reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.205 - Exemption to be granted or denied by Commissioner; hearing

Current through June 11, 2024
Upon written application of an insurer or group of insurers,
				the Commissioner may grant an exemption from compliance with any or all
				provisions of NAC 680A.173 to 680A.211, inclusive, if the Commissioner finds,
				upon review of the application, that compliance with any or all of the
				provisions of NAC 680A.173 to 680A.211, inclusive, would constitute a financial
				or organizational hardship upon the insurer or group of insurers. An exemption
				may be granted at any time and from time to time for a specified period or
				periods. Within 10 days after a denial of an insurer's written request for an
				exemption from any or all provisions of NAC 680A.173 to 680A.211, inclusive,
				the insurer may request in writing a hearing on its application for an
				exemption. The hearing must be held in accordance with the provisions of NAC
				679B.161 to 679B.480, inclusive.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.207 - Effective dates

Current through June 11, 2024
1. Domestic
			 insurers retaining a qualified independent certified public accountant on
			 December 31, 2009, shall comply with the provisions of NAC 680A.173 to
			 680A.211, inclusive, for the year ending December 31, 2009, and each year
			 thereafter unless the Commissioner permits otherwise.
2. Domestic insurers not retaining a
			 qualified independent certified public accountant on December 31, 2009, shall
			 meet the following schedule for compliance unless the Commissioner permits
			 otherwise:
(a) As of December 31, 2009, file
			 with the Commissioner an Audited Financial Report; and
(b) For the year ending December 31, 2010,
			 and each year thereafter, file with the Commissioner all reports and
			 communication required by NAC 680A.173 to 680A.211, inclusive.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.209 - Canadian and British insurers

Current through June 11, 2024
1. In the case of
			 Canadian and British insurers, the annual Audited Financial Report is defined
			 as the Annual Statement of Total Business on the form filed by such companies
			 with their supervision authority duly audited by an independent chartered
			 accountant.
2. For an insurer
			 domiciled in Canada or Great Britain, the letter required by NAC 680A.181 must
			 state that the accountant is aware of the requirements relating to the annual
			 Audited Financial Report filed with the Commissioner pursuant to
			 NRS
			 680A.265 and the regulations adopted pursuant
			 thereto and must affirm that the opinion expressed is in conformity with those
			 requirements.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.211 - Applicability

Current through June 11, 2024
If any section or portion of NAC 680A.173 to 680A.211,
				inclusive, or its applicability to any person or circumstance is held invalid
				by a court, the remainder of NAC 680A.173 to 680A.211, inclusive, or the
				applicability of NAC 680A.173 to 680A.211, inclusive, to other persons or
				circumstances shall not be affected.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › DETERMINATION OF HAZARDOUS FINANCIAL CONDITION › Section 680A.222 - Variables allowed in determination process

Current through June 11, 2024
To determine the financial condition of an insurer for the
				purposes of NAC 680A.220 to 680A.226, inclusive, the Commissioner may, if he or
				she deems it appropriate:
1. Disregard
			 any credit or amount receivable resulting from the transactions of the insurer
			 with a reinsurer which is insolvent, impaired or otherwise subject to a
			 delinquency proceeding;
2.
			 Consistent with the
Accounting Practices and Procedures Manual
of the National Association of Insurance Commissioners, which has been adopted
			 by reference in NAC 679B.033, make an appropriate adjustment, including a
			 disallowance, to the value of the insurer's assets which are attributable to
			 the insurer's investments in or transactions with any parent, subsidiary or
			 affiliate of the insurer;
3. Refuse
			 to recognize the stated value of the accounts receivable of the insurer if the
			 ability of the insurer to collect those accounts is highly speculative in view
			 of the age of the account or the financial condition of the debtor;
			 or
4. Increase the insurer's
			 liability in an amount equal to any contingent liability, pledge or guaranty
			 not otherwise included in the annual statements or financial statements of the
			 insurer if there is a substantial risk that the insurer will be called upon to
			 meet the liability, pledge or guaranty undertaken within the following 12-month
			 period.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96; A by R030-12,
				9-14-2012
NRS
				  679B.130,
				  680A.205
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › DETERMINATION OF HAZARDOUS FINANCIAL CONDITION › Section 680A.224 - Actions that may be taken by Commissioner if insurer determined to be in hazardous financial condition; exception

