reglab/statecodes huggingface dataset:
2023 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)
2023 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)
2023 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)
2023 Nevada Revised Statutes › Chapter 681B - Assets and Liabilities › NRS 681B.210 - Insurer required to submit annual opinion as to computation of reserves and related actuarial items; regulations; 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)
2023 Nevada Revised Statutes › Chapter 681B - Assets and Liabilities › NRS 681B.220 - Insurer required to submit annual opinion as to sufficiency of reserves and related actuarial items; exception; regulations; 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)
2023 Nevada Revised Statutes › Chapter 681B - Assets and Liabilities › NRS 681B.230 - Opinion required to be supported by memorandum; Commissioner authorized to cause independent actuary to review opinion under certain circumstances; regulations; 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)
2023 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)
2023 Nevada Revised Statutes › Chapter 681B - Assets and Liabilities › NRS 681B.250 - Liability of qualified actuary; disciplinary action; regulations; 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)
2023 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
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 Nevada Revised Statutes › Chapter 681B - Assets and Liabilities › NRS 681B.380 - Principle-based valuation: Prescribed formulaic reserve component allowed; applicability.

1. A principle-based valuation may include a prescribed formulaic reserve component.
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, 3397)
2023 Nevada Revised Statutes › Chapter 681B - Assets and Liabilities › NRS 681B.420 - Exceptions to confidentiality; applicability.

1. Notwithstanding any provisions of NRS 681B.410 to the contrary, any confidential information specified in subsections 1 and 5 of NRS 681B.410:
(a) May be subject to subpoena for the purpose of defending an action seeking damages from the appointed actuary submitting the related memorandum in support of an opinion submitted in accordance with the provisions of NRS 681B.200 to 681B.260, inclusive, or a principle-based valuation report developed in accordance with paragraph (c) of subsection 1 of NRS 681B.360 by reason of an action required by NRS 681B.300 to 681B.510, inclusive, or any regulations adopted pursuant thereto;
(b) May otherwise be released by the Commissioner with the written consent of the applicable company; and
(c) Is no longer confidential if any portion of a memorandum in support of an opinion submitted in accordance with the provisions of NRS 681B.200 to 681B.260, inclusive, or a principle-based valuation report developed in accordance with paragraph (c) of subsection 1 of NRS 681B.360, is:
(1) Cited by the applicable company in its marketing;
(2) Publicly volunteered to or before a government agency other than the Division or an insurance department of another state; or
(3) Released by the applicable company to the news media.
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, 3398)
2023 Nevada Revised Statutes › Chapter 681B - Assets and Liabilities › NRS 681B.500 - Data required to be submitted; applicability.

1. An applicable company shall submit to the Commissioner, to an appropriately appointed experience reporting agent or to such other person authorized to act on behalf of the Commissioner pursuant to NRS 681B.510, and as specified in the
Valuation Manual
, mortality, morbidity, policyholder behavior or expense experience and other data as 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)
2023 Nevada Revised Statutes › Chapter 681B - Assets and Liabilities › NRS 681B.510 - Commissioner authorized to designate agent to assist in compilation of required data; applicability.

1. The Commissioner may designate a person to act as the experience reporting agent of the Commissioner and to assist the Commissioner in compiling relevant mortality, morbidity, policyholder behavior or expense experience and other data pursuant to NRS 681B.500 and as 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)
2023 Nevada Revised Statutes › Chapter 681B - Assets and Liabilities › NRS 681B.540 - Insurers required to report material acquisition or disposition of assets; regulations; confidentiality.

Each insurer shall report to the Commissioner every material acquisition or disposition of assets within 15 days after the end of the month in which the transaction occurs. The Commissioner shall define by regulation what transactions are material, prescribe what information must be reported and specify any person to whom a copy must be sent. Except as otherwise provided in NRS 239.0115, such a report is confidential and is not subject to subpoena.
(Added to NRS by 1995, 1770; A 2007, 2157)
2023 Nevada Revised Statutes › Chapter 681B - Assets and Liabilities › NRS 681B.550 - Insurer required to report its level of risk-based capital; regulations; exemptions.

