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2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.285 - Protest by member insurer: Procedure.

1. A member insurer that wishes to protest all or part of an assessment shall pay the full amount of the assessment when due, as set forth in the notice from the Association. The payment may be used to meet obligations of the Association during the pendency of the assessment and any subsequent appeal. Payment must be accompanied by a statement in writing that the payment is made under protest and setting forth briefly the grounds for the protest.
2. Within 60 days after the payment of an assessment under protest, the Association shall notify the member insurer in writing of the determination of the Association with respect to the protest, unless the Association notifies the member insurer that additional time is required to resolve the issues raised by the protest.
3. Within 30 days after a final decision is made, the Association shall notify the protesting member insurer in writing of the final decision. Within 60 days after receipt of that notice, the protesting member insurer may appeal the decision to the Commissioner.
4. As an alternative to making a final decision with respect to a protest concerning the basis of assessment, the Association may refer the protest to the Commissioner for a final decision, with or without a recommendation from the Association.
5. If a protest or appeal is upheld, the amount paid in error or excess must be returned to the member insurer. Interest must be paid on the refund at the rate actually earned by the Association.
(Added to NRS by 2001, 1029)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.290 - Plan of operation: Submission; amendments; approval by Commissioner; compliance; contents; delegation of duties or powers.

1. The Association shall submit to the Commissioner a plan of operation and any amendments thereto necessary or suitable to ensure the fair, reasonable and equitable administration of the Association. The plan of operation and any amendments thereto become effective upon approval in writing by the Commissioner, or 30 days after submission if the Commissioner has not disapproved them. All member insurers shall comply with the plan of operation.
2. If at any time the Association fails to submit suitable amendments to the plan, the Commissioner shall adopt, after notice and hearing, such reasonable regulations as are necessary or advisable to effectuate the provisions of this chapter. The regulations continue in force until modified by the Commissioner or superseded by a plan submitted by the Association and approved by the Commissioner.
3. In addition to satisfying the other requirements of this chapter, the plan of operation must:
(a) Establish procedures for handling the assets of the Association.
(b) Establish the amount and method of reimbursing members of the Board of Directors under NRS 686C.140.
(c) Establish regular places and times for meetings of the Board.
(d) Establish procedures for records to be kept of all financial transactions of the Association, its agents and the Board.
(e) Establish the procedures whereby selections for the Board will be made and submitted to the Commissioner.
(f) Establish the methodology required by subsection 2 of NRS 686C.240 and any additional procedures for assessments under NRS 686C.230 to 686C.270, inclusive.
(g) Establish the period of time over which a member insurer must determine whether the member insurer has recouped an excess amount pursuant to subsection 4 of NRS 686C.280, the manner in which the member insurer must remit any excess amount to the Association and the manner in which the Association must apply any such excess amount to reduce future assessments.
(h) Contain additional provisions necessary or proper for the execution of the powers and duties of the Association.
4. The plan of operation may provide that any or all powers and duties of the Association, except those under subsection 3 of NRS 686C.220 and NRS 686C.230 to 686C.285, inclusive, are delegated to a corporation, Association or other organization which performs or will perform functions similar to those of this Association, or its equivalent, in two or more states. Such an organization must be reimbursed for any payments made on behalf of the Association and paid for its performance of any function of the Association. A delegation under this subsection takes effect only with the approval of the Board of Directors and the Commissioner, and may be made only to an organization that extends protection not substantially less favorable and effective than that provided by this chapter.
(Added to NRS by 1973, 308; A 1981, 105; 1991, 878; 2001, 1043; 2019, 1102)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.300 - Additional powers and duties of Commissioner; suspension or revocation of certificate of authority or levy of forfeiture; appeals to Commissioner; judicial review; notification of effect of chapter.