Current through June 11, 2024
1. If the
			 Commissioner determines that the continued operation of an insurer licensed to
			 transact the business of insurance in this State may be hazardous to the
			 policyholders or creditors of the insurer or the general public, the
			 Commissioner will, if appropriate:
(a) Issue
			 an order requiring the insurer to:
(1)
			 Purchase reinsurance to reduce the total amount of present or future liability
			 for policy benefits.
(2) Reduce,
			 suspend or limit the volume of business being accepted or renewed by the
			 insurer.
(3) Reduce the insurer's
			 expenses relating to general insurance and commission by methods specified by
			 the Commissioner.
(4) Increase its
			 capital and surplus.
(5) Suspend or
			 limit its declaration and payment of dividends to the stockholders or
			 policyholders of the insurer.
(6)
			 File reports, in a form acceptable to the Commissioner, concerning the market
			 value of the assets of the insurer.
(7) Limit or withdraw from any of its
			 investments, or discontinue any part of its practices relating to investments,
			 to the extent deemed necessary by the Commissioner.
(8) Document the adequacy of its premium
			 rates in relation to the risks insured by the insurer.
(9) File with the Commissioner, in addition
			 to its regular annual statements, interim financial reports. The interim
			 reports must be on the appropriate form adopted by the National Association of
			 Insurance Commissioners, or in a format approved by the Commissioner.
(10) Correct any corporate governance
			 practices of the insurer which are deemed deficient by the Commissioner and
			 adopt and use corporate governance practices acceptable to the
			 Commissioner.
(11) Provide a
			 business plan to the Commissioner.
(12) Unless prohibited by title 57 of NRS,
			 adjust rates for a product, other than a contract for life insurance, written
			 by the insurer that the Commissioner considers necessary to improve the
			 financial condition of the insurer.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › DETERMINATION OF HAZARDOUS FINANCIAL CONDITION › Section 680A.226 - Hearing for review; notice

Current through June 11, 2024
An insurer who is subject to an order of the Commissioner
				issued pursuant to NAC 680A.224 may request a hearing to review the order. The
				notice of hearing will be served on the insurer in accordance with
				NRS 679B.320.
				The Commissioner will hold a hearing requested pursuant to this section
				privately, unless the insurer requests that the hearing be held as a public
				hearing.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96
NRS
				  679B.130,
				  680A.205
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › DETERMINATION OF HAZARDOUS FINANCIAL CONDITION › Section 680A.228 - Termination or suspension of business: Rewriting insurance

Current through June 11, 2024
If a company voluntarily withdraws from doing business in
				Nevada, has its license suspended or revoked or requires replacement of
				insurance with other insurers, the policies of that company may be rewritten
				for the unexpired term by other admitted companies on a pro rata basis, at the
				original rate in effect when the policy was first written. This section does
				not apply to life and health insurance contracts.
Comm'r of Insurance,
				PC-3, eff. 9-23-72-Substituted in revision for NAC
				680A.210
NRS
				  679B.130
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › MISCELLANEOUS (REPEALED) › Section 680A.405 - Countersignatures: Generally (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r
				of Insurance by R115-02, eff. 3-18-2003;	R
				by
				R161-22A,
				eff. 12/16/2022
NRS 679B.130,
				  689C.155 and
				  695C.080
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › MISCELLANEOUS (REPEALED) › Section 680A.410 - Countersignatures: Property and casualty insurance (Repealed)

Current through June 11, 2024
Comm'r of Insurance,
				PC-4, eff. 9-23-72-NAC A 5-27-92; R102-09,
				1-28-2010;	R
				by
				R161-22A,
				eff. 12/16/2022
NRS 679B.130,
				  689C.155 and
				  695C.080
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › FILING REQUIREMENTS › Section 680B.010 - Submission of form for assessing fees; time for action by Commissioner

Current through June 11, 2024
1. An insurer who submits a form for an insurance policy, rate, rider or endorsement or a broker who submits a memorandum of open lines insurance or brokers affidavit of surplus lines insurance to the Commissioner must complete and submit with that form a copy of the Commissioner's form for assessing fees or the Commissioner will not consider the submission to be complete.
2. If the form being submitted is one upon which the Commissioner by law has a limited time to act, the time for the Commissioner to act does not begin to run until the appropriate filing fee is paid and the submission is complete.
Added to NAC by Comm'r of Insurance, eff. 1-19-84
NRS 679B.130
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › FILING REQUIREMENTS › Section 680B.020 - Forms for a new policy

Current through June 11, 2024
In submitting the forms for a new policy, an insurer may, for a single filing fee, include any number of filings of rates and of forms for riders and endorsements which are necessary to carry out a complete program for the sale of the policy.
Added to NAC by Comm'r of Insurance, eff. 1-19-84
NRS 679B.130
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › FILING REQUIREMENTS › Section 680B.030 - Submitting several types of forms; form for waiver or other amendment

