reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE INTERMEDIARIES › Section 681A.100 - Manager for reinsurance: Satisfaction of requirements by nonresident intermediary

Current through June 11, 2024
A manager for reinsurance licensed as a nonresident
				intermediary may satisfy the requirements of NAC 681A.080 and 681A.090 by
				providing evidence that the bonds and insurance policy required pursuant to
				those sections are filed with the appropriate regulatory officer of the state
				in which the intermediary is domiciled. The bonds and insurance policy must be
				issued by an insurer authorized under title 57 of NRS and in amounts required
				pursuant to NAC 681A.080 and 681A.090.
Added to NAC by Comm'r
				of Insurance, eff. 3-20-96
NRS
				  679B.130,
				  681A.130,
				  681A.420
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE INTERMEDIARIES › Section 681A.110 - Agent or broker acting as intermediary

Current through June 11, 2024
An agent or broker licensed pursuant to title 57 of NRS may act
				as an intermediary, if the agent or broker complies with all laws, rules and
				regulations relating to intermediaries when engaged in the activities of an
				intermediary.
Added to NAC by Comm'r
				of Insurance, eff. 3-20-96
NRS
				  679B.130,
				  681A.130,
				  681A.420
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › LIFE AND HEALTH REINSURANCE AGREEMENTS › Section 681A.150 - Applicability

Current through June 11, 2024
1. The provisions of NAC 681A.150 to
			 681A.190, inclusive, apply to all domestic life and accident insurers and
			 health insurers and to:
(a) All other
			 authorized life and accident insurers and health insurers which are not subject
			 to a substantially similar regulation in their state of domicile; and
(b) All authorized property insurers and
			 casualty insurers with respect to their accident and health business.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › LIFE AND HEALTH REINSURANCE AGREEMENTS › Section 681A.160 - Prohibited acts regarding financial statement required of insurer

Current through June 11, 2024
1. An insurer shall not, in any financial
			 statement required to be filed with the Division, reduce any liability or
			 establish any asset for reinsurance ceded if, by the terms of the reinsurance
			 agreement, renewal expense allowances provided or to be provided to the ceding
			 insurer by the reinsurer in any accounting period are not sufficient to cover
			 anticipated allocable renewal expenses of the ceding insurer on the portion of
			 the business reinsured, unless a liability is established for the present value
			 of the shortfall using assumptions equal to the applicable statutory reserve
			 basis on the business reinsured. For the purposes of this subsection, renewal
			 expenses include commissions, premium taxes and direct expenses including, but
			 not limited to, billing, valuation, claims and maintenance expected by the
			 company at the time the business is reinsured.
2. An insurer shall not, in any financial
			 statement required to be filed with the Division, reduce any liability or
			 establish any asset for reinsurance ceded if, by the terms of the reinsurance
			 agreement, the ceding insurer can be deprived of surplus or assets at the
			 reinsurer's option or automatically upon the occurrence of some event,
			 including the insolvency of the ceding insurer. For the purposes of this
			 subsection, deprivation of surplus or assets does not include the termination
			 of the reinsurance agreement by the reinsurer for nonpayment of reinsurance
			 premiums or other amounts due, including modified coinsurance reserve
			 adjustments, interest and adjustments on money withheld, and tax
			 reimbursements.
3. An insurer shall
			 not, in any financial statement required to be filed with the Division, reduce
			 any liability or establish any asset for reinsurance ceded if, by the terms of
			 the reinsurance agreement, the ceding insurer is required to reimburse the
			 reinsurer for negative experience under the reinsurance agreement. For the
			 purposes of this subsection:
(a) Reimbursement
			 for negative experience does not include:
(1)
			 Offsetting experience refunds against current and prior years' losses under the
			 agreement; or
(2) Payment by the
			 ceding insurer of an amount equal to the current and prior years' losses under
			 the agreement upon voluntary termination of reinsurance in force by the ceding
			 insurer.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › LIFE AND HEALTH REINSURANCE AGREEMENTS › Section 681A.170 - Taking of reserve credit and establishment of assets with approval of Commissioner

Current through June 11, 2024
Notwithstanding the provisions of NAC 681A.160 to the contrary,
				an insurer may, with the prior approval of the Commissioner, take such reserve
				credit or establish such assets as the Commissioner deems consistent with title
				57 of NRS, including actuarial interpretations or standards adopted by the
				Division.
Added to NAC by Comm'r
				of Insurance, eff. 5-13-96
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › LIFE AND HEALTH REINSURANCE AGREEMENTS › Section 681A.180 - Filing of agreement regarding reinsurance of business; financial statement; increase in surplus net of federal income taxes

