a health maintenance organization;
(e) State that the policy or contract owner, certificate holder or enrollee should not rely on coverage under the Association when selecting an insurer;
(f) Explain the rights and procedures for filing a complaint to allege a violation of any provision of this chapter; and
(g) Provide other information as directed by the Commissioner, including sources of information about the financial condition of insurers, if the information is not proprietary and is subject to disclosure under the law of the state in which the member insurer is domiciled.
3. A member insurer shall retain evidence of compliance with subsection 1 while the policy or contract for which the notice is given remains in effect.
(Added to NRS by 1991, 868; A 2001, 1034; 2019, 1087)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.130 - Creation of Association; membership; operation; accounts; supervision by Commissioner.

1. There is hereby created a nonprofit legal entity to be known as the Nevada Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance or operate a health maintenance organization, as applicable, in this state. The Association shall perform its functions under the plan of operation established and approved pursuant to NRS 686C.290 and shall exercise its powers through a Board of Directors established pursuant to NRS 686C.140.
2. For purposes of administration and assessment, the Association shall maintain two accounts:
(a) The Health Account; and
(b) The Life and Annuity Account, which consists of:
(1) The Subaccount for Life Insurance; and
(2) The Subaccount for Annuities, including annuities owned by a governmental retirement plan, or its trustees, established under section 401, 403(b) or 457 of the Internal Revenue Code, 26 U.S.C. §§ 401, 403(b) and 457.
3. The Association is under the immediate supervision of the Commissioner and is subject to the applicable provisions of the Nevada Insurance Code. Meetings or records of the Association may be opened to the public by majority vote of the Board of Directors.
(Added to NRS by 1973, 303; A 1991, 871; 2001, 1035; 2019, 1088)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.140 - Board of Directors: Members; vacancies; initial selection; reimbursement of expenses.

1. The Board of Directors of the Association consists of not less than 7 nor more than 11 members, serving terms as established in the plan of operation.
2. The members of the Board who represent member insurers must be selected by member insurers subject to the approval of the Commissioner. If practicable, one of the members of the Board must be an officer of a domestic member insurer.
3. Two public representatives must be appointed to the Board by the Commissioner. A public representative may not be an officer, director or employee of a member insurer, engaged in the business of insurance or a health maintenance organization.
4. Vacancies on the Board must be filled for the remaining period of the term by majority vote of the members of the Board, subject to the approval of the Commissioner, for members who represent member insurers, and by the Commissioner for public representatives.
5. To select the initial Board of Directors, and initially organize the Association, the Commissioner shall give notice to all member insurers of the time and place of the organizational meeting. In determining voting rights at the organizational meeting, each member insurer is entitled to one vote in person or by proxy. If the Board of Directors is not selected within 60 days after notice of the organizational meeting, the Commissioner may appoint the initial members to represent member insurers in addition to the public representatives.
6. In approving selections or in appointing members to the Board, the Commissioner shall consider, among other things, whether all member insurers are fairly represented.
7. Members of the Board may be reimbursed from the assets of the Association for expenses incurred by them as members of the Board of Directors, but members of the Board may not otherwise be compensated by the Association for their services.
(Added to NRS by 1973, 303; A 2001, 1035; 2003, 2805; 2019, 1089)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.150 - Powers regarding impaired insurers.

If a member insurer is an impaired insurer, the Association may, subject to any conditions it may impose which do not impair the contractual obligations of the impaired insurer and which are approved by the Commissioner:
1. Guarantee, assume, reissue or reinsure, or cause to be guaranteed, assumed, reissued or reinsured, any or all of the covered policies or contracts of the impaired insurer.
2. Provide such money, pledges, loans, notes, guarantees or other means as are proper to effectuate subsection 1, and assure payment of the contractual obligations of the impaired insurer pending action under subsection 1.
(Added to NRS by 1973, 304; A 1991, 871; 2001, 1036; 2019, 1089)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.152 - Duties regarding insolvent insurers.