Current through June 11, 2024
1. In submitting under one letter of transmittal several types of forms which amend previously approved policies, an insurer must pay the appropriate filing fee for each type of form.
2. For the purpose of assessing a filing fee, the form for a waiver or other amendment to a policy is equivalent to a rider or endorsement.
Added to NAC by Comm'r of Insurance, eff. 1-19-84
NRS 679B.130
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › FILING REQUIREMENTS › Section 680B.040 - Filing of rates

Current through June 11, 2024
1. In submitting the rates for a policy previously approved by the Commissioner, an insurer may include any number of changes to the rates and to the classifications and rules for the rates for a single filing fee.
2. For the purpose of assessing a filing fee:
(a) An application which is submitted to the Commissioner pursuant to NAC 686B.520 for consent to charge an insured a different rate for a specific risk than the rate previously approved by the Commissioner constitutes the filing of a rate.
(b) Any filing with the Commissioner of schedules of premiums, dues, fees or other charges pursuant to chapter 686B, 690A, 695B or 695C of NRS is a filing of rates.
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › FILING REQUIREMENTS › Section 680B.050 - Filing to conform to new law

Current through June 11, 2024
An insurer may file any number of forms for a single filing fee in order to comply with a new law requiring changes in coverage if the forms are so identified in the letter of transmittal that accompanies the submission.
Added to NAC by Comm'r of Insurance, eff. 1-19-84
NRS 679B.130
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › FILING REQUIREMENTS › Section 680B.070 - Submission in response to request by Commissioner

Current through June 11, 2024
A broker, insurer or group of insurers which submits information to the Commissioner in response to a specific request by him will not be charged a filing fee even if the information is in the form of a policy, rate or rider, an endorsement or other amendment to a policy, or an affidavit of surplus lines insurance or a memorandum of open lines insurance, if the submission is identified in the letter of transmittal as being made in response to the Commissioner's request.
Added to NAC by Comm'r of Insurance, eff. 1-19-84
NRS 679B.130
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › FILING REQUIREMENTS › Section 680B.090 - Resubmission of disapproved form; fees not refundable; credit for overpayment

Current through June 11, 2024
1. If the Commissioner disapproves a form which has been filed by an insurer, any resubmission of that form must be accompanied by the appropriate fee.
2. A fee which is paid to the Commissioner when a form is filed is not refundable except that the Commissioner will give an insurer credit against fees assessed in subsequent filings if it has paid fees in excess of those required by law.
Added to NAC by Comm'r of Insurance, eff. 1-19-84
NRS 679B.130
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › FILING REQUIREMENTS › Section 680B.095 - Fees: Payment by electronic transfer

Current through June 11, 2024
Any fees required to be paid for filing forms with the Commissioner may be paid in accordance with the program adopted by the State Treasurer that provides for the electronic transfer of money for the payment of money owed.
Added to NAC by Comm'r of Insurance by R115-02, eff. 3-18-2003
NRS 679B.130, 679B.136
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.150 - Definitions

Current through June 11, 2024
As used in NAC to 680B.250, inclusive, unless the context otherwise requires, the words and terms defined in NAC 680B.160 to 680B.190, inclusive, have the meanings ascribed to them in those sections.
Added to NAC by Tax Comm'n by R006-98, eff. 11-20-98
NRS 360.090, 680B.027
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.160 - "Ad valorem credit" defined

Current through June 11, 2024
"Ad valorem credit" means the credit set forth in paragraph (b) of subsection 1 of NRS 680B.050.
Added to NAC by Tax Comm'n by R006-98, eff. 11-20-98
NRS 360.090, 680B.027
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.170 - "Executive Director" defined

Current through June 11, 2024
"Executive Director" means the Executive Director of the Department of Taxation.
Added to NAC by Tax Comm'n by R006-98, eff. 11-20-98
NRS 360.090, 680B.027
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.180 - "Fifty percent credit" defined

Current through June 11, 2024
"Fifty percent credit" means the credit set forth in paragraph (a) of subsection 1 of NRS 680B.050.
Added to NAC by Tax Comm'n by R006-98, eff. 11-20-98
NRS 360.090, 680B.027
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.190 - "Net direct premiums and net direct considerations written during the preceding calendar quarter" defined

Current through June 11, 2024
"Net direct premiums and net direct considerations written during the preceding calendar quarter" means those net direct premiums and net direct considerations written during the same quarter for which each quarterly report and payment is due pursuant to the provisions of NRS 680B.032.
Added to NAC by Tax Comm'n by R006-98, eff. 11-20-98
NRS 360.090, 680B.027
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.200 - Illustration of proper application of NRS 680B.032