Current through June 11, 2024
1. An
			 agreement entered into on or after May 13, 1996, for the reinsurance of a
			 business, including any amendments thereto, must be filed with the Commissioner
			 by the ceding company within 30 days after the date of the execution of the
			 agreement. Each filing must include information detailing the financial impact
			 of the transaction. The ceding insurer's actuary who signs the actuarial
			 opinion of the financial statement shall, with respect to the valuation of
			 reserves, consider the provisions of NAC 681A.150 to 681A.190, inclusive, and
			 any applicable actuarial standards of practice when determining the proper
			 credit in financial statements filed with the Division. The actuary shall
			 maintain adequate documentation and be prepared, upon request, to describe the
			 actuarial work performed for inclusion in the financial statements and to
			 demonstrate that such work complies with the provisions of NAC 681A.150 to
			 681A.190, inclusive.
2. Any
			 increase in surplus net of federal income taxes resulting from agreements
			 described in subsection 1 must be identified separately on the insurer's annual
			 financial statement as a surplus item. Recognition of such surplus as income
			 must be reflected on a net of tax basis on the financial statement as
			 reinsurance ceded as earnings are generated from the business
			 reinsured.
Added to NAC by Comm'r
				of Insurance, eff. 5-13-96
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › LIFE AND HEALTH REINSURANCE AGREEMENTS › Section 681A.190 - Reduction of liability or establishment of asset in financial statement: Requirements of letter of intent, reinsurance agreement or amendment

Current through June 11, 2024
1. No reinsurance agreement or amendment
			 thereto may be used to reduce any liability or to establish any asset in any
			 financial statement filed with the Division, unless the agreement, amendment or
			 a binding letter of intent has been duly executed by both parties no later than
			 the last day covered by the financial statement.
2. A letter of intent, a reinsurance
			 agreement or an amendment thereto must be executed within a reasonable time,
			 not to exceed 90 days after the date of execution of the letter of intent for
			 credit to be granted for the reinsurance ceded.
3. A reinsurance agreement must provide that:
(a) The agreement constitutes the entire
			 agreement between the parties with respect to the business being reinsured
			 thereunder and that there are no understandings between the parties other than
			 as expressed in the agreement; and
(b) Any change or modification to the
			 agreement is void unless it is made by written amendment to the agreement and
			 signed by both parties.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.250 - Definitions

Current through June 11, 2024
As used in NAC 681A.250 to 681A.380, inclusive, unless the
				context otherwise requires, the words and terms defined in NAC 681A.260 to
				681A.280, inclusive, have the meanings ascribed to them in those
				sections.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96; A by R027-02, 5-31-2002; R169-03,
				2-12-2004
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.260 - "Beneficiary" defined

Current through June 11, 2024
"Beneficiary" includes any successor of the named beneficiary
				by operation of law, including, without limitation, any receiver, conservator,
				rehabilitator or liquidator.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.265 - "Financial statement" defined

Current through June 11, 2024
"Financial statement" means a quarterly, annual or other
				financial statement required to be filed pursuant to state law.
Added to NAC by Comm'r
				of Insurance by R027-02, eff. 5-31-2002
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.270 - "Grantor" defined

Current through June 11, 2024
"Grantor" means the entity that has established a trust for the
				sole benefit of the beneficiary. When established in conjunction with a
				reinsurance agreement, the grantor is the unlicensed, unaccredited assuming
				insurer.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.280 - "Obligation" defined

Current through June 11, 2024
"Obligation" includes:
1. Reinsured losses and allocated loss
			 expenses paid by the ceding company, but not recovered from the assuming
			 insurer;
2. Reserves for reinsured
			 losses reported and outstanding;
3.
			 Reserves for reinsured losses incurred but not reported; and
4. Reserves for allocated reinsured loss
			 expenses and unearned premiums.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.290 - Requirements of trust agreement for reduction from liability; insolvency of grantor of trust

Current through June 11, 2024
1. A trust
			 agreement established for the purposes of
			 NRS
			 681A.240 must provide for the creation of a
			 trust account for the deposit of assets.
2. A trust agreement must be entered into
			 between the beneficiary, the grantor and a trustee that is a qualified
			 financial institution in the United States. The failure of a trust agreement to
			 identify specifically the beneficiary does not affect any rights or actions
			 which the Commissioner has or is authorized to take.
3. Except as otherwise provided in this
			 subsection, all assets in the trust account must be held by the trustee at an
			 office of the trustee in the United States. A bank may apply to the
			 Commissioner for permission to use a foreign branch office of the bank as
			 trustee. If the Commissioner approves the use of a foreign branch office as
			 trustee:
(a) The written consent of the
			 beneficiary must be obtained; and
(b) The trust agreement must provide that the
			 beneficiary may deliver the written notice described in paragraph (a) of
			 subsection 4 to the trustee at the principal office of the trustee in the
			 United States.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.300 - Authorized acts that may be included in trust agreement