1. In addition to the duties and powers otherwise provided in this chapter, the Commissioner:
(a) Shall, upon request of the Board of Directors, provide the Association with a statement of the premiums in this and any other appropriate states for each member insurer.
(b) Shall, when an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the insurer is notice to its stockholders, if any. The failure of the insurer to comply with such demand promptly does not excuse the Association from the performance of its powers and duties under this chapter.
(c) Must, in any liquidation or rehabilitation involving a domestic member insurer, be appointed as the liquidator or rehabilitator.
2. The Commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance or operate a health maintenance organization in this state, as applicable, of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commissioner may levy a forfeiture on any member insurer which fails to pay an assessment when due. The forfeiture may not exceed 5 percent of the unpaid assessment per month, but no forfeiture may be less than $100 per month.
3. A final action of the Board of Directors or the Association may be appealed to the Commissioner by any member insurer if the appeal is taken within 60 days after the insurer receives notice of the final action. A final action or order of the Commissioner is subject to judicial review in a court of competent jurisdiction pursuant to the procedure provided in chapter 233B of NRS for contested cases.
4. The liquidator, rehabilitator or conservator of any impaired insurer may notify all interested persons of the effect of this chapter.
(Added to NRS by 1973, 309; A 1991, 879; 2001, 1044; 2019, 1103)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.303 - Action by Commissioner upon failure to act by Association.

If the Association fails to act within a reasonable time with respect to an insolvent insurer, as provided in NRS 686C.150 to 686C.155, inclusive, the Commissioner may exercise the powers and perform the duties of the Association under this chapter with respect to the insolvent insurer.
(Added to NRS by 1991, 867; A 2001, 1045)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.306 - Notice to other insurance commissioners of certain actions by Commissioner; reports by Commissioner of certain information to Board of Directors.

1. The Commissioner shall notify the commissioners of insurance of all the other states within 30 days after the Commissioner takes any of the following actions against a member insurer:
(a) Revokes a member insurer’s license;
(b) Suspends a member insurer’s license; or
(c) Makes any formal order that a member insurer is to restrict its premium writing, obtain additional contributions to surplus, withdraw from the state, reinsure all or any part of its business, or increase capital, surplus, or any other account for the security of the owners of its policies or contracts or its creditors.
2. The Commissioner shall report to the Board of Directors when the Commissioner has taken any of the actions set forth in subsection 1, or has received a report from any other commissioner indicating that any such action has been taken in another state. The report to the Board must contain all significant details of the action taken or the report received from another commissioner.
3. The Commissioner shall report to the Board of Directors when the Commissioner has reasonable cause to believe from an examination of a member insurer, whether completed or in process, that the insurer may be impaired or insolvent.
4. The Commissioner shall furnish to the Board the ratios of the "Insurance Regulatory Information System" developed by the National Association of Insurance Commissioners and listings of companies not included in those ratios, and the Board may use the information contained therein in carrying out its duties and responsibilities under this chapter. Such reports and the information contained therein must be kept confidential by the Board until such time as made public by the Commissioner or other lawful authority.
(Added to NRS by 1991, 867; A 2001, 1045; 2019, 1104)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.310 - Provision of information and advice by Board of Directors relating to financial condition of insurers.

1. The Board of Directors may, upon majority vote, notify the Commissioner of any information indicating any member insurer may be impaired or insolvent.
2. The Board may, upon majority vote, make reports and recommendations to the Commissioner upon any matter germane to the solvency, liquidation, rehabilitation or conservation of any member insurer or germane to the solvency of any person seeking admission to transact insurance or operate a health maintenance organization in this state. These reports and recommendations are not open to public inspection.
3. The Commissioner may seek the advice and recommendations of the Board concerning any matter affecting the duties and responsibilities of the Commissioner regarding the financial condition of member insurers and of persons seeking admission to transact insurance or operate a health maintenance organization in this state.
4. The Board may, upon majority vote, make recommendations to the Commissioner for the detection and prevention of the insolvency of member insurers.
(Added to NRS by 1973, 310; A 1991, 880; 2001, 1046; 2019, 1104)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.333 - Recovery of distributions made before petition for liquidation or rehabilitation of insurer.

1. If an order for liquidation or rehabilitation of a member insurer domiciled in this state has been entered, the receiver appointed under such order is entitled to recover on behalf of the member insurer, from any affiliate that controlled it, the amount of distributions, other than stock dividends paid by the member insurer on its capital stock, made at any time during the 5 years preceding the petition for liquidation or rehabilitation, subject to the limitations of subsections 2, 3 and 4.
2. No distribution is recoverable if the member insurer shows that when paid the distribution was lawful and reasonable, and that the member insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the member insurer to fulfill its contractual obligations.
3. Any person who was an affiliate that controlled the member insurer at the time the distributions were paid is liable up to the amount of distributions the person received. Any person who was an affiliate that controlled the member insurer at the time the distributions were declared, is liable up to the amount of distributions the person would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they are jointly and severally liable.
4. The maximum amount recoverable pursuant to this subsection is the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer.
5. If any person liable under subsection 3 is insolvent, all its affiliates that controlled it at the time the dividend was paid are jointly and severally liable for any resulting deficiency in the amount recovered from the insolvent affiliate.
(Added to NRS by 1991, 868; A 2019, 1106)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.340 - Impaired or insolvent insurers: Stay of proceedings; reopening of default judgments.

