reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.162 - Adoption by reference of annuity tables to determine minimum standard of valuation for individual annuity or pure endowment contract

Current through June 11, 2024
1. Except as otherwise provided in subsection
			 2, a life insurer doing business in this State shall use the "2012 Individual
			 Annuity Reserving Table," which is hereby adopted by reference, to determine
			 the minimum standard of valuation for each individual annuity or pure endowment
			 contract that the insurer issues to a person in this State on or after November
			 16, 1998. A copy of the "2012 Individual Annuity Reserving Table" may be
			 obtained from the Society of Actuaries, 475 North Martingale Road, Suite 600,
			 Schaumburg, Illinois 60173, or by telephone at (847) 706-3500, for the price of
			 $55 , or at the Internet address
http://mort.soa.org/
, free of
			 charge.
2. A life insurer doing
			 business in this State shall use, without projection, the "1983 Table 'a,'"
			 which is hereby adopted by reference, to determine the minimum standard of
			 valuation for an individual annuity or pure endowment contract that the insurer
			 issues to a person in this State on or after November 16, 1998, if the
			 individual annuity or pure endowment contract involves life contingencies and
			 is issued to pay periodic benefits arising from the settlement of:
(a) A claim arising out of a tort, including,
			 without limitation, a claim for workers' compensation, regardless of whether an
			 action relating to the claim was commenced in a court of competent
			 jurisdiction; or
(b) A claim for
			 long-term disability in which the claimant has elected to receive a temporary
			 or life annuity in lieu of payments for continuing disability.
The "1983 Table 'a'" is set forth on page 454 of the 1982
				Proceedings of the NAIC II , and a copy of this publication may be obtained
				from the National Association of Insurance Commissioners, Publications
				Department, 1100 Walnut Street, Suite 1500, Kansas City, Missouri 64106-2197,
				or by telephone at (816) 783-8300, for the price of $180 plus $10 for shipping
				and handling.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.164 - Adoption by reference of annuity table to determine minimum standard of valuation for group annuity or pure endowment contract

Current through June 11, 2024
1. A
			 life insurer doing business in this State shall use the "1994 Group Annuity
			 Reserving Table," which is hereby adopted by reference, to determine the
			 minimum standard of valuation for each group annuity or pure endowment contract
			 that the insurer issues to a group in this State on or after November 16, 1998.
			 The "1994 Group Annuity Reserving Table" is set forth on pages 866-67 of volume
			 XLVII of the Transactions of the Society of Actuaries (1995), and a copy of
			 this publication may be obtained from the Society of Actuaries, 475 North
			 Martingale Road, Schaumburg, Illinois 60173, or by telephone at (847) 706-3526,
			 or at the Internet address
http://mort.soa.org/
, free of
			 charge.
2. For the purposes of the
			 "1994 Group Annuity Reserving Table," the mortality rate for a person of age x
			 in the year (1994 + n) must be calculated by using the following formula:
Click
				to view image
where qx1994
				and AAx are as specified in the "1994 Group Annuity
				Reserving Table."
Added to NAC by Comm'r
				of Insurance by R081-98, eff. 11-16-98; A by
				R089-17AP,
				eff. 5/16/2018
NRS 679B.130
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.165 - Opinions and supporting memoranda: Annual submission required; form of submission; extension of time for submission

Current through June 11, 2024
1. Every insurer
			 shall annually submit the opinion of a qualified actuary required pursuant to
			 NRS
			 681B.210.
2. Every insurer shall also annually submit
			 the opinion of a qualified actuary based on an asset adequacy analysis required
			 pursuant to NRS
			 NRS
			 681B.220 and prepare the supporting
			 memorandum required pursuant to NRS
			 NRS
			 681B.230.
3. An insurer shall, in accordance with the
Annual Statement Instructions for Life, Accident and Health Insurance
			 Companies
, as adopted by the National Association of Insurance
			 Commissioners for the year in which the insurer files the statement, file with
			 the National Association of Insurance Commissioners, and the insurance
			 regulatory authority of any other required jurisdiction, a copy of each opinion
			 of a qualified actuary submitted to the Commissioner pursuant to subsection
			 2.
4. Except as otherwise provided
			 in this section, the opinion or opinions of a qualified actuary submitted
			 pursuant to this section must be included on or attached to the first page of
			 the annual statement for the insurer and must be entitled "Statement of
			 Actuarial Opinion."
5. The
			 Commissioner may grant an extension of time for the submission of the opinion
			 or opinions of a qualified actuary pursuant to this section. The request must
			 be submitted in writing and be received by the Commissioner on or before the
			 date established, pursuant to
			 NRS
			 680A.270, for filing the annual statement of
			 the insurer.
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.170 - Notice to Commissioner regarding appointed actuary