Current through June 11, 2024
1. A trust agreement may authorize:
(a) The trustee to resign by delivering
			 written notice to the beneficiary and grantor. Except as otherwise provided in
			 subsection 2, a resignation is effective on the date specified in the written
			 notice, but not less than 90 days after receipt of the notice by the
			 beneficiary and grantor.
(b) The
			 grantor to remove the trustee by delivering written notice to the trustee and
			 the beneficiary. Except as otherwise provided in subsection 2, a written notice
			 of removal is effective on the date specified in the notice, but not less than
			 90 days after receipt of the notice by the trustee and beneficiary.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.310 - Establishment of trust agreement in conjunction with reinsurance agreement: Acceptable use of trust account by ceding insurer under certain circumstances; contents of reinsurance agreement

Current through June 11, 2024
1. If a trust
			 agreement is established in conjunction with a reinsurance agreement covering
			 risks other than life, annuities or accident and health, and it is customary
			 practice to provide a trust agreement for a specific purpose, such a trust
			 agreement may, notwithstanding the provisions of NAC 681A.250 to 681A.380,
			 inclusive, to the contrary, provide that the ceding insurer shall use and apply
			 amounts drawn upon the trust account, without diminution because of the
			 insolvency of the ceding insurer or the assuming insurer, for the following
			 purposes:
(a) To pay or reimburse the ceding
			 insurer for the assuming insurer's share under the specific reinsurance
			 agreement for:
(1) Any losses and allocated
			 loss expenses paid by the ceding insurer but not recovered from the assuming
			 insurer; or
(2) Any unearned
			 premiums due to the ceding insurer if not otherwise paid by the assuming
			 insurer;
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.320 - Reinsurance agreement entered into in conjunction with trust agreement and establishment of trust account: Acceptable conditions

Current through June 11, 2024
A reinsurance agreement entered into in conjunction with a
				trust agreement and the establishment of a trust account may:
1. Require the assuming insurer to enter into
			 a trust agreement and establish a trust account for the benefit of the ceding
			 insurer and specify what the trust agreement is to cover;
2. Require the assuming insurer, before he or
			 she deposits assets with the trustee, to execute assignments or endorsements in
			 blank, or to transfer legal title to the trustee of all shares, obligations or
			 any other assets requiring assignments, so that the ceding insurer, or the
			 trustee upon the direction of the ceding insurer, may whenever necessary
			 negotiate the assets without the consent or signature of the assuming insurer
			 or any other entity;
3. Require
			 that all settlements of account between the ceding insurer and the assuming
			 insurer be made in cash or its equivalent;
4. Stipulate that the assuming insurer and
			 the ceding insurer agree that the assets in the trust account, which was
			 established pursuant to the provisions of the reinsurance agreement, may be
			 withdrawn by the ceding insurer at any time, notwithstanding any other
			 provisions in the reinsurance agreement, and must be used and applied by the
			 ceding insurer or its successor in interest by operation of law, including,
			 without limitation, any liquidator, rehabilitator, receiver or conservator,
			 without diminution because of insolvency on the part of the ceding insurer or
			 the assuming insurer, only:
(a) To reimburse
			 the ceding insurer for the assuming insurer's share of premiums returned to the
			 owners of policies reinsured under the reinsurance agreement because of
			 cancellations of such policies;
(b)
			 To reimburse the ceding insurer for the assuming insurer's share of surrenders
			 and benefits or losses paid by the ceding insurer pursuant to the provisions of
			 the policies reinsured under the reinsurance agreement;
(c) To fund an account with the ceding
			 insurer in an amount at least equal to the deduction, for reinsurance ceded,
			 from the ceding insurer's liabilities for policies ceded under the agreement.
			 The account must include, but is not limited to, amounts for policy reserves,
			 claims and losses incurred, including losses incurred but not reported, loss
			 adjustment expenses and unearned premium reserves; and
(d) To pay any other amounts the ceding
			 insurer claims are due under the reinsurance agreement;
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.330 - Use of trust agreement for reduction of liability for reinsurance

Current through June 11, 2024
A trust agreement may be used to reduce any liability for
				reinsurance ceded to an unauthorized assuming insurer in financial statements
				required to be filed with the Division, if the trust account is established on
				or before the date the financial statement of the ceding insurer is filed. The
				allowable reduction for the existence of an acceptable trust account is the
				current fair market value of the acceptable assets available to be withdrawn
				from the trust account at the time of filing, except that the reduction may not
				exceed the specific obligations under the reinsurance agreement that the trust
				account was established to secure.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.335 - Exhaustion of specific security required before presentation of claim for payment from trust account