Current through June 11, 2024
The following example is given to illustrate the proper application of NRS 680B.032. If an insurer writes $500,000 of net direct premiums and net direct considerations during the quarter that runs from January 1 to March 31 of a calendar year and the insurer is required to file quarterly reports and make quarterly payments pursuant to the provisions of NRS 680B.032, the insurer shall file its quarterly report and make its quarterly payment of taxes on that $500,000 by April 30 of that same calendar year.
Added to NAC by Tax Comm'n by R006-98, eff. 11-20-98
NRS 360.090, 680B.027, 680B.032
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.210 - Application of fifty percent credit and ad valorem credit against tax imposed for privilege of transacting business in this State

Current through June 11, 2024
1. Except as otherwise provided in NAC 680B.240, an insurer who has established to the satisfaction of the Executive Director that it meets all the requirements set forth in NRS 680B.050 and 680B.055 may apply:
(a) The fifty percent credit; and
(b) The ad valorem credit, against the tax imposed by NRS 680B.027.
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.220 - Application of fifty percent credit if home office or regional home office in Nevada

Current through June 11, 2024
Except as otherwise provided in NAC 680B.240, an insurer who has established to the satisfaction of the Executive Director that the insurer meets all the requirements set forth in NRS 680B.050 and 680B.055 and wishes to apply the fifty percent credit shall:
1. If the insurer is required to file quarterly reports and make quarterly payments pursuant to NRS 680B.032, reduce by 50 percent the amount of the tax required to be paid on net direct premiums and net direct considerations written during the preceding calendar quarter when the insurer files the quarterly reports and makes the quarterly payments pursuant to the provisions of NRS 680B.032.
2. If the insurer is not required to file quarterly reports and make quarterly payments pursuant to the provisions of NRS 680B.032, reduce by 50 percent the aggregate amount of the tax required to be paid on net direct premiums and net direct considerations written during the immediately preceding calendar year when the insurer files the annual report and makes the annual payment pursuant to the provisions of NRS 680B.030.
Added to NAC by Tax Comm'n by R006-98, eff. 11-20-98
NRS 360.090, 680B.027, 680B.050
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.230 - Application of ad valorem credit if home office or regional home office in Nevada

Current through June 11, 2024
1. Except as otherwise provided in NAC 680B.240, an insurer who has established to the satisfaction of the Executive Director that it meets all the requirements set forth in NRS 680B.050 and 680B.055 and wishes to apply the ad valorem credit shall reduce the amount of tax the insurer is required to pay pursuant to NRS 680B.027 by the amount of the ad valorem credit when the insurer files the annual report and makes the annual payment pursuant to the provisions of NRS 680B.030.
2. An insurer who is required to file quarterly reports and make quarterly payments pursuant to the provisions of NRS 680B.032 may not reduce the amount of tax the insurer is required to pay pursuant to NRS 680B.027 by the amount of the ad valorem credit or any portion of that amount when the insurer files the quarterly reports and makes the quarterly payments pursuant to the provisions of NRS 680B.032.
Added to NAC by Tax Comm'n by R006-98, eff. 11-20-98
NRS 360.090, 680B.027, 680B.050
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.240 - Failure to satisfy requirements for credits for maintaining home office; payment of deficiency and interest

Current through June 11, 2024
1. If an insurer fails to satisfy the requirements of NRS 680B.050 or 680B.055 for the entire year for which the credits for maintaining a home office in this State are claimed, the insurer is not entitled to any credit for that entire calendar year.
2. If the Nevada Tax Commission, the Department of Taxation or a court of competent jurisdiction determines that an insurer who applied the fifty percent credit when the insurer filed a quarterly report and made a quarterly payment pursuant to the provisions of NRS 680B.032 has subsequently failed to satisfy the requirements of NRS 680B.050 or 680B.055 during the same calendar year in which the insurer made the quarterly payment, the insurer shall remit to the Department of Taxation:
(a) The difference between the amount the insurer set forth as the quarterly payment in the quarterly report filed with the Department of Taxation and the amount the insurer would have owed for the quarterly payment if the insurer had not applied the fifty percent credit and any other amount that the Nevada Tax Commission, the Department of Taxation or a court of competent jurisdiction determines to be a deficiency; and
(b) All applicable interest owed for failure to pay the full amount in a timely manner. Such interest must be based on the difference between the amount the insurer set forth as the quarterly payment in the quarterly report filed with the Department of Taxation and the amount the insurer would have owed for the quarterly payment if the insurer had not applied the fifty percent credit and any other amount that the Nevada Tax Commission, the Department of Taxation or a court of competent jurisdiction determines to be a deficiency.
Nevada Administrative Code › Chapter 680B - Insurance: Fees and Taxes › GENERAL TAX ON PREMIUMS › Section 680B.250 - Credit against tax imposed in succeeding calendar year