All proceedings in which the impaired or insolvent insurer is a party in any court in this state must be stayed for 60 days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the Association on any matters germane to its powers or duties. If a judgment has been entered under any decision, order, verdict or finding based on default, the Association may apply to have the judgment set aside by the same court that entered the judgment and is entitled to defend against the suit on the merits.
(Added to NRS by 1973, 312; A 1991, 882)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.350 - Examination and regulation of Association by Commissioner; annual financial report.

The Association is subject to examination and regulation by the Commissioner. The Board of Directors shall submit to the Commissioner, not later than 120 days after the end of its fiscal year, a financial report in a form approved by the Commissioner and a report of its activities during the preceding fiscal year. Upon the request of a member insurer, the Association shall provide the insurer with a copy of the report.
(Added to NRS by 1973, 312; A 1991, 882; 2001, 1048)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.360 - Exemption of Association from payment of fees and taxes; exceptions.

The Association is exempt from payment of all fees and all taxes levied by this state or any of its political subdivisions, except taxes on property and the commerce tax imposed pursuant to chapter 363C of NRS.
(Added to NRS by 1973, 312; A 2015, 2950)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.370 - Immunity from liability.

There is no liability on the part of and no cause of action of any nature arises against any member insurer or its agents or employees, the Association or its agents or employees, members of the Board or the Commissioner or the representatives of the Commissioner for any act or omission by them in the performance of their powers and duties under this chapter. This immunity extends to participation in any organization of other state associations whose purposes are similar, and to any such organization and its agents or employees.
(Added to NRS by 1973, 312; A 1991, 882)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.380 - Actions arising under chapter: Venue; appeal bond not required of Association.

Venue in an action against the Association arising under this chapter lies in Washoe County. No appeal bond may be required of the Association in an appeal that relates to a cause of action arising under this chapter.
(Added to NRS by 2001, 1029)
2023 Nevada Revised Statutes › Chapter 686C - Nevada Life and Health Insurance Guaranty Association › NRS 686C.390 - Unlawful advertisement using existence of Association for sale, solicitation or inducement to purchase; exception.

It is unlawful for a member insurer, agent or affiliate of a member insurer, or other person to make, publish, circulate or place before the public, or cause any other person to do so, in any publication, notice, circular, letter or poster, or over any radio or television station, any advertisement or statement, written or oral, which uses the existence of the Association for the sale, solicitation or inducement to purchase any form of insurance or coverage offered by a health maintenance organization that is covered by the Association. This section does not apply to the Association or any other person that does not sell or solicit insurance or coverage offered by a health maintenance organization.
(Added to NRS by 2001, 1030; A 2019, 1106)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.020 - Applicability.

Except as otherwise provided in subsection 5 of NRS 695E.200, this chapter applies to all direct insurance, except:
1. Life, annuity, health or disability insurance;
2. Mortgage guaranty, financial guaranty or other forms of insurance offering protection against investment risks;
3. Fidelity or surety bonds or any other bonding obligations;
4. Credit insurance as defined in NRS 690A.015, vendors’ single interest insurance, collateral protection insurance or any similar insurance protecting the interests of a creditor arising out of a creditor-debtor transaction;
5. Insurance of warranties or service contracts, including, without limitation, insurance that provides:
(a) For the repair, replacement or service of goods or property;
(b) Indemnification for the repair, replacement or service of goods or property;
(c) Indemnification for the operational or structural failure of goods or property due to a defect in materials, workmanship or normal wear and tear; or
(d) Reimbursement for the liability incurred by the issuer of agreements or service contracts which provide any benefits described in this subsection;
6. Title insurance;
7. Ocean marine insurance;
8. Any transaction or combination of transactions between a person, including affiliates of the person, and an insurer, including affiliates of the insurer, which involves the transfer of investment or credit risk unaccompanied by the transfer of insurance risk; or
9. Any insurance provided by or guaranteed by a governmental entity.
(Added to NRS by 1971, 1943; A 1973, 312; 1977, 434; 1987, 1333; 1993, 1396; 1995, 1773, 2057; 1997, 579; 1999, 1833; 2021, 111)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.030 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 687A.031 to 687A.0395, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1971, 1943; A 1977, 434; 1985, 537, 1073; 2015, 3476; 2021, 112)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.032 - "Assumed claims transaction" defined.