Current through June 11, 2024
A specific security provided to a ceding insurer by an assuming
				insurer in accordance with
				NRS
				681A.240 must be applied, until exhausted,
				for the payment of liabilities of the assuming insurer to the ceding insurer
				holding the specific security before, and as a condition precedent to, the
				presentation of a claim by the ceding insurer for payment by a trustee of a
				trust established by the assuming insurer in accordance with NAC 681A.320 and
				681A.325.
Added to NAC by Comm'r
				of Insurance by R027-02, eff. 5-31-2002
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.340 - Requirements of letter of credit

Current through June 11, 2024
1. A letter of
			 credit issued for the purposes of
			 NRS
			 681A.240 must stipulate that:
(a) To obtain money the beneficiary need only
			 draw and present a sight draft under the letter of credit;
(b) The letter is not subject to any
			 conditions or qualifications outside of the letter of credit, except as
			 provided in a reinsurance agreement in conjunction with which the letter of
			 credit is obtained; and
(c) The
			 obligation of the qualified financial institution in the United States under
			 the letter of credit is not contingent upon reimbursement with respect
			 thereto.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.350 - Acceptable provisions of reinsurance agreement

Current through June 11, 2024
1. A
			 reinsurance agreement, in conjunction with which a letter of credit is
			 obtained, may contain provisions which:
(a)
			 Require the assuming insurer to provide letters of credit to the ceding insurer
			 and specify what they are to cover; and
(b) Stipulate that the assuming insurer and
			 ceding insurer agree that the letter of credit provided by the assuming insurer
			 pursuant to the provisions of the reinsurance agreement may be drawn upon at
			 any time, notwithstanding any other provisions in the agreement to the
			 contrary, and may be used by the ceding insurer or its successors in interest,
			 without diminution because of insolvency on the part of the ceding insurer or
			 the assuming insurer, only:
(1) To reimburse
			 the ceding insurer for the assuming insurer's share of premiums returned to the
			 owners of policies reinsured under the reinsurance agreement because of
			 cancellations of such policies;
(2)
			 To reimburse the ceding insurer for the assuming insurer's share of surrenders
			 and benefits or losses paid by the ceding insurer under the terms and
			 provisions of the policies reinsured under the reinsurance agreement;
(3) To fund an account with the ceding
			 insurer in an amount at least equal to the deduction, for reinsurance ceded,
			 from the ceding insurer's liabilities for policies ceded under the agreement.
			 The account must include, but is not limited to, amounts for policy reserves,
			 claims and losses incurred and unearned premium reserves; and
(4) To pay any other amounts the ceding
			 insurer claims are due under the reinsurance agreement.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.360 - Letter of credit obtained in conjunction with reinsurance agreement: Requirement that parties enter into trust agreement under certain circumstances

Current through June 11, 2024
If a letter of credit is obtained in conjunction with a
				reinsurance agreement covering risks other than life, annuities and health, and
				it is customary practice to provide a letter of credit for a specific purpose,
				the reinsurance agreement may, in lieu of containing any provision authorized
				by NAC 681A.350, require that the parties to the reinsurance agreement enter
				into a trust agreement which may be incorporated into the reinsurance agreement
				or be a separate document.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.370 - Authority of ceding insurer to take credit for unencumbered assets

Current through June 11, 2024
A ceding insurer may take credit for unencumbered assets
				withheld by the ceding insurer in the United States which are subject to
				withdrawal solely by the ceding insurer and are under its exclusive
				control.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.375 - Requirements for ceding insurer to be granted credit or allowed asset or reduction from liability: Provisions of reinsurance agreement

Current through June 11, 2024
Credit will not be granted, or an asset or reduction from
				liability allowed, to a ceding insurer for reinsurance transacted with assuming
				insurers that meet the requirements of
				NRS
				681A.140 to
				681A.240,
				inclusive, and NAC
				681A.250 to
				681A.380, inclusive, unless the
				reinsurance agreement includes:
1. A
			 proper insolvency clause pursuant to
			 NRS
			 681A.230;
2. If the assuming insurer is an unauthorized
			 assuming insurer, a provision in accordance with
			 NRS
			 681A.210 whereby the assuming insurer has:
(a) Agreed to submit to the jurisdiction of
			 an alternative dispute panel or court of competent jurisdiction within the
			 United States;
(b) Agreed to comply
			 with all requirements necessary to give the court or panel
			 jurisdiction;
(c) Designated an
			 agent upon whom all legal process may be served; and
(d) Agreed to abide by the final decision of
			 the court or panel ; and
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE TRANSACTIONS › Section 681A.380 - Applicability of requirements before and after June 28, 1996