Current through June 11, 2024
1. Each insurer required to submit an opinion
			 of a qualified actuary pursuant to
			 NRS
			 681B.210 or
			 681B.220
			 shall notify the Commissioner, in writing, of:
(a) The name, title and manner of appointment
			 or retention of each person appointed or retained by the insurer as an
			 appointed actuary; and
(b) If the
			 appointed actuary is a consulting actuary, the name of the firm that he or she
			 represents.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.175 - Requirements for asset adequacy analysis

Current through June 11, 2024
1. An asset
			 adequacy analysis must:
(a) Conform to the
			 "Actuarial Standards of Practice" adopted from time to time by the Actuarial
			 Standards Board and any additional standards set forth in NAC 681B.100 to
			 681B.245, inclusive; and
(b) Be
			 based on the methods of analysis deemed appropriate by the Actuarial Standards
			 Board.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.180 - Application of opinion to business in force on date of annual statement; determination of need for additional reserves; release of additional reserves

Current through June 11, 2024
1. An opinion of a qualified actuary must
			 apply to all business in force on the date of the annual statement regardless
			 of when or where issued, including reserves included in Exhibits 5, 6 and 7 of
			 the annual statement, claim liabilities listed in Part I of Exhibit 8 of the
			 annual statement and equivalent items in the separate account statement or
			 statements submitted with the annual statement.
2. If the appointed actuary determines from
			 the asset adequacy analysis that a reserve should be held in addition to the
			 aggregate reserve held by the insurer and calculated in accordance with the
			 methods set forth in
			 NRS
			 681B.130 and
			 681B.150,
			 the insurer shall establish the additional reserve.
3. Additional reserves established under
			 subsection 2 which are determined by a qualified actuary to be not necessary in
			 subsequent years may be released. All amounts released must be disclosed in the
			 opinion of a qualified actuary for the applicable year. The release of such
			 reserves shall not be deemed an adoption of a lower standard of
			 valuation.
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.205 - Opinion as to computation of reserves and related items: Contents

Current through June 11, 2024
1. An opinion of a qualified actuary
			 submitted pursuant to NRS
			 NRS
			 681B.210 must contain:
(a) A paragraph which identifies the
			 appointed actuary and lists his or her qualifications;
(b) A paragraph which states that the opinion
			 is rendered in accordance with
			 NRS
			 681B.210 and this section and is not based on
			 an asset adequacy analysis;
(c) A
			 paragraph which identifies the subjects on which the opinion is to be expressed
			 and describes the scope of the appointed actuary's work; and
(d) A paragraph expressing the appointed
			 actuary's opinion.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.210 - Opinion based on asset adequacy analysis: Contents

Current through June 11, 2024
1. A
			 statement of actuarial opinion based on an asset adequacy analysis submitted
			 pursuant to
			 NRS
			 681B.220 must contain:
(a) A paragraph which identifies the
			 appointed actuary and lists his or her qualifications;
(b) A paragraph which identifies the subjects
			 on which the opinion is expressed and describes the scope of the appointed
			 actuary's work, including a tabulation which:
(1) Delineates the reserves and related
			 actuarial items which have been analyzed for asset adequacy;
(2) Delineates the method of analysis;
			 and
(3) Identifies the reserves and
			 related actuarial items covered by the opinion which have not been
			 analyzed;
(c) A
			 paragraph which describes those areas, if any, where the appointed actuary has
			 deferred to other experts in developing data, procedures or assumptions,
			 including, but not limited to, anticipated cash flows from currently owned
			 assets, including variations in cash flows according to economic
			 scenarios;
(d) A supporting
			 statement prepared by each expert consulted pursuant to paragraph
			 (c);
(e) A paragraph which
			 expresses the appointed actuary's opinion with respect to the adequacy of the
			 supporting assets to mature the liabilities;
(f) If the actuary determines that it is
			 necessary to qualify his or her opinion, a paragraph which contains the
			 qualification;
(g) If it is
			 necessary for the appointed actuary to disclose an inconsistency in the method
			 of analysis or basis of asset allocation used in a previous opinion with that
			 used in the opinion, a paragraph which contains the disclosure;
(h) If it is necessary for the appointed
			 actuary to disclose whether additional reserves required as of the date of a
			 previous opinion are released as of the date of the current opinion and the
			 extent of the release, a paragraph which contains the disclosure; and
(i) If the appointed actuary wishes to add a
			 brief description of the assumptions which form the basis for the actuarial
			 opinion, a paragraph which contains the description.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.220 - Supporting memorandum: Contents