If a member insurer is an insolvent insurer, the Association shall:
1. Guarantee, assume, reissue or reinsure, or cause to be guaranteed, assumed, reissued or reinsured, the policies or contracts of the insolvent insurer; or
2. Ensure payment of the contractual obligations of the insolvent insurer and:
(a) Provide such money, pledges, loans, notes, guarantees or other means as are reasonably necessary to discharge its duties; or
(b) Provide benefits and coverages in accordance with NRS 686C.153 and 686C.154.
(Added to NRS by 1991, 865; A 2001, 1036; 2019, 1090)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.153 - Provision of substitute benefits and coverage with respect to covered policies or contracts.

1. When proceeding pursuant to paragraph (b) of subsection 2 of NRS 686C.152, the Association shall:
(a) With respect to covered policies or contracts, ensure payment of benefits that would have been payable under the policies or contracts of the insolvent insurer, for claims incurred with respect to:
(1) A group policy or contract, not later than the earlier of the next renewal date under the policy or contract or 45 days, but in no event less than 30 days, after the date when the Association becomes obligated with respect to that policy or contract.
(2) A nongroup policy, contract or annuity, not later than the earlier of the next renewal date, if any, under the policy, contract or annuity or 1 year, but in no event less than 30 days, after the date when the Association becomes obligated with respect to that policy, contract or annuity.
(b) Make diligent efforts to provide all known insureds, policy or contract owners or enrollees with respect to group policies or contracts, or annuitants with respect to annuities, 30 days’ notice of termination of the benefits provided pursuant to paragraph (a).
(c) With respect to nongroup life insurance, health insurance or annuity policies or contracts, make available substitute coverage on an individual basis, in accordance with the provisions of subsection 2, to each known insured or annuitant, or owner if other than the insured, enrollee or annuitant, and to each natural person formerly insured, formerly an enrollee or formerly an annuitant, under a group policy or contract who is not eligible for replacement group coverage, if the insured, enrollee or annuitant had a right under law or the terminated policy, contract or annuity to convert coverage to individual coverage or to continue an individual policy, contract or annuity in force until a specified age or for a specified period, during which the member insurer had no right unilaterally to make changes in any provision of the policy, contract or annuity or had a right only to make changes in premium by class.
2. In providing the substitute coverage required under paragraph (c) of subsection 1, the Association may offer to reissue the terminated coverage or to issue an alternative policy or contract at actuarially justified rates without requiring evidence of insurability or a waiting period or exclusion that would not have applied under the terminated policy or contract and may reinsure any alternative or reinsured policy or contract.
(Added to NRS by 1991, 865; A 2001, 1036; 2019, 1090)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.154 - Alternative policies or contracts: Adoption; approval; contents; premium; coverage.

1. Alternative policies or contracts adopted by the Association are subject to the approval of the Commissioner. The Association may adopt alternative policies or contracts of various types for future issuance without regard to any particular impairment or insolvency.
2. An alternative policy or contract must contain at least the minimum statutory provisions required in this state and provide benefits that are not unreasonable in relation to the premium charged. The Association shall set the premium in accordance with a table of rates which it shall adopt. The premium must reflect the amount of insurance to be provided and the age and class of risk of each insured or enrollee, but must not reflect any changes in the health of the insured or enrollee after the original policy or contract was last underwritten.
3. An alternative policy or contract issued by the Association must provide coverage of a type similar to that of the policy or contract issued by the impaired or insolvent insurer, as determined by the Association.
4. If the Association elects to reissue terminated coverage at a rate of premium different from that charged under the terminated policy or contract, the premium must be set by the Association at an actuarially justified amount in accordance with the amount of insurance provided and the age and class of risk, subject to approval by the Commissioner pursuant to subsection 1.
(Added to NRS by 1991, 866; A 2001, 1037; 2019, 1091)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.155 - Ensuring of payment or credit of guaranteed minimum interest rate.