Current through June 11, 2024
1. All new and renewal reinsurance
			 transactions entered into after June 28, 1996, must conform to the requirements
			 of chapter 681A of NRS and the provisions of NAC 681A.250 to 681A.380,
			 inclusive, if credit is to be given to the ceding insurer for such
			 reinsurance.
2. All trust
			 agreements or underlying reinsurance agreements in existence before June 28,
			 1996, will continue to be acceptable until December 31, 1996, at which time the
			 agreements must be in full compliance with the provisions of NAC 681A.250 to
			 681A.380, inclusive, for them to be acceptable.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
NRS
				  679B.130,
				  681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.400 - Definitions

Current through June 11, 2024
As used in NAC 681A.400 to 681A.520, inclusive, unless the
				context otherwise requires, the words and terms defined in NAC 681A.410 and
				681A.420 have the meanings ascribed to them in those
				sections.
Added to NAC
				by Comm'r of Insurance by
				R079-16A,
				eff. 11/2/2016
NRS
				679B.130,
				681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.410 - "Certified reinsurer" defined

Current through June 11, 2024
"Certified reinsurer" means an assuming insurer that is
				certified as a reinsurer by the Commissioner pursuant to NAC
				681A.450.
Added to NAC
				by Comm'r of Insurance by
				R079-16A,
				eff. 11/2/2016
NRS
				679B.130,
				681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.420 - "Qualified jurisdiction" defined

Current through June 11, 2024
"Qualified jurisdiction" means a jurisdiction which is
				recognized by the Commissioner as qualified pursuant to NAC
				681A.490.
Added to NAC
				by Comm'r of Insurance by
				R079-16A,
				eff. 11/2/2016
NRS
				679B.130,
				681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.430 - "Reinsurance supervisory system" interpreted

Current through June 11, 2024
As used in
				NRS
				681A.1553, the Commissioner interprets the
				term "reinsurance supervisory system" to mean a system for regulatory oversight
				performed by the domiciliary jurisdiction of an assuming insurer domiciled
				outside of the United States.
Added to NAC
				by Comm'r of Insurance by
				R079-16A,
				eff. 11/2/2016
NRS
				679B.130,
				681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.435 - Confidentiality of information

Current through June 11, 2024
Except as otherwise provided in NRS 239.0115, all information
				submitted by a certified reinsurer pursuant to NAC 681A.400 to 681A.520,
				inclusive, which is not otherwise public information, must be kept confidential
				by the Commissioner.
Added to NAC
				by Comm'r of Insurance by
				R079-16A,
				eff. 11/2/2016
NRS
				679B.130,
				681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.440 - Financial statement credit for ceded insurance or reinsurance obligation: Authorization to claim; requirements concerning security; circumstances under which reinsurer may defer posting security

Current through June 11, 2024
1. The
			 Commissioner will allow a ceding insurer to claim a financial statement credit
			 for an insurance or reinsurance obligation ceded by the ceding insurer to an
			 assuming insurer that has been a certified reinsurer in this State at all times
			 for which the credit is claimed.
2.
			 Except as otherwise provided in subsections 4 and 5 and subsection 4 of NAC
			 681A.460, to qualify for a credit, the security held by or on behalf of the
			 ceding insurer must:
(a) Be in a form
			 consistent with the provisions of
			 NRS
			 681A.155 to
			 681A.1557,
			 inclusive,
			 681A.180 and 681A.240 and NAC
			 681A.250 to
			 681A.380, inclusive;
			 and
(b) Be in not less than an
			 amount based on the rating assigned to the certified reinsurer by the
			 Commissioner pursuant to NRS 681A.1554 and NAC 681A.460 as follows:
(1) For a certified reinsurer rated Secure -
			 1, 0 percent of the insurance or reinsurance obligation accepted by the
			 certified reinsurer.
(2) For a
			 certified reinsurer rated Secure - 2, 10 percent of the insurance or
			 reinsurance obligation accepted by the certified reinsurer.
(3) For a certified reinsurer rated Secure -
			 3, 20 percent of the insurance or reinsurance obligation accepted by the
			 certified reinsurer.
(4) For a
			 certified reinsurer rated Secure - 4, 50 percent of the insurance or
			 reinsurance obligation accepted by the certified reinsurer.
(5) For a certified reinsurer rated Secure -
			 5, 75 percent of the insurance or reinsurance obligation accepted by the
			 certified reinsurer.
(6) For a
			 certified reinsurer rated Vulnerable - 6, 100 percent of the insurance or
			 reinsurance obligation accepted by the certified reinsurer.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.450 - Certification: Notice of application on Internet website of Commissioner; requirements and eligibility; written notice of approval and rating