Current through June 11, 2024
1. A supporting
			 memorandum provided pursuant to
			 NRS
			 681B.230 must conform to the "Actuarial
			 Standards of Practice" adopted from time to time by the Actuarial Standards
			 Board and any additional standards set forth in NAC 681B.100 to 681B.245,
			 inclusive, and demonstrate that the asset adequacy analysis has been performed
			 in accordance with the provisions of NAC 681B.175. The memorandum must specify:
(a) For reserves:
(1) The product descriptions, including
			 market description, underwriting and other aspects of a risk profile, and the
			 specific risks the appointed actuary deems significant;
(2) The source of liability in
			 force;
(3) The reserve method and
			 basis;
(4) The investment
			 reserves;
(5) The reinsurance
			 arrangements;
(6) Each guarantee,
			 whether express or implied, made by the general account in support of benefits
			 provided through a separate account or under a separate account policy or
			 contract and the methods used by the appointed actuary to provide for the
			 guarantee in the asset adequacy analysis; and
(7) The documentation of the assumptions used
			 by the qualified actuary to test reserves for:
(I) Lapse rates, including both base and
			 excess rates;
(II) Interest
			 crediting rate strategy;
(III)
			 Mortality;
(IV) Policyholder
			 dividend strategy;
(V) Competitor
			 or market interest rate;
(VI)
			 Annuitization rates;
(VII)
			 Commissions and expenses; and
(VIII) Morbidity.
The documentation of the assumptions must be such that an
				actuary reviewing the actuarial memorandum could form a conclusion as to the
				reasonableness of the assumptions.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.221 - Regulatory asset adequacy issues summary: Contents

Current through June 11, 2024
1. The regulatory asset adequacy issues
			 summary required pursuant to NAC 681B.215 must include, without limitation:
(a) Descriptions of the scenarios tested,
			 including, without limitation, whether those scenarios are stochastic or
			 deterministic and the sensitivity testing done relative to those scenarios. If
			 negative ending surplus results under certain tests in the aggregate, the
			 description of those tests must include the amount of additional reserve as of
			 the valuation date which, if held, would eliminate the negative aggregate
			 surplus values. For the purposes of this paragraph, ending surplus values must
			 be determined by:
(1) Extending the
			 projection period until the in-force and associated assets and liabilities at
			 the end of the projection period are immaterial; or
(2) Adjusting the surplus amount at the end
			 of the projection period by an amount that appropriately estimates the value
			 that can reasonably be expected to arise from the assets and liabilities
			 remaining in force.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.222 - Adoption of new actuarial assumptions for new issues or claims not considered change of actuarial assumptions

Current through June 11, 2024
The adoption for new issues or new claims or other new
				liabilities of an actuarial assumption that differs from a corresponding
				assumption used for prior new issues or new claims or other new liabilities is
				not considered to be a change in actuarial assumptions for the purposes of
				NRS
				681B.210 and
				681B.220.
Added to NAC by Comm'r
				of Insurance by R146-12, eff. 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.223 - Refusal to provide actuarial opinion; issuance of adverse or qualified actuarial opinion

Current through June 11, 2024
1. If an appointed
			 actuary is unable to form an opinion as to whether the reserves and related
			 actuarial items held in support of the policies and contracts specified by the
			 Commissioner satisfy the conditions set forth in
			 NRS
			 681B.210 or
			 681B.220,
			 the appointed actuary shall refuse to issue a statement of actuarial
			 opinion.
2. If an appointed
			 actuary's opinion as to whether the reserves and related actuarial items held
			 in support of the policies and contracts specified by the Commissioner satisfy
			 the conditions set forth in
			 NRS
			 681B.210 or
			 681B.220
			 is adverse or qualified, the appointed actuary shall issue an adverse or
			 qualified actuarial opinion explicitly stating the reasons for the
			 opinion.
Added to NAC by Comm'r
				of Insurance by R146-12, eff. 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.224 - Opinion of qualified actuary submitted by a foreign insurer: Requirements

Current through June 11, 2024
1. The Commissioner may accept the opinion of
			 a qualified actuary submitted by a foreign insurer that is based on the laws
			 and regulations of the state in which the insurer is domiciled if:
(a) The Commissioner determines that the
			 opinion satisfies the requirements of
			 NRS
			 681B.240; or
(b) The opinion includes a statement that the
			 reserves and related actuarial items meet the requirements of the laws and
			 regulations of the state in which the insurer is domiciled and are at least as
			 great as the minimum aggregate amounts required by the laws and regulations of
			 this State or an alternative statement approved by the Commissioner. Upon
			 request, the Commissioner will provide guidelines for language that will
			 satisfy the provisions of this subsection.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.225 - Asset adequacy analysis: Aggregation of reserves and assets