Current through June 11, 2024
If an insurer is not entitled to a certain amount of the fifty percent credit or the ad valorem credit because it would reduce the amount of tax payable to less than 20 percent of the tax otherwise payable for that year pursuant to the provisions of NRS 680B.027, the insurer may not carry forward that amount of either credit for use as a credit against the tax imposed by NRS 680B.027 in a succeeding calendar year.
Added to NAC by Tax Comm'n by R006-98, eff. 11-20-98
NRS 360.090, 680B.027, 680B.050
Nevada Administrative Code › Chapter 680C - Fund for Insurance Administration and Enforcement › Section 680C.100 - "Insurer" defined

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
					"insurer" means:
1. An insurer who is
				authorized to transact:
(a) Casualty
				insurance, as defined in
				NRS
				681A.020;
(b) Health insurance, as defined in
				NRS
				681A.030;
(c) Life insurance, as defined in
				NRS
				681A.040; or
(d) Property insurance, as defined in
				NRS
				681A.060;
Nevada Administrative Code › Chapter 680C - Fund for Insurance Administration and Enforcement › Section 680C.200 - Annual fee

Current through June 11, 2024
1.
				Each insurer described in subsection 5 of
				NRS
				680C.110 shall pay the following annual fee
				that is determined by the Commissioner pursuant to subsection 6 of
				NRS
				680C.110 and is based on the direct written
				premiums reported to the Commissioner by the insurer during the previous year:
(a) Less than $1 in direct written
				premiums..........................................................................
				$1,500
(b) At least $1 but not more
				than $100,000 in direct written premiums.................................
				$1,800
(c) More than $100,000 but
				not more than $1,000,000 in direct written premiums...............
				$2,100
(d) More than $1,000,000 but
				not more than $5,000,000 in direct written premiums............
				$2,800
(e) More than $5,000,000 in
				direct written
				premiums...........................................................
				$3,600
Nevada Administrative Code › Chapter 680C - Fund for Insurance Administration and Enforcement › Section 680C.210 - Notification of amount of annual fee

Current through June 11, 2024
On or before May 31 of each year, the Commissioner will notify
					each insurer of the amount of the annual fee set forth in NAC
					680C.200.
Added to NAC by Comm'r of Insurance by R001-16, eff. 6-28-2016;
						A by R024-17, 12-19-2017, eff. 7-1-2019
NRS
						679B.130,
						680C.110
Nevada Administrative Code › Chapter 680C - Fund for Insurance Administration and Enforcement › Section 680C.220 - Due date for payment of annual fee; administrative fine for failure to pay

Current through June 11, 2024
1. Except as
				otherwise provided in subsection 2, an insurer shall pay the annual fee set
				forth in NAC
				680C.200 not later than July 1
				of each year.
2. If an insurer pays
				the initial fee required pursuant to subsection 5 of
				NRS
				680C.110:
(a) On or before July 1, the insurer shall
				pay the annual fee set forth in NAC 680C.200 on or before July 15 of that year.
				The insurer shall pay all subsequent annual fees set forth in NAC 680C.200 not
				later than July 1 of each year.
(b)
				After July 1, the insurer shall pay the annual fee set forth in NAC 680C.200
				not later than 30 days after the insurer pays the initial fee. The insurer
				shall pay all subsequent annual fees set forth in NAC 680C.200 not later than
				July 1 of each year.
Nevada Administrative Code › Chapter 680C - Fund for Insurance Administration and Enforcement › Section 680C.250 - Public meeting of Commissioner to present preliminary budget request for inclusion in executive budget; notice of meeting and opportunity to comment; required contents of budget request

Current through June 11, 2024
1. On or before April 30 of each
				even-numbered year, the Commissioner will hold a public meeting to present his
				or her preliminary budget request to be submitted for inclusion in the
				executive budget pursuant to the guidelines determined by the Office of
				Finance. Notice of the meeting must be posted at least 5 working days before
				the meeting.
2. The preliminary
				budget request presented by the Commissioner must:
(a) To the extent practicable, contain:
(1) Base budget expenditures, including,
				without limitation, expenditures relating to personnel, operations, equipment
				and technology and other expenses necessary for the efficient and effective
				functioning of the Division as a regulatory agency; and
(2) Recommended enhancements to the
				budget.
Nevada Administrative Code › Chapter 680C - Fund for Insurance Administration and Enforcement › Section 680C.260 - Public meeting of Commissioner to present legislatively approved budget and proposed amount of annual fee; required notice of meeting