Current through June 11, 2024
1. The Commissioner will post notice on the
			 Internet website maintained by the Division promptly upon receipt of an
			 application for certification as a certified reinsurer, which must include,
			 without limitation, instructions for responding to the application by members
			 of the public. The Commissioner will not take final action on an application
			 until at least 30 days after posting the notice required by this
			 subsection.
2. Except as otherwise
			 provided in NAC 681A.500, to be eligible for certification as a certified
			 reinsurer, an assuming insurer must:
(a)
			 Maintain capital and surplus, or its equivalent, in an amount of not less than
			 $250,000,000 calculated based on the documents described in paragraphs (f) and
			 (g) of subsection 3 of NAC 681A.460. An association that includes incorporated
			 and individual unincorporated underwriters which has minimum capital and
			 surplus equivalents, net of liabilities, of not less than $250,000,000 and a
			 central fund that contains a balance of not less than $250,000,000 shall be
			 deemed to satisfy the requirements of this paragraph.
(b) Maintain financial strength ratings from
			 two or more rating agencies determined to be acceptable by the Commissioner. To
			 satisfy the requirements of this paragraph, a financial strength rating must be
			 based on interactive communication between the rating agency and the assuming
			 insurer and must not be based solely on publicly available information. Rating
			 agencies deemed acceptable by the Commissioner include, without limitation:
(1) S & P Global Ratings;
(2) Moody's Investors Service,
			 Inc.;
(3) Fitch Ratings;
(4) A.M. Best Company, Inc.; and
(5) Any other nationally recognized
			 statistical rating organization.
(c) File with the Division a properly
			 executed Form CR-1 as evidence that the assuming insurer has complied with the
			 provisions of subsection 4 of
			 NRS
			 681A.1551. The Commissioner will not accept a
			 Form CR-1 from an assuming insurer that is domiciled in a jurisdiction that the
			 Commissioner has determined does not adequately and promptly enforce final
			 judgments rendered by a court of competent jurisdiction in the United States or
			 arbitration awards. A copy of Form CR-1 may be obtained free of charge from the
			 Division at the Internet address
http://doi.nv.gov/Insurers/Company-Admissions/Annual-Renewals-of-Company-License/
.
(d) Satisfy the requirements of
			 NRS
			 681A.1551.
(e) Satisfy any other requirement reasonably
			 imposed by the Commissioner.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.480 - Modification, suspension or revocation of certification; effect of revocation on ability to claim financial statement credit

Current through June 11, 2024
1. The
			 Commissioner may modify, suspend or revoke the certification of a certified
			 reinsurer if:
(a) The certified insurer
			 violates any provision of NAC 681A.400 to 681A.520, inclusive; or
(b) The Commissioner determines that
			 financial or operating results of the certified reinsurer or documented
			 significant delays in payment by the certified reinsurer indicate that the
			 certified reinsurer is unable or unwilling to meet its contractual
			 obligations.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.490 - Recognition of qualified jurisdictions: Factors for consideration by Commissioner; update of published list

Current through June 11, 2024
1. To determine
			 whether the domiciliary jurisdiction of an assuming insurer domiciled outside
			 of the United States is eligible to be recognized as a qualified jurisdiction
			 pursuant to subsection 2 of NRS
			 NRS
			 681A.1553, the Commissioner will evaluate the
			 following factors:
(a) The framework under
			 which an assuming insurer in the jurisdiction is regulated;
(b) The structure and authority of the
			 regulator of an assuming insurer in the jurisdiction with regard to
			 requirements for the regulation of solvency and financial
			 surveillance;
(c) The substance of
			 financial and operating standards for an assuming insurer in the
			 jurisdiction;
(d) The form and
			 substance of financial reports required to be filed or made publicly available
			 by a reinsurer in the jurisdiction and the accounting principles used in the
			 jurisdiction;
(e) The willingness
			 of the regulator of an assuming insurer in the jurisdiction to cooperate with
			 the Commissioner and with regulators in the United States in general;
(f) The history of performance by assuming
			 insurers in the jurisdiction;
(g)
			 Any documented evidence of substantial problems with enforcement in the
			 jurisdiction of final judgments by courts of competent jurisdiction in the
			 United States or of arbitration awards;
(h) Any relevant international standards or
			 guidance regarding mutual recognition of reinsurance supervision adopted by the
			 International Association of Insurance Supervisors or its successor
			 organization; and
(i) Any other
			 information determined to be relevant by the Commissioner.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.500 - Certification by accredited jurisdiction: Authority of Commissioner to deem certification in this State; notification to Commissioner of change in status or rating in certifying jurisdiction; withdrawal of certifying jurisdiction's rating and issuance of new rating

