Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.215 - Supporting memorandum: Examination by Commissioner; requirements for preparation; review by qualified actuary; regulatory asset adequacy issues summary

Current through June 11, 2024
1. Except as otherwise provided in this
			 section, the supporting memorandum required pursuant to
			 NRS
			 681B.230 must be made available for
			 examination by the Commissioner upon his or her request. The memorandum will be
			 returned to the insurer after it is examined by the Commissioner and will not
			 be considered a record of the Division or filed with the
			 Commissioner.
2. In preparing the
			 memorandum, the appointed actuary may rely on, and include as a part of the
			 memorandum, memoranda prepared and signed by other qualified actuaries. Each
			 memorandum prepared and signed by another actuary must contain a statement that
			 the actuary who prepared the memorandum is a qualified actuary.
3. If the Commissioner engages a qualified
			 actuary to review the opinion of another qualified actuary pursuant to
			 NRS
			 681B.230, the review will be directed and
			 controlled by the Commissioner. The actuary engaged by the Commissioner will
			 have the authority provided to an examiner pursuant to NRS
			 NRS
			 679B.230 to
			 679B.300,
			 inclusive, for the purposes of obtaining data from the insurer. The work papers
			 and documentation of the reviewing actuary will be retained by the
			 Commissioner. All information provided by the insurer to the reviewing actuary
			 and included in the work papers shall be deemed material provided by the
			 insurer to the Commissioner and must be kept confidential in the same manner as
			 material provided by the insurer to the Commissioner pursuant to
			 NRS
			 679B.230 to
			 679B.300,
			 inclusive. The reviewing actuary must not be an employee of a consulting firm
			 involved with the preparation of any previous memorandum or opinion for the
			 insurer submitted pursuant to NRS
			 NRS
			 681B.210,
			 681B.220
			 or
			 681B.230
			 for the current year or any of the immediately preceding 3 years.
4. The appointed actuary who prepares the
			 supporting memorandum required pursuant to
			 NRS
			 681B.230 shall prepare a regulatory asset
			 adequacy issues summary that includes the information required by NAC 681B.221.
			 A domestic insurer shall, unless the Commissioner grants an extension of time,
			 submit the regulatory asset adequacy issues summary to the Commissioner not
			 later than March 15 of the year following the year for which the supporting
			 memorandum is prepared. A foreign insurer shall make the regulatory asset
			 adequacy issues summary available for examination by the Commissioner upon his
			 or her request. Except as otherwise provided in
			 NRS
			 681B.260, the regulatory asset adequacy
			 issues summary must be kept confidential to the same extent and under the same
			 conditions as the supporting memorandum.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96; A by R146-12,
				10-4-2013
NRS
				  679B.130,
				  681B.230