When proceeding pursuant to paragraph (b) of subsection 2 of NRS 686C.152 with respect to any policy or contract carrying guaranteed minimum interest rates, the Association shall ensure the payment or crediting of a rate of interest consistent with paragraph (c) of subsection 1 of NRS 686C.035.
(Added to NRS by 1991, 866; A 2001, 1038)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.156 - Issuance of substitute coverage for policy or contract that uses external reference for calculating returns or changes in value.

In carrying out its duties in connection with guaranteeing, assuming, reissuing or reinsuring a policy or contract under NRS 686C.150 and 686C.152, the Association may issue substitute coverage for a policy or contract that provides an interest rate, crediting rate or similar factor determined by use of an index or other external reference stated in the policy or contract employed in calculating returns or changes in value by issuing an alternative policy or contract if:
1. In lieu of the index or other external reference stated in the original policy or contract, the alternative policy or contract provides for a fixed interest rate, payment of dividends guaranteed as to minimum amount, or a different method of calculating interest or changes in value;
2. There is no requirement for evidence of insurability, waiting period or other exclusion that would not have applied under the replaced policy or contract; and
3. The alternative policy or contract is substantially similar to the replaced policy or contract in all other material terms.
(Added to NRS by 2001, 1029; A 2019, 1091)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.158 - Payment of premiums; liability for unearned premiums.

Premiums due for coverage after entry of an order of liquidation of an insolvent insurer belong to and are payable at the direction of the Association, and the Association is liable for unearned premiums due to owners of policies or contracts arising after the entry of such an order.
(Added to NRS by 2001, 1027)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.160 - Imposition of restraints on insurers.

In carrying out its responsibilities under NRS 686C.152, the Association may, subject to approval by a court of this state:
1. Impose permanent liens on policies and contracts in connection with any guarantee, assumption or reinsurance if the Association finds that the amounts which can be assessed under this chapter are less than the amounts needed to ensure full and prompt performance of the Association’s duties or that the economic or financial conditions as they affect member insurers are sufficiently adverse that the imposition of such permanent liens is in the public interest.
2. Impose temporary moratoriums or liens on payments of cash values and policy loans or any right to withdraw money held in conjunction with policies or contracts, in addition to any contractual provisions for deferral of paying cash value or lending against the policy or contract. In addition, in the event of a temporary moratorium or charge imposed by the court in the insolvent or impaired insurer’s state which has jurisdiction over the conservation, rehabilitation or liquidation of the insurer on such payment or lending, or on any other right to withdraw money held in conjunction with policies or contracts, the Association may defer such payment, lending or withdrawal for the period of the moratorium or charge, except for claims covered by the Association to be paid in accordance with a procedure for cases of hardship established by the liquidator or rehabilitator and approved by the court.
(Added to NRS by 1973, 305; A 1991, 872; 2001, 1038; 2019, 1092)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.170 - Liability for guaranty provided by laws of another state or jurisdiction.

The Association is not liable under NRS 686C.152 where a guaranty is provided to residents of this state by the laws of the domiciliary state or jurisdiction of the impaired or insolvent insurer other than this state.
(Added to NRS by 1973, 305; A 1991, 873; 2001, 1038)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.175 - Receipt and disposition of deposit held pursuant to law or required by Commissioner for benefit of creditors.

A deposit in this state, held pursuant to law or required by the Commissioner for the benefit of creditors, including, without limitation, policy or contract owners, certificate holders and enrollees, not turned over to the domiciliary receiver upon the entry of a final order of liquidation or order approving a plan of rehabilitation of a member insurer domiciled in this state or a reciprocal state pursuant to NRS 696B.290 or 696B.300 must be promptly paid to the Association. The Association is entitled to retain a portion of an amount so paid to it that is equal to the percentage determined by dividing the aggregate amount of claims by policy or contract owners, certificate holders and enrollees that are related to that insolvency for which the Association has provided statutory benefits by the aggregate amount of all claims by policy or contract owners, certificate holders and enrollees in this state related to that insolvency, and shall remit the remainder to the domiciliary receiver. The amount so remitted is a distribution of the assets of the member insurer for the purposes of chapter 696B of NRS.
(Added to NRS by 2001, 1027; A 2019, 1092)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.180 - Provision of assistance to Commissioner.