Current through June 11, 2024
1. If an assuming
			 insurer has been certified as a reinsurer by a jurisdiction which is accredited
			 by the National Association of Insurance Commissioners and submits to the
			 Division a properly executed Form CR-1 and any additional information required
			 by the Commissioner, the Commissioner may, if he or she agrees with the action
			 of that jurisdiction after reviewing all information submitted to the
			 Commissioner, deem the assuming insurer to be a certified reinsurer in this
			 State and hold in this State the rating assigned to the assuming insurer in
			 that jurisdiction.
2. An assuming
			 insurer deemed to be a certified reinsurer pursuant to subsection 1 shall
			 notify the Commissioner of any change in its status or rating in the certifying
			 jurisdiction within 10 days after it receives notice of the change. Unless the
			 Commissioner withdraws recognition of the certifying jurisdiction's
			 certification or rating pursuant to subsection 3, such a change shall be deemed
			 to apply in this State.
3. The
			 Commissioner may, upon written notice to the assuming insurer, withdraw
			 recognition of the certifying jurisdiction's certification or rating at any
			 time. If the Commissioner withdraws recognition of the certifying
			 jurisdiction's rating, the Commissioner will evaluate the assuming insurer and
			 issue a rating to the assuming insurer pursuant to NAC 681A.460. If the
			 Commissioner withdraws recognition of the certifying jurisdiction's
			 certification, the assuming insurer shall, unless the Commissioner suspends or
			 revokes its certification pursuant to subsection 1 of NAC 681A.480, continue to
			 be deemed a certified reinsurer for 3 months after the date on which the
			 Commissioner withdraws recognition, which the Commissioner may extend if he or
			 she determines additional time is necessary to consider an application of the
			 assuming insurer for certification as a reinsurer in this State.
Added to NAC
				by Comm'r of Insurance by
				R079-16A,
				eff. 11/2/2016
NRS
				679B.130,
				681A.130,
				681A.1554,
				681A.1556
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.510 - Additional requirements for reinsurance agreements

Current through June 11, 2024
In addition to the requirements in NAC 681A.375, a reinsurance
				agreement entered into pursuant to NAC 681A.400 to 681A.520, inclusive, must
				include a funding clause which requires the certified reinsurer to provide and
				maintain security in an amount sufficient to avoid the imposition of any
				financial statement penalty on the ceding insurer for an insurance or
				reinsurance obligation ceded to the certified reinsurer.
Added to NAC
				by Comm'r of Insurance by
				R079-16A,
				eff. 11/2/2016
NRS
				679B.130,
				681A.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › CERTIFIED REINSURERS › Section 681A.520 - Compliance with reporting and notification requirements established by National Association of Insurance Commissioners

Current through June 11, 2024
The Commissioner will comply with all requirements for
				reporting and notification relating to certified reinsurers and qualified
				jurisdictions that may be established by the National Association of Insurance
				Commissioners.
Added to NAC
				by Comm'r of Insurance by
				R079-16A,
				eff. 11/2/2016
NRS
				679B.130,
				681A.130
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › GENERAL PROVISIONS › Section 681B.050 - Adoption by reference of Valuation Manual; availability; revisions

Current through June 11, 2024
1. The
Valuation Manual
, in
			 the form most recently adopted by the National Association of Insurance
			 Commissioners, is hereby adopted by reference. The publication may be obtained
			 by mail from the National Association of Insurance Commissioners, Publications
			 Department, 1100 Walnut Street, Suite 1500, Kansas City, Missouri 64106-2197,
			 or by ordering via telephone at (816) 783-8300 or on the Internet at
http://www.naic.org
, at the price of
			 $250.
2. If the
Valuation
			 Manual
is revised, the Commissioner will review the revision to
			 determine its suitability for this State. If the Commissioner determines that
			 the revision is not suitable for this State, he or she will give notice within
			 30 days after the effective date of the revision. If the Commissioner does not
			 give notice within 30 days, the revision becomes part of the
Valuation
			 Manual
as adopted by reference. If a revision becomes part of the
Valuation Manual
and a person objects to and is aggrieved by
			 the revision, that person may request a hearing before the Commissioner
			 pursuant to
			 NRS
			 679B.310 to
			 679B.370,
			 inclusive.
Added to NAC
				by Comm'r of Insurance by
				R064-16,
				6-28-2016, eff. 7/1/2016
NRS
				  679B.130,
				  681B.300
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.100 - Definitions

Current through June 11, 2024
As used in NAC 681B.100 to 681B.245, inclusive, unless the
				context otherwise requires, the words and terms defined in NAC 681B.105 to
				681B.155, inclusive, have the meanings ascribed to them in those
				sections.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96; A by R149-99, 1-27-2000; R146-12,
				10-4-2013
NRS
				  679B.130,
				  681B.110,
				  681B.120,
				  681B.210,
				  681B.220
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.105 - "Actuarial Standards Board" defined