"Assumed claims transaction" includes:
1. A policy obligation that has been assumed by an insolvent insurer, before the entry of a final order of liquidation, through a merger between the insolvent insurer and another entity obligated under the policy.
2. An assumption reinsurance transaction in which:
(a) The insolvent insurer assumed, before the entry of a final order of liquidation, the claim or policy obligations of another insurer or entity obligated under a claim or policy;
(b) The assumption of the claim or policy obligations has been approved by the Commissioner, if such approval is required; and
(c) As a result of the assumption, the claim or policy obligation became the direct obligation of the insolvent insurer through a novation of the claim or policy.
(Added to NRS by 2015, 3476)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.035 - "Insolvent insurer" defined.

"Insolvent insurer" means an insurer which has been issued a certificate of authority by the Commissioner to transact insurance in this state, either at the time the policy was issued or when the insured event occurred:
1. Against which a final order of liquidation with a finding of insolvency has been entered by a court of competent jurisdiction in the insurer’s state of domicile or in Nevada; or
2. Which is involved in judicial proceeding in its state of domicile or in Nevada related to the determination of its solvency, rehabilitation or liquidation, if the court conducting those proceedings has issued an order prohibiting the insurer from paying claims for more than 30 days.
(Added to NRS by 1985, 1072)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.037 - "Member insurer" defined.

"Member insurer" means any person, except a fraternal or nonprofit service corporation which:
1. Writes any kind of insurance to which this chapter applies, including the exchange of reciprocal or interinsurance agreements of indemnity.
2. Is authorized to transact insurance in this state.
(Added to NRS by 1985, 1073; A 2011, 3371)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.039 - "Net direct written premiums" defined.

"Net direct written premiums" means direct gross premiums written in this state on insurance policies to which this chapter applies, less return premiums and dividends paid or credited to policyholders on such direct business. The term does not include premiums on contracts between insurers or reinsurers.
(Added to NRS by 1985, 1073)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.040 - Creation; membership; operation.

There is hereby created a nonprofit unincorporated legal entity to be known as the Nevada Insurance Guaranty Association. All member insurers must be members of the Association as a condition of their authority to transact insurance in this state. The Association shall perform its functions under a plan of operation established and approved pursuant to NRS 687A.070 and shall exercise its powers through a Board of Directors established under NRS 687A.050.
(Added to NRS by 1971, 1944; A 1985, 1074)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.050 - Board of Directors: Members; vacancies; reimbursement of expenses.

1. The Board of Directors of the Association shall consist of not fewer than five nor more than nine persons. The members of the Board shall be appointed by the Commissioner and shall serve at the discretion of the Commissioner. Vacancies on the Board shall be filled in the same manner as initial appointments.
2. A majority of the members appointed shall be the designated representatives of member insurers. If practicable, one of the members appointed as a designated representative of the member insurers must be an officer of a domestic insurer. The Commissioner shall consider among other things whether all member insurers are fairly represented.
3. 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.
(Added to NRS by 1971, 1944; A 1977, 435; 2003, 2806)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.070 - Plan of operation: Submission; amendments; approval by Commissioner; compliance; contents; delegation of duties or powers.