The Association may render assistance and advice to the Commissioner upon request by the Commissioner, concerning rehabilitation, payment of claims, continuation of coverage or the performance of other contractual obligations of an impaired or insolvent insurer.
(Added to NRS by 1973, 305; A 2001, 1038)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.190 - Legal standing.

The Association has standing:
1. To appear or intervene before a court or agency in this state which has jurisdiction over an impaired or insolvent insurer concerning which the Association is or may become obligated under this chapter or over any person or property against whom or which the Association may have rights through subrogation or otherwise. Its standing extends to all matters germane to the powers and duties of the Association, including proposals for reinsuring, reissuing, modifying or guaranteeing the policies or contracts of the impaired or insolvent insurer and the determination of the policies or contracts and contractual obligations.
2. To appear or intervene before a court or agency in another state which has jurisdiction over an impaired or insolvent insurer for which the Association is or may become obligated, or over any person or property against whom or which the Association may have rights through subrogation or otherwise.
(Added to NRS by 1973, 305; A 1991, 873; 2001, 1038; 2019, 1092)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.200 - Subrogation.

1. A person receiving benefits under this chapter shall be deemed to have assigned his or her rights under, and any causes of action against any person for losses arising under, resulting from or otherwise relating to, the covered policy or contract to the Association to the extent of the benefits received because of this chapter, whether the benefits are payments of or on account of contractual obligations, continuation of coverage or provision of substitute or alternative coverages. The Association may require an assignment to it of those rights and causes of action by any payee, policy or contract owner, certificate holder, enrollee, beneficiary, insured or annuitant as a condition precedent to the receipt of any rights or benefits conferred by this chapter upon that person.
2. The rights of the Association to subrogation under this subsection have the same priority against the assets of the impaired or insolvent insurer as that possessed by the person entitled to receive benefits under this chapter.
3. In addition to the rights provided under subsections 1 and 2, the Association has all rights of subrogation at common law and any other equitable or legal remedy which would have been available to the impaired or insolvent insurer or the owner, beneficiary or payee of a policy or contract, a certificate holder or an enrollee with respect to the policy or contract, including, in the case of a structured settlement annuity, any rights of the owner, beneficiary or payee of the annuity, to the extent of benefits received under this chapter, against a person originally or by succession responsible for the losses arising from the personal injury relating to the annuity or payment for it, except any such person responsible solely by reason of serving as an assignee under section 130 of the Internal Revenue Code, 26 U.S.C. § 130.
4. If the provisions of subsections 1, 2 and 3 are invalid or ineffective with respect to any person or any claim for any reason, the amount payable to the Association with respect to the related covered obligations is reduced by the amount realized by any other person with respect to the person or claim which is attributable to the policies or contracts or portions thereof covered by the Association.
5. If the Association has provided benefits with respect to a covered obligation and a person recovers amounts as to which the Association has rights under subsections 1 to 4, inclusive, the person shall pay to the Association the portion of the recovery attributable to the policies or contracts or portions thereof covered by the Association.
(Added to NRS by 1973, 305; A 1991, 873; 2001, 1039; 2019, 1093)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.220 - General powers.