Current through June 11, 2024
"Actuarial Standards Board" means the board established by the
				American Academy of Actuaries to develop and adopt the "Actuarial Standards of
				Practice."
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.110 - "Annual statement" defined

Current through June 11, 2024
"Annual statement" has the meaning ascribed to it in NAC
				686B.308.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.115 - "Appointed actuary" defined

Current through June 11, 2024
"Appointed actuary" means a qualified actuary who is appointed
				or retained by the board of directors or its equivalent of an insurer or by an
				executive officer of the insurer, other than the qualified actuary, acting
				under the authority of the board of directors or its equivalent, to prepare the
				opinions required pursuant to
				NRS
				681B.210 and
				681B.220
				and the supporting memorandum required pursuant to
				NRS
				681B.230.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96; A by R146-12,
				10-4-2013
NRS
				  679B.130,
				  681B.210,
				  681B.220,
				  681B.230
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.120 - "Asset adequacy analysis" defined

Current through June 11, 2024
"Asset adequacy analysis" means an analysis of the assets of an
				insurer which complies with the provisions set forth in NAC 681B.175.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.125 - "Commissioner" defined

Current through June 11, 2024
"Commissioner" has the meaning ascribed to it in
				NRS
				679A.060.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.130 - "Division" defined

Current through June 11, 2024
"Division" has the meaning ascribed to it in
				NRS
				679A.085.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.135 - "Fraternal benefit society" defined

Current through June 11, 2024
"Fraternal benefit society" has the meaning ascribed to it in
				NRS
				695A.010.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.140 - "Insurer" defined

Current through June 11, 2024
"Insurer" has the meaning ascribed to it in
				NRS
				679A.100, and includes a fraternal benefit
				society.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.150 - "Opinion of a qualified actuary" defined

Current through June 11, 2024
"Opinion of a qualified actuary" means:
1. The opinion of an appointed actuary as to
			 the computation of reserves and related items of an insurer required pursuant
			 to
			 NRS
			 681B.210; or
2. The opinion of an appointed actuary as to
			 the adequacy of the reserves and related actuarial items of an insurer based on
			 an asset adequacy analysis required pursuant to
			 NRS
			 681B.220.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96; A by R146-12,
				10-4-2013
NRS
				  679B.130,
				  681B.210,
				  681B.220
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.155 - "Qualified actuary" defined

Current through June 11, 2024
"Qualified actuary" means a person who:
1. Is a member in good standing of the
			 American Academy of Actuaries;
2.
			 Is qualified to sign a statement of actuarial opinion for annual statements of
			 life and health insurers in accordance with the qualification standards set by
			 the American Academy of Actuaries for an actuary signing such a
			 statement;
3. Is familiar with the
			 valuation requirements applicable to life and health insurers;
4. Has not been found by the Commissioner to
			 have:
(a) In the course of the person's
			 dealings as a qualified actuary, violated any provision of, or any obligation
			 imposed by, the Nevada Insurance Code or any other law;
(b) Been guilty of fraudulent or dishonest
			 practices;
(c) Demonstrated his or
			 her incompetency, lack of cooperation or untrustworthiness to act as a
			 qualified actuary;
(d) Submitted to
			 the Commissioner during the past 5 years an opinion of a qualified actuary or a
			 supporting memorandum that the Commissioner rejected because it did not meet
			 the standards set forth in NAC 681B.100 to 681B.245, inclusive, or the
			 "Actuarial Standards of Practice" adopted by the Actuarial Standards Board;
			 or
(e) Resigned or been removed as
			 an actuary within the past 5 years as a result of acts or omissions indicated
			 in any adverse report on examination or because the person failed to adhere to
			 generally acceptable actuarial standards; and
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.160 - Applicability

Current through June 11, 2024
1. NAC 681B.100 to 681B.245, inclusive, apply
			 to:
(a) Each insurer offering life insurance
			 doing business in this State; and
(b) Each insurer who is authorized to
			 reinsure life insurance, annuities or accident and health insurance business in
			 this State.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.161 - Adoption by reference of model regulation for valuation of life insurance policies

Current through June 11, 2024
A life insurer doing business in this State shall use the
				Valuation of Life Insurance Policies Model Regulation adopted by the National
				Association of Insurance Commissioners on March 8, 1999, which is hereby
				adopted by reference. A copy of this publication may be obtained from the
				National Association of Insurance Commissioners, 1100 Walnut Street, Suite
				1500, Kansas City, Missouri 64106-2197, or at the Internet address
http://www.naic.org/
, free of
				charge.
Added to NAC by Comm'r
				of Insurance by R149-99, eff. 1-27-2000; A by
				R089-17AP,
				eff. 5/16/2018
NRS 679B.130