Current through June 11, 2024
1. For the purpose of performing an asset
			 adequacy analysis, the reserves and assets of an insurer may be aggregated by:
(a) Aggregating the reserves and related
			 actuarial items and the supporting assets for different products or lines of
			 business before analyzing the adequacy of the combined assets to mature the
			 combined liabilities; or
(b)
			 Aggregating the results of an asset adequacy analysis of one or more products
			 or lines of business, the reserves for which prove through analysis to be
			 redundant, with the results of one or more products or lines of business, the
			 reserves for which prove through analysis to be deficient.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.230 - Asset adequacy analysis: Allocation of assets

Current through June 11, 2024
1. When performing an asset adequacy
			 analysis, an appointed actuary shall analyze only those assets held in support
			 of the specified reserves. A particular asset or portion thereof supporting a
			 group of specified reserves cannot support any other group of specified
			 reserves. An asset may be allocated over several groups of specified reserves.
			 Except as otherwise provided in NAC 681B.235, the assets held in support of the
			 reserves must not exceed the value of the specified reserves on the annual
			 statement. If the method of asset allocation is not consistent from year to
			 year, the extent of its inconsistency must be described in the supporting
			 memorandum.
2. As used in this
			 section, "specified reserves" means those reserves which are the subject of the
			 asset adequacy analysis.
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.235 - Asset adequacy analysis: Use of appropriate allocation of assets in amount of Interest Maintenance Reserve; disclosure of amount of assets used for Asset Valuation required

Current through June 11, 2024
1. An appropriate
			 allocation of assets in the amount of the Interest Maintenance Reserve, whether
			 positive or negative, must be used in any asset adequacy analysis. Analysis of
			 risks regarding asset default may include an appropriate allocation of assets
			 supporting the Asset Valuation Reserve. Assets supporting the Asset Valuation
			 Reserve may not be applied for any other risks with respect to the adequacy of
			 reserves. Analysis of these and other risks may include assets supporting other
			 mandatory or voluntary reserves available to the extent those assets are not
			 used for risk analysis and to support reserves.
2. The amount of the assets used for the
			 Asset Valuation Reserve must be disclosed in the Table of Reserves and
			 Liabilities of the opinion of the qualified actuary submitted pursuant to
			 NRS
			 681B.220 and in the supporting memorandum
			 provided pursuant to
			 NRS
			 681B.230. The method used for selecting
			 particular assets or allocated portions of assets must be disclosed in the
			 supporting memorandum.
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.240 - Asset adequacy analysis: Consideration of certain interest rate scenarios

Current through June 11, 2024
1. When performing
			 an asset adequacy analysis, the appointed actuary shall consider in the
			 analysis the effect of the following interest rate scenarios:
(a) Level with no deviation;
(b) Uniformly increasing over 10 years at 0.5
			 percent per year and then level;
(c) Uniformly increasing at 1 percent per
			 year over 5 years and then uniformly decreasing at 1 percent per year to the
			 original level at the end of 10 years and then level;
(d) An immediate increase of 3 percent and
			 then level;
(e) Uniformly
			 decreasing over 10 years at 0.5 percent per year and then level;
(f) Uniformly decreasing at 1 percent per
			 year over 5 years and then uniformly increasing at 1 percent per year to the
			 original level at the end of 5 years and then level; and
(g) An immediate decrease of 3 percent and
			 then level.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › LIFE INSURANCE: ANNUAL OPINIONS AND SUPPORTING MEMORANDA OF QUALIFIED ACTUARIES › Section 681B.245 - Asset adequacy analysis: Retention of certain documentation required

Current through June 11, 2024
An appointed actuary shall, after performing an asset adequacy
				analysis, retain on file, for not less than 7 years, documentation sufficient
				to enable another person to determine the procedures followed, the analyses
				performed, the bases for assumptions and the results obtained when the asset
				adequacy analysis was performed.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › PROPERTY AND CASUALTY INSURANCE: ANNUAL OPINIONS OF QUALIFIED ACTUARIES › Section 681B.250 - Definitions