1. The Association shall submit a plan of operation to the Commissioner, together with any amendments necessary or suitable to assure the fair, reasonable and equitable administration of the Association. The plan of operation and any amendments become effective upon approval in writing by the Commissioner. If the Association fails to submit suitable amendments to the plan as needed, the Commissioner shall adopt reasonable regulations necessary or advisable to effectuate the provisions of this chapter. The regulations continue in force until modified by the Commissioner or superseded by a plan, or by amendments to a plan, which are submitted by the Association and approved by the Commissioner.
2. The Association and all member insurers shall comply with the plan of operation.
3. The plan of operation must:
(a) Establish the procedures for performance of all the duties and powers of the Association under NRS 687A.060.
(b) Establish procedures for managing assets of the Association.
(c) Mandate that the Association establish procedures to designate the amount and method of reimbursing members of the Board of Directors under NRS 687A.050.
(d) Establish procedures by which claims may be filed with the Association and establish acceptable forms of proof of covered claims. Notice of claims to the receiver or liquidator of the insolvent insurer shall be deemed notice to the Association or its agent and a list of those claims must be periodically submitted to the Association or similar organization in another state by the receiver or liquidator.
(e) Establish regular places and times for meetings of the Board of Directors.
(f) Mandate that the Association establish procedures for keeping records of all financial transactions of the Association, its agent and the Board of Directors.
(g) Provide that any member insurer aggrieved by any final action or decision of the Association may appeal to the Commissioner within 30 days after the action or decision.
(h) Establish procedures for submission to the Commissioner of selections for the Board of Directors.
(i) Contain additional provisions necessary or proper for the execution of the duties and powers of the Association.
4. The plan of operation may provide that any or all duties and powers of the Association, except those under paragraph (d) of subsection 1 and paragraph (c) of subsection 2 of NRS 687A.060, are delegated to a person who performs or will perform functions similar to those of this Association in two or more states. This person must be reimbursed as a servicing facility and must be paid for performance of any other functions of the Association. A delegation under this subsection takes effect only with the approval of both the Board of Directors and the Commissioner, and may be made only to a person who extends protection not substantially less favorable and effective than that provided by this chapter.
(Added to NRS by 1971, 1946; A 1981, 106; 2021, 118)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.080 - Powers and duties of Commissioner.

1. The Commissioner shall:
(a) Notify the Association of the existence of an insolvent insurer not later than 3 days after the Commissioner receives notice of the determination of insolvency by a court or makes a determination of insolvency pursuant to NRS 687A.107, whichever is earlier.
(b) Provide the Association with a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member insurer when such a complaint is filed or received by the Commissioner.
(c) Upon request of the Board of Directors of the Association, provide the Association with a statement of the net direct written premiums of each member insurer.
2. The Commissioner may:
(a) Require that the Association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this chapter. Such notification must be by mail at their last known address, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation is sufficient.
(b) Suspend or revoke, after notice and opportunity for hearing, the certificate of authority to transact insurance in this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine must not exceed 5 percent of the unpaid assessment per month, except that no fine may be less than $100 per month.
(c) Revoke the designation of any servicing facility if the Commissioner finds claims are being acted upon unsatisfactorily.
(d) Request the Association to perform any acts specified in paragraph (i) of subsection 2 of NRS 687A.060.
(Added to NRS by 1971, 1947; A 1985, 1074; 2005, 2133; 2021, 119)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.090 - Subrogation; exceptions.

1. Any person recovering under this chapter shall be deemed to have assigned his or her rights under the policy to the Association to the extent of the person’s recovery from the Association. Every insured or claimant seeking the protection of this chapter shall cooperate with the Association to the same extent as the person would have been required to cooperate with the insolvent insurer. Except:
(a) As otherwise provided in subsection 2; and
(b) For a cause of action which the insolvent insurer would have had if such sums had been paid by the insolvent insurer,
the Association does not have a cause of action against the insured of the insolvent insurer for any sums it has paid out.
2. The Association may recover the amount of money paid:
(a) To or on behalf of an insured of an insolvent insurer:
(1) If the aggregate net worth of the insured and any affiliate of the insured, as determined on a consolidated basis, is more than $10,000,000 on December 31 of the year immediately preceding the date the insurer becomes an insolvent insurer; or
(2) If the Association paid the money in error.
(b) To any person who is an affiliate of the insolvent insurer.
3. The Association and any association similar to the Association in another state must be recognized as claimants in the liquidation of an insolvent insurer for any amounts paid by them on obligations relating to covered claims as determined under this chapter or similar laws in other states and must receive dividends and any other distributions at the priority set forth in the final order of liquidation. The receiver, liquidator or statutory successor of an insolvent insurer is bound by determinations of eligibility of covered claims under this chapter and by any settlements of covered claims by the Association or a similar organization in another state. The court having jurisdiction shall grant those claims priority equal to that to which the claimant would have been entitled in the absence of this chapter against the assets of the insolvent insurer. The expenses of the Association or similar organization in handling claims must be accorded the same priority as the liquidator’s expenses.
4. The Association shall periodically file with the receiver or liquidator of the insolvent insurer statements of the covered claims paid by the Association and estimates of anticipated claims on the Association, which statements shall preserve the rights of the Association against the assets of the insolvent insurer.
5. As used in this section, "affiliate" means a person who directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or control with, another person. For the purpose of this definition, the terms "owns," "is owned" and "ownership" mean ownership of an equity interest, or the equivalent thereof, of 10 percent or more.
(Added to NRS by 1971, 1947; A 2003, 3310; 2021, 119)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.095 - Claim against person insured by insolvent insurer which is not covered claim.