1. Except as otherwise provided in subsection 3, on or before March 1 of each year, each domestic insurer, and each foreign insurer domiciled in a state which does not have requirements for reporting risk-based capital, that transacts property, casualty, life or health insurance in this state shall prepare and submit to the Commissioner, and to each person designated by the Commissioner, a report of the level of the risk-based capital of the insurer as of the end of the immediately preceding calendar year. The report must be in such form and contain such information as required by the regulations adopted by the Commissioner pursuant to this section.
2. The Commissioner shall adopt regulations concerning the amount of risk-based capital required to be maintained by each insurer licensed to do business in this state that is transacting property, casualty, life or health insurance in this state. The regulations must be consistent with the instructions for reporting risk-based capital adopted by the NAIC, as those instructions existed on January 1, 1997. If the instructions are amended, the Commissioner may amend the regulations to maintain consistency with the instructions if the Commissioner determines that the amended instructions are appropriate for use in this state.
3. The Commissioner may exempt from the provisions of this section:
(a) A domestic insurer who:
(1) Does not transact insurance in any other state;
(2) Does not assume reinsurance that is more than 5 percent of the direct premiums written by the insurer; and
(3) Writes annual premiums of not more than $2,000,000.
(b) A prepaid limited health service organization that provides or arranges for the provision of limited health services to fewer than 1,000 enrollees.
4. As used in this section, "prepaid limited health service organization" has the meaning ascribed to it in NRS 695F.050.
(Added to NRS by 1997, 3023; A 1999, 2789; 2013, 3354; 2015, 3415)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.007 - "Acceptable collateral" defined.

"Acceptable collateral" means:
1. As to securities lending transactions, and for the purpose of calculating counterparty exposure amount, cash, cash equivalents, letters of credit, direct obligations of, or securities that are fully guaranteed as to principal and interest by, the Federal Government or any agency thereof, or by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and, as to lending foreign securities, sovereign debt rated 1 by the SVO;
2. As to repurchase transactions, cash, cash equivalents and direct obligations of, or securities that are fully guaranteed as to principal and interest by, the Federal Government or any agency thereof, or by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; and
3. As to reverse repurchase transactions, cash and cash equivalents.
(Added to NRS by 2015, 3416)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.009 - "Acceptable private mortgage insurance" defined.

"Acceptable private mortgage insurance" means insurance written by a private insurer protecting a mortgage lender against loss occasioned by a mortgage loan default and issued by a licensed mortgage insurance company with a rating of 1 by the SVO, or a rating issued by a nationally recognized statistical rating organization equivalent to a rating of 1 by the SVO, that covers losses up to an 80 percent loan-to-value ratio.
(Added to NRS by 2015, 3416)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.013 - "Accident and health insurance" defined.

"Accident and health insurance" means protection which provides payment of benefits for covered sickness or accidental injury. The term does not include credit insurance, disability insurance, accidental death and dismemberment insurance and long-term care insurance.
(Added to NRS by 2015, 3416)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.015 - "Accident and health insurer" defined.

"Accident and health insurer" means a licensed life or health insurer or health services corporation whose insurance premiums and required statutory reserves for accident and health insurance constitute at least 95 percent of the total premium considerations or total statutory required reserves, respectively.
(Added to NRS by 2015, 3416)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.017 - "Admitted asset" defined.

"Admitted asset" means an asset permitted to be reported as an admitted asset on the statutory financial statement of the insurer most recently required to be filed with the Commissioner. The term does not include assets of separate accounts, the investments of which are not subject to the provisions of this chapter.
(Added to NRS by 2015, 3416)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.023 - "Asset-backed security" defined.

"Asset-backed security" means a security or other instrument, excluding a mutual fund, evidencing an interest in, or the right to receive payments from, or payable from distributions on, an asset, a pool of assets or specifically divisible cash flows which are legally transferred to a trust, or another special purpose bankruptcy-remote business entity, which meets the conditions set forth in NRS 682A.245.
(Added to NRS by 2015, 3417)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.025 - "Business entity" defined.

"Business entity" includes, without limitation, a sole proprietorship, corporation, limited-liability company, association, partnership, joint-stock company, joint venture, mutual fund, trust, joint tenancy or other similar form of business organization, whether organized for-profit or not-for-profit.
(Added to NRS by 2015, 3417)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.027 - "Cap" defined.

"Cap" means an agreement obligating the seller to make payments to the buyer, with each payment based on the amount by which a reference price or level, or the performance or value of one or more underlying interests, exceeds a predetermined number, sometimes referred to as the strike rate or strike price.
(Added to NRS by 2015, 3417)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.033 - "Cash equivalents" defined.

"Cash equivalents" means short-term, highly rated and highly liquid investments or securities that are readily convertible to known amounts of cash without penalty and so near maturity that they present insignificant risk of change in value. The term includes, without limitation, government money market mutual funds and class one money market mutual funds. As used in this section:
1. "Highly rated" means an investment rated:
(a) "P-1" by Moody’s Investor Service, Inc., or its successor organization;
(b) "A-1" by Standard and Poor’s division of The McGraw Hill Companies, Inc., or its successor organization; or
(c) An equivalent rating by a nationally recognized statistical rating organization recognized by the SVO.
2. "Short-term" means investments with a remaining term to maturity of 90 days or less.
(Added to NRS by 2015, 3417)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.047 - "Control" defined.

"Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through ownership of voting securities, by contract, other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person.
(Added to NRS by 2015, 3417)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.053 - "Covered" defined.

"Covered" means that an insurer owns or can immediately acquire, through the exercise of options, warrants or conversion rights already owned, the underlying interest to fulfill or secure its obligations under a call option, cap or floor it has written, or has set aside in accordance with a custodial or escrow agreement, cash or cash equivalents with a market value equal to the amount required to fulfill its obligations in accordance with a put option it has written, in an income generation transaction.
(Added to NRS by 2015, 3418)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.055 - "Credit tenant loan" defined.

"Credit tenant loan" means a mortgage loan which is made primarily in reliance on the credit standing of a major tenant, structured with an assignment of the rental payments to the lender with real estate pledged as collateral in the form of a first position lien.
(Added to NRS by 2015, 3418)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.057 - "Derivative instrument" defined.

1. "Derivative instrument" means an agreement, option or instrument, or a series or combination thereof:
(a) To make or take delivery of, or assume or relinquish, a specified amount of one or more underlying interests, or to make a cash settlement in lieu thereof; or
(b) That has a price, performance, value or cash flow based primarily upon the actual or expected price, level, performance, value or cash flow of one or more underlying interests.
2. The term includes, without limitation, options, warrants used in a hedging transaction and not attached to another financial instrument, caps, floors, collars, swaps, forwards, futures and any other agreements, options or instruments substantially similar thereto, or any series or combination thereof, and any agreements, options or instruments allowed pursuant to the regulations adopted under NRS 682A.388.
3. The term does not include an investment authorized by NRS 682A.408 to 682A.448, inclusive, 682A.460 and 682A.518 to 682A.558, inclusive.
(Added to NRS by 2015, 3418)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.065 - "Dollar roll transaction" defined.

"Dollar roll transaction" means two simultaneous transactions with different settlement dates, not more than 96 days apart, such that in the transaction with the earlier settlement date, an insurer sells to a business entity, and in the other transaction the insurer is obligated to purchase from the same business entity substantially similar securities of the following types:
1. Asset-backed securities issued, assumed or guaranteed by the Government National Mortgage Association, the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or their respective successors; and
2. Other asset-backed securities referred to in section 106 of title 1 of the Secondary Mortgage Market Enhancement Act of 1984, 15 U.S.C. § 77r-1, as amended.
(Added to NRS by 2015, 3418)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.069 - "Equity interest" defined.

"Equity interest" means any of the following that are not rated credit instruments:
1. Common stock;
2. Preferred stock;
3. A trust certificate;
4. An equity investment in an investment company, other than a money market mutual fund or a class one bond mutual fund;
5. An investment in a common trust fund of a bank regulated by a federal or state agency;
6. An ownership interest in minerals, oil or gas, the rights to which have been separated from the underlying fee interest in the real estate where the minerals, oil or gas are located;
7. Instruments which are mandatorily, or at the option of the issuer, convertible to equity;
8. Limited partnership interests and those general partnership interests authorized pursuant to paragraph (d) of subsection 1 of NRS 682A.380;
9. Member interests in a limited-liability company;
10. Warrants or other rights to acquire equity interests that are created by the person that owns or would issue the equity to be acquired; and
11. Instruments that would be rated credit instruments but for the provisions of subsection 2 of NRS 682A.177.
(Added to NRS by 2015, 3419; A 2021, 2958)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.075 - "Floor" defined.

"Floor" means an agreement obligating the seller to make payments to the buyer in which each payment is based on the amount by which a predetermined number, sometimes called the floor rate or price, exceeds a reference price, level, performance or value of one or more underlying interests.
(Added to NRS by 2015, 3419)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.079 - "Foreign investment" defined.

"Foreign investment" means an investment in a foreign jurisdiction, or an investment in a person, real estate or asset domiciled in a foreign jurisdiction, that is substantially of the same type as those eligible for investment in accordance with this chapter, other than an investment made in accordance with NRS 682A.440 to 682A.448, inclusive, and 682A.550 to 682A.558, inclusive.
(Added to NRS by 2015, 3419)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.089 - "Government money market mutual fund" defined.