Current through June 11, 2024
As used in NAC 681B.250 to 681B.290, inclusive, unless the
				context otherwise requires, the words and terms defined in NAC 681B.255 to
				681B.270, inclusive, have the meanings ascribed to them in those
				sections.
Added to NAC by Comm'r
				of Insurance by R072-10, eff. 12-16-2010
NRS
				  679B.130,
				  679B.137,
				  680A.270,
				  681B.050
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › PROPERTY AND CASUALTY INSURANCE: ANNUAL OPINIONS OF QUALIFIED ACTUARIES › Section 681B.255 - "Appointed actuary" defined

Current through June 11, 2024
"Appointed actuary" means a qualified actuary who is appointed
				or retained by a property and casualty insurance company to prepare the opinion
				and supporting documents required by NAC 681B.275 to 681B.290,
				inclusive.
Added to NAC by Comm'r
				of Insurance by R072-10, eff. 12-16-2010
NRS
				  679B.130,
				  679B.137,
				  680A.270,
				  681B.050
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › PROPERTY AND CASUALTY INSURANCE: ANNUAL OPINIONS OF QUALIFIED ACTUARIES › Section 681B.260 - "Domiciliary commissioner" defined

Current through June 11, 2024
"Domiciliary commissioner" means the Commissioner of Insurance
				or similar officer of the state in which a property and casualty insurance
				company is domiciled.
Added to NAC by Comm'r
				of Insurance by R072-10, eff. 12-16-2010
NRS
				  679B.130,
				  679B.137,
				  680A.270,
				  681B.050
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › PROPERTY AND CASUALTY INSURANCE: ANNUAL OPINIONS OF QUALIFIED ACTUARIES › Section 681B.265 - "Property and casualty insurance company" defined

Current through June 11, 2024
"Property and casualty insurance company" means an insurance
				company authorized to write:
1.
			 Casualty insurance as defined in
			 NRS
			 681A.020;
2. Marine and transportation insurance or wet
			 marine and transportation insurance as defined in
			 NRS
			 681A.050;
3. Property insurance as defined in
			 NRS
			 681A.060; or
4. Surety insurance as defined in
			 NRS
			 681A.070.
Added to NAC by Comm'r
				of Insurance by R072-10, eff. 12-16-2010
NRS
				  679B.130,
				  679B.137,
				  680A.270,
				  681B.050
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › PROPERTY AND CASUALTY INSURANCE: ANNUAL OPINIONS OF QUALIFIED ACTUARIES › Section 681B.270 - "Qualified actuary" defined

Current through June 11, 2024
"Qualified actuary" means a person who meets the qualification
				requirements for actuaries set forth in the standards of the American Academy
				of Actuaries or a successor organization approved by the Commissioner.
Added to NAC by Comm'r
				of Insurance by R072-10, eff. 12-16-2010
NRS
				  679B.130,
				  679B.137,
				  680A.270,
				  681B.050
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › PROPERTY AND CASUALTY INSURANCE: ANNUAL OPINIONS OF QUALIFIED ACTUARIES › Section 681B.275 - Annual submission of opinion required; form of submission; treatment as public document

Current through June 11, 2024
Every property and casualty insurance company doing business in
				this State, unless otherwise exempted by the domiciliary commissioner, shall
				annually submit the opinion of an appointed actuary entitled "Statement of
				Actuarial Opinion." This opinion must be filed in accordance with the
Annual Statement Instructions: Property and Casualty
, as
				adopted by the National Association of Insurance Commissioners for the year in
				which the property and casualty insurance company files the opinion and must be
				treated as a public document.
Added to NAC by Comm'r
				of Insurance by R072-10, eff. 12-16-2010
NRS
				  679B.130,
				  679B.137,
				  680A.270,
				  681B.050
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › PROPERTY AND CASUALTY INSURANCE: ANNUAL OPINIONS OF QUALIFIED ACTUARIES › Section 681B.280 - Supporting document entitled "Actuarial Opinion Summary" required

Current through June 11, 2024
Each opinion required by NAC 681B.275 must be supported by a
				document entitled "Actuarial Opinion Summary" prepared by the appointed actuary
				of the property and casualty insurance company. This summary must be filed with
				the Commissioner in accordance with the appropriate instructions adopted by the
				National Association of Insurance Commissioners:
1. Annually by every property and casualty
			 insurance company domiciled in this State that is required to submit an opinion
			 pursuant to NAC 681B.275; and
2.
			 Upon request of the Commissioner by a property and casualty insurance company
			 licensed by, but not domiciled in, this State.
Added to NAC by Comm'r
				of Insurance by R072-10, eff. 12-16-2010
NRS
				  679B.130,
				  679B.137,
				  680A.270,
				  681B.050
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › PROPERTY AND CASUALTY INSURANCE: ANNUAL OPINIONS OF QUALIFIED ACTUARIES › Section 681B.285 - Supporting document entitled "Actuarial Report" required; availability to Commissioner; review by actuary at expense of company in certain circumstances