A claim asserted against a person insured by an insurer which has become insolvent which, if it were not a claim by or for the benefit of a reinsurer, insurer, insurance pool, underwriting association, health maintenance organization, hospital plan corporation, professional health service corporation or self-insurer, would be a covered claim, may be filed directly with the receiver of the insolvent insurer. These claims may not be asserted in any action against the insured of the insolvent insurer.
(Added to NRS by 1977, 434; A 1993, 1399; 2021, 120)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.097 - Limitations on certain claims against person insured by insolvent insurer.

With regard to a claim for an amount described in paragraph (d) of subsection 2 of NRS 687A.033, no such claim for any amount due any reinsurer, insurer, insurance pool, underwriting association, health maintenance organization, hospital plan corporation, professional health service corporation or self-insurer may be asserted against a person insured under a policy issued by an insolvent insurer other than to the extent such claim exceeds the Association obligation limitations set forth in NRS 687A.060.
(Added to NRS by 2021, 111)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.100 - Exhaustion of remedies of insured.

1. Any person having a claim under an insurance policy, whether or not the insurance policy is a policy issued by a member insurer, and the claim under such other policy arises from the same facts, injury or loss that gave rise to the covered claim against the Association, is required first to exhaust all coverage provided by any such policy, including, without limitation, the right to a defense under the other policy. Any amount payable on a covered claim under this chapter must be reduced by the full applicable limits stated in such other insurance policy and the Association must receive a full credit for such stated limits, or, where there are no applicable stated limits, the claim must be reduced by the total recovery. Notwithstanding the foregoing, a person is not required to exhaust any right under the policy of an insolvent insurer.
2. For the purposes of subsection 1, a claim under an insurance policy:
(a) Which provides liability coverage to a person who may be jointly and severally liable with or a joint tortfeasor with the person covered under the policy of the insolvent insurer that gives rise to the covered claim shall be deemed to be a claim arising from the same facts, injury or loss that gave rise to the covered claim against the Association.
(b) Includes, without limitation:
(1) A claim against a health maintenance organization, a hospital plan corporation or a professional health service corporation; and
(2) Any amount payable by or on behalf of a self-insurer.
3. To the extent that the Association’s obligation is reduced by the application of subsections 1 and 2, the liability of the person insured by the insolvent insurer’s policy for the claim must be reduced in the same amount.
4. Any person having a claim which may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured. However, if the claim is a first party claim for damage to property with a permanent location, recovery must first be sought from the association of the location of the property. If the claim is a workers’ compensation claim, recovery must first be sought from the association of the residence of the claimant. Any recovery under this chapter must be reduced by the amount of the recovery from any other insurance guaranty association or its equivalent.
(Added to NRS by 1971, 1948; A 1993, 1399; 2021, 120)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.103 - Reimbursement of Association by insolvent insurer.

If the Association pays any claims on behalf of an insurer which is an insolvent insurer within the meaning of subsection 2 of NRS 687A.035, the insurer may not accept any new business in this state until it has reimbursed the Association for the payment of the claims, including the administrative expenses incurred by the Association in acting upon and paying the claims.
(Added to NRS by 1985, 1073)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.107 - Hearing to determine whether insurer is insolvent: Notice; conduct; determination; regulations.