Current through June 11, 2024
1. Each year before
				the amount of the annual fee is determined by the Commissioner pursuant to
				subsection 6 of
				NRS
				680C.110 and set forth in NAC
				680C.200, the Commissioner will
				hold a public meeting to present the budget of the Division as approved by the
				Legislature and the proposed amount of the annual fee. Notice of the meeting
				must be posted:
(a) At least 5 working days
				before the meeting; and
(b) At a
				minimum:
(1) At the Grant Sawyer Office
				Building located at 555 East Washington Avenue, Las Vegas, Nevada, the
				Legislative Building and all offices of the Division; and
(2) In the location established on the
				official website of the State pursuant to
				NRS
				232.2175 and on the official website of the
				Division.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 2 - NEW

Current through June 11, 2024
As used in sections 2 to 22, inclusive, unless the context
			 otherwise requires, the words and terms defined in sections 3 to 16, inclusive
			 have the meanings ascribed to them in those sections.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 3 - NEW

Current through June 11, 2024
"Actuarial method" means the methodology used to determine the
			 required level of primary security set forth in section 19 pursuant to the
			 "Requirements for Principle-Based Reserves for Life Products" in the
Valuation Manual
.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 4 - NEW

Current through June 11, 2024
"Affiliate" has the meaning ascribed to it in
			 NRS
			 692C.030.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 5 - NEW

Current through June 11, 2024
"Attained-age-based yearly renewable term life insurance policy"
			 means a yearly renewable term life insurance policy in which the premium rates
			 on both the initial current premium scale and the guaranteed maximum premium
			 scale are:
1. Based upon the attained
		  age of the insured such that the rates for any given policy at a given attained
		  age of the insured is independent of the year the policy was issued;
		  and
2. The same as the premium
		  rates for policies covering all insured of the same sex, risk class, plan of
		  insurance and attained age.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 6 - NEW

Current through June 11, 2024
"Authorized control level" has the meaning ascribed to it in NAC
			 681B.405.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 7 - NEW

Current through June 11, 2024
"Company action level" has the meaning ascribed to it in NAC
			 681B.410.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 8 - NEW

Current through June 11, 2024
"Covered policy" means:
1. A life insurance policy with guaranteed
		  non-level gross premiums or guaranteed nonlevel benefits other than a flexible
		  premium universal life insurance policy; or
2. A flexible premium universal life
		  insurance policy with provisions resulting in the ability of a policyholder to
		  keep a policy in force over a secondary guarantee period.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 9 - NEW

Current through June 11, 2024
"CSO" has the meaning ascribed to it in NAC
			 688A.375.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 10 - NEW

Current through June 11, 2024
"Mandatory control level" has the meaning ascribed to it in NAC
			 681B.445.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 11 - NEW

Current through June 11, 2024
"Other security" means a security, other than a primary security,
			 which has been approved by the Commissioner.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 12 - NEW

Current through June 11, 2024
1. "Primary security" means:
(a) Cash;
(b) Except as otherwise provided in
		  subsection 2, securities listed by the Securities Valuation Office of the
		  National Association of Insurance Commissioners; and
(c) For security held in connection with
		  funds withheld and modified coinsurance reinsurance treaties:
(1) Commercial loans in good standing of
		  commercial mortgage category CM3 quality or higher;
(2) Policy loans; and
(3) Derivatives acquired in the normal course
		  of business and used to support and hedge liabilities pertaining to the actual
		  risks in the policies ceded pursuant to the reinsurance treaty.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 13 - NEW

Current through June 11, 2024
"Regulatory action level" has the meaning ascribed to it in NAC
			 681B.460.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 14 - NEW

Current through June 11, 2024
"Secondary guarantee period" means the period for which a policy
			 is guaranteed to remain in force subject only to a secondary
			 guarantee.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 15 - NEW

Current through June 11, 2024
"
Ultimate 1980 CSO Mortality Table
" has the
			 meaning ascribed to it in NAC
			 688A.385.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 16 - NEW

Current through June 11, 2024
"
Valuation Manual
" has the meaning ascribed to
			 it in NRS
			 681B.0071.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 17 - NEW

Current through June 11, 2024
The purposes of sections 2 to 22, inclusive are to:
1. Establish uniform standards governing
		  reserve financing arrangements pertaining to life insurance policies that
		  contain guaranteed non-level gross premiums or guaranteed nonlevel benefits and
		  universal life insurance policies with secondary guarantees; and
2. Ensure that, with respect to each
		  financing arrangement, funds consisting of primary security and other security
		  are held by or on behalf of ceding insurers in the form and amount required
		  pursuant to sections 2 to 22, inclusive.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 18 - NEW