Current through June 11, 2024
Each opinion required by NAC 681B.275 must be supported by a
				document entitled "Actuarial Report" prepared by the appointed actuary of the
				property and casualty insurance company in accordance with the
Annual
				Statement Instructions: Property and Casualty
, as adopted by the
				National Association of Insurance Commissioners for the year in which the
				property and casualty insurance company files the opinion. This report and all
				underlying work papers must be made available to the Commissioner upon his or
				her request. If a property and casualty insurance company fails to provide a
				supporting Actuarial Report or work papers at the request of the Commissioner
				or the Commissioner determines that the supporting Actuarial Report or work
				papers provided by the company are otherwise unacceptable to the Commissioner,
				the Commissioner may engage a qualified actuary at the expense of the company
				to review the opinion and the basis for the opinion and prepare the supporting
				Actuarial Report or work papers.
Added to NAC by Comm'r
				of Insurance by R072-10, eff. 12-16-2010
NRS
				  679B.130,
				  679B.137,
				  680A.270,
				  681B.050
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › PROPERTY AND CASUALTY INSURANCE: ANNUAL OPINIONS OF QUALIFIED ACTUARIES › Section 681B.290 - Confidentiality of records

Current through June 11, 2024
1. If submitted
			 with the express condition that they remain confidential, all documents filed
			 pursuant to NAC 681B.280 and 681B.285, and any other materials provided by a
			 property and casualty insurance company to the Commissioner in connection
			 therewith, must be kept confidential by the Commissioner, are privileged, are
			 not open to the public and are not subject to subpoena.
2. Neither the Commissioner nor any person
			 who received documents, other materials or information contained therein while
			 acting under the authority of the Commissioner is permitted or required to
			 testify in any private civil action concerning any documents, other materials
			 or information contained therein made confidential pursuant to this
			 section.
3. The provisions of this
			 section shall not be construed to limit the Commissioner's authority:
(a) To release documents or other materials
			 to the Actuarial Board for Counseling and Discipline or its successor
			 organization if the documents or other materials are required for the purpose
			 of professional disciplinary proceedings and the Actuarial Board for Counseling
			 and Discipline establishes procedures satisfactory to the Commissioner for
			 preserving the confidentiality of the documents or other materials;
			 or
(b) To use the documents or
			 other materials or information contained therein in furtherance of any
			 regulatory or legal action brought as part of the Commissioner's official
			 duties.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › REPORTS OF MATERIAL TRANSACTIONS › Section 681B.300 - Definitions

Current through June 11, 2024
For the purposes of
				NRS
				681B.280 and NAC 681B.300 to 681B.335,
				inclusive:
1. "Acquisition" includes
			 every purchase, lease, exchange, merger, consolidation, succession or other
			 means except the construction or development of real property by or for the
			 reporting insurer or the acquisition of materials for that purpose.
2. "Disposition" includes every sale, lease,
			 exchange, merger, consolidation, mortgage, hypothecation, assignment for the
			 benefit of creditors or otherwise, abandonment, destruction or other
			 disposition.
3. An acquisition or
			 the aggregate of any series of related acquisitions during any 30-day period,
			 or a disposition or the aggregate of any series of related dispositions during
			 any 30-day period, is "material" if it is nonrecurring and not in the ordinary
			 course of business and involves more than 5 percent of the insurer's total
			 admitted assets as reported in its most recent statutory statement filed with
			 the Commissioner of Insurance of the insurer's state of domicile.
4. A nonrenewal, cancellation or revision of
			 an agreement for ceded reinsurance, and a new agreement for ceded reinsurance
			 that affects the in-force life insurance business of an insurer, is "material"
			 if it affects:
(a) For property and casualty
			 business, including accident and health business when written as casualty
			 business:
(1) More than 50 percent of the
			 insurer's total ceded written premium; or
(2) More than 50 percent of the insurer's
			 total ceded indemnity and loss adjustment reserves.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › REPORTS OF MATERIAL TRANSACTIONS › Section 681B.305 - Filing of report