"Government money market mutual fund" means a money market mutual fund that at all times:
1. Invests only in obligations issued, guaranteed or insured by the Federal Government or collateralized repurchase agreements composed of these obligations; and
2. Qualifies for investment without a reserve in accordance with the
Purposes and Procedures Manual
of the SVO.
(Added to NRS by 2015, 3419)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.093 - "Government-sponsored enterprise" defined.

"Government-sponsored enterprise" means a:
1. Governmental agency; or
2. Corporation, limited-liability company, association, partnership, joint stock company, joint venture, trust or other entity or instrumentality organized in accordance with the laws of any domestic jurisdiction to accomplish a public policy or other governmental purpose.
(Added to NRS by 2015, 3420)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.095 - "Guaranteed or insured" defined.

"Guaranteed or insured," when used in connection with an obligation acquired in accordance with the provisions of this chapter, means that the guarantor or insurer has agreed to:
1. Perform or insure the obligation of the obligor or purchase the obligation; or
2. Be unconditionally obligated until the obligation is repaid to maintain in the obligor a minimum net worth, fixed charge coverage, stockholder’s equity or sufficient liquidity to enable the obligor to pay the obligation in full.
(Added to NRS by 2015, 3420)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.097 - "Hedging transaction" defined.

"Hedging transaction" means a derivative transaction which is entered into and maintained to reduce:
1. The risk of a change in the value, yield, price, cash flow or quantity of assets or liabilities which the insurer has acquired or incurred or anticipates acquiring or incurring; or
2. The currency exchange rate risk or the degree of exposure as to assets or liabilities which an insurer has acquired or incurred or anticipates acquiring or incurring.
(Added to NRS by 2015, 3420)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.113 - "Investment company" defined.

"Investment company" has the meaning ascribed to it in 15 U.S.C. § 80a-3, as amended, and a person described in 15 U.S.C. § 80a-3(c).
(Added to NRS by 2015, 3420)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.117 - "Investment practices" defined.

"Investment practices" means transactions of the types described in NRS 682A.438, 682A.450 to 682A.458, inclusive, 682A.548 and 682A.560 to 682A.568, inclusive.
(Added to NRS by 2015, 3420)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.123 - "Investment subsidiary" defined.

"Investment subsidiary" means a subsidiary of an insurer engaged or organized to engage exclusively in the ownership and management of assets authorized as investments for the insurer where the subsidiary limits its investment in any asset so that its investments will not cause the amount of the total investment of the insurer to exceed any of the investment limitations or avoid any other provisions of this chapter applicable to the insurer. As used in this section, "total investment of the insurer" includes:
1. Direct investment by the insurer in an asset; and
2. The insurer’s proportionate share of an investment in an asset by an investment subsidiary of the insurer, calculated by multiplying the amount of the subsidiary’s investment by the percentage of the insurer’s ownership interest in the subsidiary.
(Added to NRS by 2015, 3421)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.125 - "Letter of credit" defined.

"Letter of credit" means a clean, irrevocable and unconditional document that serves as a guaranty for payments made to a specified person under specified conditions, issued or confirmed by, and payable and presentable at, a financial institution on the list of financial institutions meeting the standards for issuing letters of credit in accordance with the
Purposes and Procedures Manual
of the SVO.
(Added to NRS by 2015, 3421)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.127 - "Limited-liability company" defined.

"Limited-liability company" means a business organization, excluding partnerships and ordinary business corporations, that is organized or operating in accordance with the laws of the United States, or any state thereof, and that limits the personal liability of investors to the equity investment of the investor in the business organization.
(Added to NRS by 2015, 3421)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.133 - "Market value" defined.

"Market value" means:
1. As to cash and letters of credit, the face amounts thereof; and
2. As to a security as of any date, the price for the security on that date obtained from a generally recognized source or the most recent quotation from such a source or, to the extent no generally recognized source exists, the price for the security as determined in good faith by the parties to a transaction, plus accrued but unpaid income thereon to the extent not included in the price on that date.
(Added to NRS by 2015, 3421)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.137 - "Money market mutual fund" defined.

"Money market mutual fund" means a mutual fund that meets the conditions of 17 C.F.R. § 270.2a-7, adopted in accordance with the provisions of the Investment Company Act of 1940, 15 U.S.C. §§ 80a-1 et seq., as amended.
(Added to NRS by 2015, 3421)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.145 - "Mutual fund" defined.

"Mutual fund" means an investment company or, in the case of an investment company that is organized as a series company, an investment company series, that, in either case, is registered with the United States Securities and Exchange Commission in accordance with the provisions of the Investment Company Act of 1940, 15 U.S.C. §§ 80a-1 et seq., as amended.
(Added to NRS by 2015, 3421)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.149 - "Obligation" defined.