The Association may:
1. Enter into such contracts as are necessary or proper to carry out the provisions and purposes of this chapter.
2. Sue or be sued, including the taking of any legal action necessary or proper for recovery of any unpaid assessments under NRS 686C.230 or to settle claims or potential claims against it.
3. Borrow money to effect the purposes of this chapter. Any notes or other evidence of indebtedness of the Association not in default are legal investments for domestic insurers and may be carried as admitted assets.
4. Employ or retain such persons as are necessary or appropriate to handle the financial transactions of the Association, and to perform such other functions as become necessary or proper under this chapter.
5. Take such legal action as may be necessary or appropriate to avoid or recover payment of improper claims.
6. Exercise, for the purposes of this chapter and to the extent approved by the Commissioner, the powers of a domestic life or health insurer or health maintenance organization, but in no case may the Association issue insurance policies or annuities other than those issued to perform its contractual obligations under this chapter.
7. Join an organization of one or more other state associations having similar purposes, to further the purposes and administer the powers and duties of the Association.
8. Organize itself as a corporation or in other legal form permitted by the laws of this state.
9. Request information from a person seeking coverage from the Association to aid the Association in determining its obligations under this chapter with respect to the person, and the person shall promptly comply with the request.
10. Except where otherwise provided by law, in accordance with the terms and conditions of the applicable policy or contract, file for actuarially justified rate or premium increases for any policy for which the Association provides coverage under the provisions of this chapter.
11. Take other necessary or appropriate action to perform its duties and discharge its obligations under this chapter or to exercise its power under this chapter.
(Added to NRS by 1973, 306; A 1991, 874; 2001, 1040; 2019, 1095)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.221 - Determination of means to provide benefits; limitation on entitlement to benefits.

1. The Board of Directors of the Association may exercise reasonable business judgment to determine the means by which the Association is to provide the benefits of this chapter in an economical and efficient manner.
2. Where the Association has arranged or offered to provide the benefits of this chapter to a covered person under a plan or arrangement that satisfies the obligations of the Association under this chapter, the covered person is not entitled to benefits from the Association in addition to or other than those provided under the plan or arrangement.
(Added to NRS by 2001, 1029)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.2241 - Assumption of reinsurance contracts: Suspension of rights and obligations for period after order of liquidation.

1. During the period after the date of an order of liquidation until the election date, or, if the election date does not occur, until 180 days after the date of the order of liquidation:
(a) Neither the Association nor the reinsurer shall have any rights or obligations under reinsurance contracts that the Association has the right to assume under NRS 686C.224, whether for periods before or after the date of the order of liquidation.
(b) The reinsurer, the receiver and the Association shall, to the extent practicable, provide each other data and records as reasonably requested.
2. Once the Association has elected to assume a reinsurance contract, the parties’ rights and obligations are governed by the provisions of NRS 686C.224.
(Added to NRS by 2015, 3473)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.2243 - Assumption of reinsurance contracts: Contracts not assumed by Association.

If the Association does not elect to assume a reinsurance contract by the election date under NRS 686C.224, the Association has no rights or obligations, in each case for periods both before and after the date of the order of liquidation, with respect to the reinsurance contract.
(Added to NRS by 2015, 3473)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.2245 - Assumption of reinsurance contracts: Transfer of contracts by Association.

When policies or contracts, or covered obligations with respect thereto, are transferred to an assuming insurer, reinsurance on the policies or contracts may also be transferred by the Association, in the case of policies or contracts assumed under NRS 686C.224, subject to the following:
1. Unless the reinsurer and the assuming insurer agree otherwise, the reinsurance contract transferred must not cover any new policies or contracts in addition to those transferred.
2. The obligations described in NRS 686C.224 no longer apply with respect to matters arising after the effective date of the transfer.
3. Notice must be given in writing, return receipt requested, by the transferring party to the affected reinsurer not less than 30 days before the effective date of the transfer.
(Added to NRS by 2015, 3473; A 2019, 1098)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.2247 - Assumption of reinsurance contracts: Applicability of other provisions.

The provisions of NRS 686C.224 to 686C.2249, inclusive, supersede the provisions of any state law or of any affected reinsurance contract that provides for or requires any payment of reinsurance proceeds, on account of losses or events that occur in periods after the date of an order of liquidation, to the receiver of the insolvent insurer or any other person. The receiver shall remain entitled to any amounts payable by the reinsurer pursuant to the reinsurance contracts with respect to losses or events that occur in periods before the date of the order of liquidation, subject to applicable set-off provisions.
(Added to NRS by 2015, 3473)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.2249 - Assumption of reinsurance contracts: Terms and conditions of contract not affected; exceptions.