Current through June 11, 2024
1. Except as
			 otherwise provided in NAC
			 681B.320, every insurer
			 domiciled in this State shall file a report with the Commissioner of Insurance
			 disclosing:
(a) Material acquisitions and
			 dispositions of assets;
(b)
			 Material nonrenewals, cancellations or revisions of agreements for ceded
			 reinsurance; and
(c) Material new
			 agreements for ceded reinsurance that affect the in-force life insurance
			 business of the insurer, unless the material acquisitions and dispositions of
			 assets, the material nonrenewals, cancellations or revisions of agreements for
			 ceded reinsurance, or the material new agreements for ceded reinsurance have
			 been submitted to the Commissioner for review, approval or information pursuant
			 to any provision of title 57 of NRS, regulations adopted pursuant to that title
			 or other requirements.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › REPORTS OF MATERIAL TRANSACTIONS › Section 681B.310 - Information required to be disclosed in report of material acquisition or disposition of assets

Current through June 11, 2024
The following information must be disclosed in a report of a
				material acquisition or disposition of assets:
1. The date of the close of the
			 transaction;
2. The manner of
			 acquisition or disposition;
3. A
			 description of the assets involved;
4. The nature and amount of the consideration
			 given or received;
5. The purpose
			 of, or reason for, the transaction;
6. The manner by which the amount of
			 consideration was determined;
7.
			 Any gain or loss recognized or realized as a result of the transaction;
			 and
8. The name of any person from
			 whom the assets were acquired or to whom the assets were disposed of.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › REPORTS OF MATERIAL TRANSACTIONS › Section 681B.315 - Reporting of material acquisitions and dispositions of assets on nonconsolidated basis; exception

Current through June 11, 2024
An insurer shall report material acquisitions and dispositions
				of assets on a nonconsolidated basis unless the insurer is part of a
				consolidated group of insurers which uses a pooling arrangement or 100-percent
				reinsurance agreement that affects the solvency and integrity of the reserves
				of the insurer and the insurer ceded substantially all of its direct and
				assumed business to the pool. An insurer is deemed to have ceded substantially
				all of its direct and assumed business to a pool if the insurer has less than
				$1,000,000 total direct plus assumed written premiums during any calendar year
				that are not subject to the pooling arrangement, and the net income of the
				business not subject to the pooling arrangement represents less than 5 percent
				of the capital and surplus of the insurer.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › REPORTS OF MATERIAL TRANSACTIONS › Section 681B.320 - Exceptions for filing of report

Current through June 11, 2024
An insurer is not required to file a report pursuant to NAC
				681B.300 to 681B.335, inclusive, if:
1. For property and casualty business,
			 including accident and health business written by a property and casualty
			 insurer, the total ceded written premium represents, on an annualized basis,
			 less than 10 percent of its total written premiums for direct and assumed
			 business; or
2. For life, annuity
			 and accident and health business, the total reserve credit taken for business
			 ceded represents, on an annualized basis, less than 10 percent of the statutory
			 requirement for reserves before any cession.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › REPORTS OF MATERIAL TRANSACTIONS › Section 681B.325 - Information required to be disclosed in report of material nonrenewal, cancellation or revision of agreement for ceded reinsurance or material new agreement for ceded reinsurance that affects in-force life insurance business of insurer

Current through June 11, 2024
The following information must be disclosed in any report of a
				material nonrenewal, cancellation or revision of an agreement for ceded
				reinsurance, or a material new agreement for ceded reinsurance that affects the
				in-force life insurance business of the insurer:
1. The effective date of the nonrenewal,
			 cancellation, revision or new agreement;
2. A description of the transaction with an
			 identification of the initiator thereof;
3. The purpose of, or reason for, the
			 transaction; and
4. If applicable,
			 the identity of replacement reinsurers.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96; A by R024-02,
				5-31-2002
NRS
				  679B.130,
				  681B.280
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › REPORTS OF MATERIAL TRANSACTIONS › Section 681B.330 - Reporting of material nonrenewals, cancellations or revisions of agreements for ceded reinsurance, and material new agreements for ceded reinsurance that affect in-force life insurance business of insurer, on nonconsolidated basis; exception

Current through June 11, 2024
An insurer shall report all material nonrenewals, cancellations
				or revisions of agreements for ceded reinsurance, and all material new
				agreements for ceded reinsurance that affect the in-force life insurance
				business of the insurer, on a nonconsolidated basis unless the insurer is part
				of a consolidated group of insurers which uses a pooling arrangement or
				100-percent reinsurance agreement that affects the solvency and integrity of
				the reserves of the insurer and the insurer ceded substantially all of its
				direct and assumed business to the pool. An insurer is deemed to have ceded
				substantially all of its direct and assumed business to a pool if the insurer
				has less than $1,000,000 total direct plus assumed written premiums during any
				calendar year that are not subject to the pooling arrangement, and the net
				income of the business not subject to the pooling arrangement represents less
				than 5 percent of the capital and surplus of the insurer.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96; A by R024-02,
				5-31-2002
NRS
				  679B.130,
				  681B.280
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › REPORTS OF MATERIAL TRANSACTIONS › Section 681B.335 - Restriction against assumption of reinsurance by certain insurers and certain other organizations