1. The Commissioner may conduct a hearing to determine whether an insurer is an insolvent insurer within the meaning of subsection 2 of NRS 687A.035. The Commissioner shall notify the insurer which is the subject of the hearing not less than 3 days before the hearing. The Commissioner may consider any evidence at the hearing which the Commissioner deems relevant to the determination of the solvency of the insurer.
2. The Commissioner shall make a determination in writing within 15 days after the hearing. The Commissioner shall adopt regulations governing hearings pursuant to this section.
(Added to NRS by 1985, 1073)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.110 - Detection and prevention of insolvency: Powers of Board of Directors.

To aid in the detection and prevention of insurer insolvencies:
1. The Board of Directors may, upon majority vote, make recommendations to the Commissioner upon any matter generally related to improving or enhancing regulation for solvency.
2. The Board of Directors may, upon majority vote, make recommendations to the Commissioner for the detection and prevention of insurer insolvencies.
3. The Board of Directors may, at the conclusion of any insolvency of a domestic insurer in which the Association was obligated to pay covered claims, prepare a report on the history and causes of such insolvency, based on the information available to the Association, and submit such report to the Commissioner.
(Added to NRS by 1971, 1948; A 1977, 437; 2021, 121)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.115 - Detection and prevention of insolvency: Powers of Commissioner.

To aid in the detection and prevention of insurer insolvencies:
1. The Commissioner may:
(a) Notify the insurance commissioners of the other states and territories of the United States and of the District of Columbia when the Commissioner revokes or suspends a license, or when the Commissioner makes any formal order that a company restrict its writing of insurance, obtain additional contributions to surplus, withdraw from the State or reinsure any part of its business or any other account for the security of policyholders or creditors.
(b) Report to the Board of Directors any action set forth in paragraph (a) and the receipt of a report from another insurance commissioner indicating that the action has been taken elsewhere. The report shall contain all significant details of the action taken or the report received.
(c) Report to the Board of Directors when the Commissioner has reasonable cause to believe from any examination of any member insurer, whether completed or in process, that the member insurer may be insolvent or in a financial condition hazardous to the interests of policyholders or the public.
(d) Furnish to the Board of Directors the early warning tests developed by the National Association of Insurance Commissioners. The Board may use the information furnished to carry out its duties. Except as otherwise provided in NRS 239.0115, the report and the information contained therein is not a public record and shall be kept confidential by the Board of Directors until it is made public by the Commissioner or other lawful authority.
2. The Commissioner may seek the advice and recommendations of the Board of Directors concerning any matter affecting the duties and responsibilities of the Commissioner relating to the financial condition of member insurers and of insurers seeking admission to transact business in this State.
(Added to NRS by 1977, 433; A 2007, 2157)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.120 - Examination of Association; annual financial report.

The Association is subject to examination and regulation by the Commissioner. The Board of Directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner.
(Added to NRS by 1971, 1949)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.130 - Exemption of Association from payment of fees and taxes; exception.

The Association is exempt from payment of all fees and all taxes levied by this State or any of its subdivisions, except taxes:
1. Levied on real or personal property; or
2. Imposed pursuant to the provisions of chapter 363A, 363B or 363C of NRS.
(Added to NRS by 1971, 1949; A 2003, 20th Special Session, 228; 2015, 2951)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.140 - Rates and premiums to include recoupment of amount paid by Association.

The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the Association by the member insurer less any amounts returned to the member insurer by the Association, or less any premium tax credits allowed under this chapter, and such rates shall not be deemed excessive as a result of containing such recoupment allowances.
(Added to NRS by 1971, 1949)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.150 - Immunity from liability.

There is no liability, and no cause of action of any nature shall arise against any member insurer, the Association, its agents or employees, the Board of Directors, the Commissioner or the representatives of the Commissioner, for any reasonable action taken, or any failure to act, by them in the performance of their duties and powers under this chapter.
(Added to NRS by 1971, 1949; A 2021, 122)
2023 Nevada Revised Statutes › Chapter 687A - Nevada Insurance Guaranty Association › NRS 687A.160 - Proceedings involving insolvent insurer: Stay; access by Association to records of insurer.