"Obligation" means evidence of indebtedness for the payment of money or other consideration, whether constituting a general obligation of the issuer or payable only out of certain revenues or certain funds pledged or otherwise dedicated for payment. The term includes, without limitation, a bond, note, debenture, trust certificate, including an equipment certificate, production payment, negotiable bank certificate of deposit, banker’s acceptance, credit tenant loan or loan secured by financing net leases.
(Added to NRS by 2015, 3422)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.165 - "Qualified bank" defined.

"Qualified bank" means:
1. A national bank, state bank or trust company that at all times is not less than adequately capitalized as determined by the standards adopted by United States banking regulators and that is either regulated by state banking laws or is a member of the Federal Reserve System; or
2. A bank or trust company incorporated or organized in accordance with the laws of a country other than the United States that is regulated as a bank or trust company by that country’s government, or an agency thereof, and that at all times is not less than adequately capitalized as determined by the standards adopted by international banking authorities.
(Added to NRS by 2015, 3422)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.167 - "Qualified business entity" defined.

"Qualified business entity" means a business entity that is:
1. An issuer of obligations or preferred stock that is rated 1 or 2 by the SVO or an issuer of obligations, preferred stock or derivative instruments that are rated the equivalent of 1 or 2 by the SVO or by a nationally recognized statistical rating organization recognized by the SVO; or
2. A primary dealer in United States government securities, recognized by the Federal Reserve Bank of New York.
(Added to NRS by 2015, 3422)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.169 - "Qualified clearinghouse" defined.

"Qualified clearinghouse" means a clearinghouse for, and subject to the rules of, a qualified exchange or qualified foreign exchange, which provides clearing services, including acting as a counterparty to each of the parties to a transaction such that the parties no longer have credit risk as to each other.
(Added to NRS by 2015, 3422)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.173 - "Qualified exchange" defined.

"Qualified exchange" means:
1. A securities exchange registered as a national securities exchange or a securities market regulated in accordance with the Securities Exchange Act of 1934, 15 U.S.C. §§ 78a et seq., as amended;
2. A board of trade or commodities exchange designated as a contract market by the United States Commodity Futures Trading Commission or any successor thereof;
3. Private Offerings, Resales and Trading through Automated Linkages, otherwise known as PORTAL;
4. A designated offshore securities market as defined in Securities Exchange Commission Regulation S, 17 C.F.R. Part 230, as amended; or
5. A qualified foreign exchange.
(Added to NRS by 2015, 3423)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.175 - "Qualified foreign exchange" defined.

"Qualified foreign exchange" means a foreign exchange, board of trade or contract market located outside the United States, its territories or possessions:
1. That has received regulatory comparability relief in accordance with Commodity Futures Trading Commission Rule 30.10, as set forth in 17 C.F.R. Part 30, Appendix C, as amended;
2. That is, or its members are, subject to the jurisdiction of a foreign futures authority that has received regulatory comparability relief in accordance with Commodity Futures Trading Commission Rule 30.10, as set forth in 17 C.F.R. Part 30, Appendix C, as amended, as to futures transactions in the jurisdiction where the exchange, board of trade or contract market is located; or
3. Upon which foreign stock index futures contracts are listed that are the subject of no-action relief issued by the Commodity Futures Trading Commission’s Office of General Counsel, provided that an exchange, board of trade or contract market that qualifies as a qualified foreign exchange only in accordance with this section is a qualified foreign exchange as to foreign stock index futures contracts that are the subject of no-action relief.
(Added to NRS by 2015, 3423)
2023 Nevada Revised Statutes › Chapter 682A - Investments › NRS 682A.177 - "Rated credit instrument" defined.

1. "Rated credit instrument" means a contractual right to receive cash or another rated credit instrument from another entity which instrument:
(a) Is rated or required to be rated by the SVO;
(b) In the case of an instrument with a maturity of 397 days or less, is issued, guaranteed or insured by an entity that is rated by, or another obligation of such entity is rated by, the SVO or by a nationally recognized statistical rating organization recognized by the SVO;
(c) In the case of an instrument with a maturity of 90 days or less, is issued by a qualified bank;
(d) Is a share of a class one bond mutual fund; or
(e) Is a share of a money market mutual fund.
2. The term does not include:
(a) An instrument that is mandatorily, or at the option of the issuer, convertible to an equity interest; or
(b) A security that has a par value and whose terms provide that the issuer’s net obligation to repay all or part of the security’s par value is determined by reference to the performance of an equity, a commodity, a foreign currency or an index of equities, commodities, foreign currencies, or any combination thereof.
(Added to NRS by 2015, 3423)