1. Except as otherwise provided in NRS 686C.130 to 686C.226, inclusive, nothing in NRS 686C.224 to 686C.2249, inclusive, shall alter or modify the terms and conditions of any reinsurance contract.
2. Nothing in this section shall:
(a) Abrogate or limit any rights of any reinsurer to claim that it is entitled to rescind a reinsurance contract;
(b) Give a policy or contract owner, certificate holder, enrollee or beneficiary an independent cause of action against a reinsurer that is not otherwise set forth in the reinsurance contract;
(c) Limit or affect the Association’s rights as a creditor of the estate against the assets of the estate; or
(d) Apply to reinsurance agreements covering property or casualty risks.
(Added to NRS by 2015, 3474; A 2019, 1099)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.225 - Termination of obligations: Replacement of coverage under policy or contract.

The Association’s obligations with respect to coverage under any policy or contract of the impaired or insolvent insurer or under any reissued or alternative policy or contract ceases on the date the policy or contract is replaced by another similar policy or contract by the policy or contract owner, certificate holder or enrollee or the Association.
(Added to NRS by 1991, 866; A 2019, 1099)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.226 - Termination of obligations: Failure to pay premiums.

Failure to pay premiums within 31 days after the date required pursuant to the terms of any guaranteed, assumed, alternative or reissued policy or contract or substitute coverage terminates the Association’s obligations under the policy, contract or coverage, except with respect to any claims incurred or any net cash surrender value which may be due in accordance with the provisions of this chapter.
(Added to NRS by 1991, 866)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.230 - Imposition; classes.

1. To provide the money necessary to carry out the powers and duties of the Association, the Board of Directors shall assess the member insurers, separately for each account, at such times and for such amounts as the Board finds necessary. An assessment is due upon at least 30 days’ written notice to the member insurer and accrues interest after it is due at the rate provided in NRS 99.040.
2. There are two classes of assessments, as follows:
(a) Assessments in Class A must be authorized and called for the purpose of meeting administrative and legal costs and other expenses. An assessment in Class A need not be related to a particular impaired or insolvent insurer.
(b) Assessments in Class B must be authorized and called to the extent necessary to carry out the powers and duties of the Association under NRS 686C.150 to 686C.220, inclusive, with regard to an impaired or insolvent insurer.
(Added to NRS by 1973, 306; A 1991, 875; 2001, 1041)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.250 - Abatement or deferment; maximum amount; effect of insufficiency; allocation of funds among claims.

1. The Association may abate or defer, in whole or in part, the assessment of a member insurer if, in the opinion of the Board of Directors, payment of the assessment would endanger the ability of the member insurer to fulfill its contractual obligations. If an assessment against a member insurer is abated or deferred in whole or in part, the amount by which that assessment is abated or deferred may be assessed against the other member insurers in a manner consistent with the basis for assessments set forth in this section. As soon as the conditions that caused a deferral have been removed or rectified, the member insurer shall pay all assessments that were deferred pursuant to a plan of repayment approved by the Association.
2. Except as otherwise provided in subsection 3, the total of all assessments authorized by the Association with respect to a member insurer for:
(a) The Life and Annuity Account and each of its subaccounts; and
(b) The Health Account,
respectively must not in any 1 calendar year exceed 2 percent of the member insurer’s average annual premiums received in this state on the policies and contracts covered by the subaccount or account during the 3 calendar years preceding the year in which the member insurer became impaired or insolvent.
3. If two or more assessments are authorized in 1 calendar year with respect to member insurers that became impaired or insolvent in different calendar years, the average annual premiums received for the purposes of the limitation provided in subsection 2 are equal and limited to the higher of the 3-year annual premiums for the applicable account or subaccount as calculated pursuant to this section.
4. If the maximum assessment, together with the other assets of the Association in an account, does not provide in any 1 year in either account an amount sufficient to carry out the responsibilities of the Association, the necessary additional money must be assessed as soon thereafter as permitted by this chapter.
5. If the maximum assessment for a subaccount of the Life and Annuity Account in any 1 year does not provide an amount sufficient to carry out the responsibilities of the Association, then pursuant to subsection 4 of NRS 686C.240, the Board shall assess the other subaccount for the necessary additional amount, subject to the maximum stated in subsection 2.
6. The Board may provide in the plan of operation a method of allocating funds among claims, whether relating to one or more impaired or insolvent insurers, when the maximum assessment is insufficient to cover anticipated claims.
(Added to NRS by 1973, 307; A 1991, 876; 2001, 1042; 2019, 1100)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.260 - Refund to member insurers.