Current through June 11, 2024
1. The provisions of sections 2 to 22,
		  inclusive apply to all reinsurance treaties that cede liabilities pertaining to
		  a covered policy issued by a life insurance company domiciled in this
		  State.
2. The provisions of
		  sections 2 to 22, inclusive do not apply to reinsurance:
(a) Of the following types of policies that
		  are issued before the effective date or the date on which the ceding insurer
		  begins to apply the provisions of the
Valuation Manual
to
		  establish the statutory reserves of the ceded policies, whichever occurs later,
		  but not later than January 1, 2022:
(1) An
		  attained-age-based yearly renewable term life insurance policy.
(2) A policy that becomes an
		  attained-age-based yearly renewable term life insurance policy after an initial
		  period of coverage if one of the following conditions are met:
(I) The initial period of coverage is
		  constant for all insureds of the same sex, risk class and plan of insurance;
		  or
(II) The initial period of
		  coverage runs to a common attained age for all insureds of the same sex, risk
		  class and plan of insurance and, after the initial period of coverage, the
		  policy meets the conditions of an attained-age-based yearly renewable term life
		  insurance policy.
(3) A
		  renewable term life insurance policy if:
(I)
		  The policy consists of a series of renewal periods that are identical in
		  length, except for the final renewal period, which may be truncated or extended
		  to reach the expiry age, provided that the final renewal period is less than 10
		  years and less than twice the size of any other renewal period under the
		  policy, and for each period the premium rates on both the initial current
		  premium scale and the guaranteed maximum premium scale are level;
(II) The guaranteed gross premium in all
		  renewal periods are not less than the corresponding net premiums based upon the
Ultimate 1980 CSO Mortality Table
, with or without the
		  Ten-Year Select Mortality Factors; and
(III) There are no cash surrender values in
		  any policy year.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 20 - NEW

Current through June 11, 2024
1. Except as otherwise provided in subsection
		  3 or in subsection 2 of section 18, credit for reinsurance is authorized for
		  ceded liabilities pertaining to covered policies in a reinsurance treaty
		  pursuant to NRS
		  681A.140 to
		  681A.240, inclusive, and NAC
		  681A.400 to NAC
		  681A.520, inclusive, if:
(a) The ceding insurer's statutory policy
		  reserves pertaining to covered policies are established in full and in
		  accordance with the applicable requirements of this chapter and chapter 681A of
		  NRS and credit claimed for any reinsurance treaty does not exceed the
		  proportionate share of such reserves ceded under the contract;
(b) The ceding insurer determines the
		  required level of primary security with respect to each reinsurance treaty and
		  provides support for its calculation as determined to be acceptable to the
		  Commissioner;
(c) Funds consisting
		  of primary security, in an amount at least equal to the required level of
		  primary security, are held by or on behalf of the ceding insurer as security as
		  described in NRS
		  681A.240 under the reinsurance treaty on a
		  funds withheld, trust or modified coinsurance basis;
(d) Funds consisting of other security, in an
		  amount at least equal to any portion of the statutory reserves as to which
		  primary security is not held pursuant to paragraph (c), are held by or on
		  behalf of the ceding insurer as security as described in
		  NRS
		  681A.240 under the reinsurance treaty;
		  and
(e) The reinsurance treaty is
		  approved by the Commissioner.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 21 - NEW

Current through June 11, 2024
An insurer that holds a covered policy subject to the provisions
			 of sections 2 to 22, inclusive may not take any action or series of actions or
			 enter into any transaction or arrangement or series of transactions or
			 arrangements if the purpose of such action, transaction or arrangement or
			 series thereof is to avoid the requirements of sections 2 to 22, inclusive or
			 to avoid the purposes of the provisions of sections 2 to 22, inclusive, as set
			 forth in section 17.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › Section 681A.Sec. 22 - NEW

Current through June 11, 2024
If any of the provisions of sections 2 to 22, inclusive, or any
			 application thereof to any person, thing or circumstance, is held invalid, it
			 is intended that the invalidity not affect the remaining provisions or their
			 application that can be given effect without the invalid provision or
			 application.
Added
			 to NAC by Comm'r of Insurance by
			 R187-22A,
			 eff. 12/14/2022
NRS
				679B.130,
				681A.130,
				681A.145
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › GENERAL PROVISIONS › Section 681A.005 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
				the words and terms defined in
				NRS
				681A.260 to
				681A.410,
				inclusive, and NAC 681A.006, 681A.007 and 681A.008 have the meanings ascribed
				to them in those sections.
Added to NAC by Comm'r
				of Insurance, eff. 3-20-96; A 5-13-96; R027-02,
				5-31-2002
NRS
				  679B.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › GENERAL PROVISIONS › Section 681A.0053 - "Assuming insurer" defined

