Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Events Requiring Regulatory Action › Section 681B.510 - Identification of events

Current through June 11, 2024
The following constitute events that require regulatory
				  action:
1. The filing by an insurer or
				health organization of a report on risk-based capital which indicates that the
				total adjusted capital of the insurer he insurer or health organization is
				equal to or greater than its authorized control level of risk-based capital but
				less than its regulatory action level of risk-based capital;
2. Notification by the Commissioner to an
				insurer or health organization that the Commissioner has adjusted a report on
				risk-based capital of the insurer or health organization in accordance with NAC
				681B.485 and that the adjusted report indicates a situation described in
				subsection 1, except that if the insurer or health organization challenges the
				adjustment pursuant to NAC 681B.580, the event that requires regulatory action
				is the notification by the Commissioner to the insurer or health organization
				that the Commissioner has, after a hearing, rejected the challenge of the
				insurer or health organization
3.
				Failure of an insurer or health organization to file a report on risk-based
				capital by the filing date, unless the insurer or health organization has
				provided an explanation satisfactory to the Commissioner for its failure to
				file the report timely and has cured the failure within 10 days after the
				prescribed filing date;
4. Failure
				of an insurer or health organization to submit a required plan or revised plan
				for risk-based capital within the time prescribed in NAC 681B.495 and
				681B.500;
5. Notification by the
				Commissioner to an insurer an insurer or health organization that a plan or
				revised plan for risk-based capital submitted pursuant to NAC 681B.495 or
				681B.500, as appropriate, is unsatisfactory in the judgment of the Commissioner
				and that the notification constitutes an event that requires regulatory action,
				except that if the insurer or health organization, pursuant to NAC 681B.580,
				challenges the determination of the Commissioner that the plan or revised plan
				for risk-based capital is unsatisfactory, the event that requires regulatory
				action is the notification by the Commissioner to the insurer or health
				organization that the Commissioner has, after a hearing, rejected the challenge
				of the insurer or health organization; or
6. Notification by the Commissioner to an
				insurer or health organization that the Commissioner has determined that the
				insurer or health organization has failed to adhere to its plan or revised plan
				for risk-based capital submitted pursuant to NAC 681B.495 or 681B.500, as
				appropriate, and that the failure has had a substantial adverse effect on the
				ability of the insurer or health organization to eliminate the event that
				requires company action in accordance with its plan or revised plan for
				risk-based capital, except that if the insurer or health organization
				challenges the determination pursuant to NAC 681B.580, the event that requires
				regulatory action is the notification by the Commissioner to the insurer of the
				insurer or health organization that the Commissioner has, after a hearing,
				rejected the challenge of the insurer or health organization.
Added to
				  NAC by Comm'r of Insurance by R088-97, eff. 3-19-98; A by
				  R132-13,
				  eff. 10/1/2014
NRS
					 679B.130,
					 681B.290