The Board of Directors may, by an equitable method as established in the plan of operation, refund to member insurers, in proportion to the contribution of each member insurer to that account, the amount by which the assets of the account exceed the amount the Board finds is necessary to carry out during the coming year the obligations of the Association with regard to that account, including assets accruing from assignment, subrogation, net realized gains and income from investments. A reasonable amount may be retained in any account to provide funds for the continuing expenses of the Association and for future claims.
(Added to NRS by 1973, 307; A 1991, 877; 2001, 1043; 2019, 1101)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.270 - Rates and dividends may reflect assessments.

It is proper for any member insurer, in determining its rates of premium and dividends to owners of policies or contracts as to any kind of insurance or coverage offered by a health maintenance organization within the scope of this chapter, to consider the amount reasonably necessary to meet its obligations for assessment under this chapter.
(Added to NRS by 1973, 308; A 1991, 877; 2019, 1101)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.280 - Issuance, effect and use of certificate of contribution; offset against liability for premium tax; recoupment of assessments; payment and deposit of refund.

1. The Association shall issue to each member insurer paying an assessment under this chapter, other than an assessment in Class A, a certificate of contribution, in a form prescribed by the Commissioner, for the amount of the assessment so paid. All outstanding certificates are of equal dignity and priority without reference to amounts or dates of issue. A member insurer may show a certificate of contribution as an asset in its financial statement in such form, for such amount, if any, and for such period as the Commissioner may approve.
2. A member insurer may offset against its liability for premium tax to this state, accrued with respect to business transacted in a calendar year, an amount equal to 20 percent of the amount certified pursuant to subsection 1 in each of the 5 calendar years following the year in which the assessment was paid. If a member insurer ceases to transact business, it may offset all uncredited assessments against its liability for premium tax for the year in which it so ceases.
3. A member insurer that is exempt from its liability for premium tax described in subsection 2 may recoup its assessments under this chapter by imposing a surcharge on its premiums in an amount approved by the Commissioner. The Commissioner shall approve such a surcharge upon determining that the amount of the surcharge is reasonably calculated to recoup the assessments over a reasonable period of time. Any amount recouped under this subsection shall not be deemed to constitute a premium for any purpose relating to this Code.
4. If a member insurer recoups a larger amount through a surcharge imposed pursuant to subsection 3 than it paid in assessments over a period of time prescribed in the plan of operation established and approved pursuant to NRS 686C.290, the member insurer shall remit the excess amount to the Association. The Association shall apply such excess amounts to reduce future assessments in the appropriate account in accordance with the plan of operation.
5. Any sum acquired by refund from the Association pursuant to NRS 686C.260 which previously had been written off by the contributing member insurer and offset against premium taxes as provided in subsection 2 must be paid to the Department of Taxation and deposited by it with the State Treasurer for credit to the State General Fund. The Association shall notify the Commissioner and the Department of Taxation of each refund made.
(Added to NRS by 1973, 308; A 1991, 877; 1995, 1103; 2001, 1043; 2019, 1102)