Current through June 11, 2024
"Assuming insurer" means an insurer that accepts all or part of
				a ceding insurer's insurance or reinsurance obligation on a risk or exposure
				basis.
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 › GENERAL PROVISIONS › Section 681A.0057 - "Ceding insurer" defined

Current through June 11, 2024
"Ceding insurer" means an insurer that transfers an insurance
				or reinsurance obligation to an assuming insurer on a risk or exposure
				basis.
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 › GENERAL PROVISIONS › Section 681A.006 - "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 by R027-02, eff. 5-31-2002
NRS
				  679B.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › GENERAL PROVISIONS › Section 681A.007 - "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 by R027-02, eff. 5-31-2002
NRS
				  679B.130
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › GENERAL PROVISIONS › Section 681A.008 - "Liabilities" defined

Current through June 11, 2024
"Liabilities" means the gross liabilities of an assuming
				insurer which are attributable to reinsurance ceded by insurers domiciled in
				the United States and which are not otherwise secured by acceptable means and
				includes, without limitation:
1. For
			 business ceded by a domestic insurer authorized to write accident and health
			 insurance and property and casualty insurance:
(a) Losses and allocated loss expenses paid
			 by the ceding insurer that are recoverable from the assuming insurer;
(b) Reserves for reported losses and
			 outstanding losses;
(c) Reserves
			 for losses incurred but not reported;
(d) Reserves for allocated loss expenses;
			 and
(e) Unearned
			 premiums.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE INTERMEDIARIES › Section 681A.050 - Classes of licenses for intermediaries

Current through June 11, 2024
1. The
			 Commissioner will issue two classes of licenses for intermediaries:
(a) Intermediary broker for
			 reinsurance.
(b) Intermediary
			 manager for reinsurance.
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE INTERMEDIARIES › Section 681A.060 - Application for license to act as intermediary

Current through June 11, 2024
1. A
			 person applying for a license to act as an intermediary must submit an
			 application and any other form prescribed by the Commissioner.
2. A firm, association or corporation which
			 is applying for a license to act as an intermediary must provide, on a form
			 prescribed by the Commissioner, an affidavit containing the name, official
			 position and biographical information for each person named in the application
			 and in any supplements thereto who will act as an intermediary on behalf of the
			 firm, association or corporation.
Added to NAC by Comm'r
				of Insurance, eff. 3-20-96
NRS
				  679B.130,
				  681A.130,
				  681A.430
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE INTERMEDIARIES › Section 681A.070 - Intermediary license: Period of validity; renewal

Current through June 11, 2024
1. An
			 intermediary license is valid for 3 years after the date of its issuance, or
			 for any lesser term as determined by the Commissioner, or until it is
			 suspended, revoked or otherwise terminated.
2. A license may be renewed for an additional
			 3-year period by submitting to the Commissioner an application on a form
			 prescribed by the Commissioner, accompanied by the applicable fees required
			 pursuant to
			 NRS
			 680B.010 and
			 680C.110.
Added to NAC by Comm'r
				of Insurance, eff. 3-20-96; A by R110-10,
				9-14-2012
NRS
				  679B.130,
				  681A.130,
				  681A.430
Nevada Administrative Code › Chapter 681A - Kinds of Insurance; Reinsurance › REINSURANCE INTERMEDIARIES › Section 681A.080 - Manager for reinsurance: Filing of bond; cancellation of bond; suspension of license if replacement bond not filed

Current through June 11, 2024
1. For each
			 reinsurer represented by a manager for reinsurance, the manager shall file with
			 the Commissioner a bond issued by an insurer authorized under title 57 of NRS,
			 continuous in form and in an amount determined by the Commissioner of not less
			 than $50,000 for the protection of the reinsurer.
2. The bond must inure to the benefit of the
			 reinsurer for damage caused by any fraudulent act or conduct of the
			 manager.
3. The surety may cancel
			 the bond upon 90 days' advance notice to the manager and the Commissioner. The
			 license of the manager must automatically be suspended if he or she does not
			 file with the Commissioner a replacement bond before the date of cancellation
			 of the previous bond. A replacement bond must meet all of the requirements of
			 this section for the initial bond.
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.090 - Manager for reinsurance: Maintenance of policy of insurance

Current through June 11, 2024
A manager for reinsurance shall maintain an insurance policy
				that covers errors and omissions, issued by an insurer authorized under title
				57 of NRS, in an amount determined by the Commissioner of not less than
				$1,000,000.
Added to NAC by Comm'r
				of Insurance, eff. 3-20-96
NRS
				  679B.130,
				  681A.130,
				  681A.420