1. Subject to waiver by the Association in specific cases involving covered claims, all proceedings in which the insolvent insurer is a party, or is obligated to defend a party, in any court in this State must be stayed until the last day fixed by the court for the filing of claims and for such additional time thereafter as may be determined by the court from the date the insolvency is determined or an ancillary proceeding is instituted in this State, whichever is later, to permit proper defense by the Association of all pending causes of action.
2. The liquidator, receiver or statutory successor of an insolvent insurer governed by this chapter shall permit access by the Association or its authorized representative to the insolvent insurer’s records which are necessary for the Association in carrying out its functions under this chapter with regard to covered claims. In addition, the liquidator, receiver or statutory successor shall provide the Association or its representative with copies of such records upon request by the Association and at the expense of the Association.
(Added to NRS by 1971, 1949; A 1977, 438; 1987, 928; 2021, 122)
2023 Nevada Revised Statutes › Chapter 687B - Contracts of Insurance › NRS 687B.010 - Scope.

This chapter applies to all insurance contracts and annuity contracts other than:
1. Reinsurance.
2. Policies or contracts not issued for delivery in this state nor delivered in this state.
3. Wet marine and transportation insurance.
(Added to NRS by 1971, 1712)
2023 Nevada Revised Statutes › Chapter 687B - Contracts of Insurance › NRS 687B.015 - "Binder" defined.

As used in this chapter, unless the context otherwise requires, "binder" means an oral or written contract for temporary insurance which is used when a policy is not immediately issued to evidence that the coverage attaches at a specified time and continues until the policy is issued or the risk is declined.
(Added to NRS by 1983, 1120)
2023 Nevada Revised Statutes › Chapter 687B - Contracts of Insurance › NRS 687B.021 - Signatures.

Unless otherwise provided by a specific statute, if a signature is required of any person, the person may provide as the signature of the person:
1. An original signature;
2. A facsimile signature; or
3. An electronic signature pursuant to the provisions of chapter 719 of NRS.
(Added to NRS by 2003, 2806)
2023 Nevada Revised Statutes › Chapter 687B - Contracts of Insurance › NRS 687B.030 - Waiver of payment of premium.

With respect to any kind of insurance and any type of insurance contract, the insurer may provide for waiver of payment of premium for such causes and subject to such terms and conditions as may be specified in the contract.
(Added to NRS by 1971, 1712; A 1981, 1142)
2023 Nevada Revised Statutes › Chapter 687B - Contracts of Insurance › NRS 687B.040 - Insurable interest: Personal insurance.

1. Any natural person of competent legal capacity may procure or effect an insurance contract upon his or her own life or body for the benefit of any person. But a person shall not procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefits under the contract are payable to the person insured or the personal representatives of the person insured, or to a person having, at the time when the contract was made, an insurable interest in the person insured.
2. A trust shall not procure, cause to be procured or hold an insurance contract upon the life of a person unless each beneficiary of the trust:
(a) Has an insurable interest in the person insured; or
(b) Is a charitable, benevolent, educational or religious institution, or an agency thereof, and is designated irrevocably as a beneficiary of the trust.
3. If the beneficiary, assignee or other payee under any contract made in violation of this section receives from the insurer any benefits thereunder accruing upon the death, disablement or injury of the person insured, the person insured or the executor or administrator of the person insured, as the case may be, may maintain an action to recover such benefits from the person so receiving them.
4. As used in this section, "insurable interest" as to such personal insurance means that every person has an insurable interest in the life, body and health of himself or herself, and of other persons as follows:
(a) In the case of persons related closely by blood or by law, a substantial interest engendered by love and affection; and
(b) In the case of other persons, a lawful and substantial economic interest in having the life, health or bodily safety of the person insured continue, as distinguished from an interest which would arise only by, or would be enhanced in value by, the death, disablement or injury of the person insured.
5. Before, on or after January 1, 1972, an individual party to a contract or option for the purchase or sale of an interest in a business partnership or firm, or of shares of stock of a corporation or of an interest in such shares, has an insurable interest in the life, body and health of each individual party to the contract and for the purposes of the contract only, in addition to any insurable interest which may otherwise exist as to the person.
6. An insurer is entitled to rely upon all statements, declarations and representations made by an applicant for insurance relative to the insurable interest of the applicant in the insured. An insurer does not incur legal liability except as otherwise set forth in the policy, by virtue of any untrue statements, declarations or representations so relied upon in good faith by the insurer.
(Added to NRS by 1971, 1712; A 1997, 1624; 2009, 1786)