Current through June 11, 2024
NAC 681B.300 to 681B.330, inclusive, do not authorize the
				assumption of reinsurance under Title 57 of NRS by an insurer for home
				protection other than a casualty insurer, a fraternal benefit society, a health
				maintenance organization, a plan for dental care, a corporation for hospital,
				medical or dental service, or a prepaid limited health service
				organization.
Added to NAC by Comm'r
				of Insurance, eff. 6-28-96
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.400 - Definitions

Current through June 11, 2024
As used in NAC 681B.400 to 681B.595, inclusive,5, inclusive,
				  and sections 2, 3 and 4 unless the context otherwise requires, the words and
				  terms defined in NAC 681B.405 to 681B.470, inclusive, and sections 2, 3 and 4
				  have the meanings ascribed to them in those sections.
Added to
				  NAC by Comm'r of Insurance by R088-97, eff. 3-19-98; A by R024-02, 5-31-2002; A
				  by
				  R132-13,
				  eff. 10/1/2014
NRS
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.405 - "Authorized control level" defined

Current through June 11, 2024
"Authorized control level" means the level of risk-based
				  capital calculated pursuant to the instructions relating to risk-based
				  capital.
Added to NAC by Comm'r
				  of Insurance by R088-97, eff. 3-19-98
NRS
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.410 - "Company action level" defined

Current through June 11, 2024
"Company action level" means the level of risk-based capital
				  calculated by multiplying 2 times the authorized control level of risk-based
				  capital.
Added to NAC by Comm'r
				  of Insurance by R088-97, eff. 3-19-98
NRS
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.415 - "Corrective order" defined

Current through June 11, 2024
"Corrective order" means an order issued by the Commissioner
				  that specifies the corrective actions which the Commissioner has determined are
				  necessary to correct a problem relating to the level of risk-based capital of
				  an 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
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.417 - "Domestic health organization" defined

Current through June 11, 2024
"Domestic health organization" means a health organization
				  domiciled in this State.
Added to
				  NAC by Comm'r of Insurance by
				  R132-13,
				  6-23-2014, eff. 10/1/2014
NRS
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.420 - "Domestic insurer" defined

Current through June 11, 2024
"Domestic insurer" means an insurance company domiciled in
				  this State.
Added to NAC by Comm'r
				  of Insurance by R088-97, eff. 3-19-98
NRS
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.422 - "Foreign health organization" defined

Current through June 11, 2024
"Foreign health organization" means a health organization
				  that is licensed to do business in this State but is not domiciled in this
				  State.
Added to
				  NAC by Comm'r of Insurance by
				  R132-13,
				  6-23-2014, eff. 10/1/2014
NRS
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.425 - "Foreign insurer" defined

Current through June 11, 2024
"Foreign insurer" means an insurance company which is
				  authorized to do business in this State pursuant to title 57 of NRS, but which
				  is not domiciled in this State.
Added to NAC by Comm'r
				  of Insurance by R088-97, eff. 3-19-98
NRS
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.427 - "Health organization" defined

Current through June 11, 2024
"Health organization" means:
1. A nonprofit corporation for hospital,
				medical or dental services that is certified pursuant to chapter 695B of NRS;
2. A health maintenance
				organization that is certified pursuant to chapter 695C of NRS;
3. An organization for dental care that is
				certified pursuant to chapter 695D of NRS;
4. A prepaid limited health service
				organization, hospital, medical and dental indemnity or service operation, or
				other managed care organization, that is certified pursuant to chapter 695F of
				NRS; or
5. Any organization not
				described in subsection 1, 2, 3 or 4 and which is required to file a health
				annual statement, as that term is used in the
Annual Statement
				Instructions
adopted by the National Association of Insurance
				Commissioners, in accordance with the Division's filing requirements for the
				applicable reporting year.
The term does not include an organization which is authorized
				  as a life and health insurer or a property and casualty insurer pursuant to
				  chapter 680A of NRS or a fraternal benefit society, as defined in
				  NRS
				  695A.010, and which is required to prepare
				  and submit a report of the level of risk-based capital of the insurer pursuant
				  to
				  NRS
				  681B.290.
Added to
				  NAC by Comm'r of Insurance by
				  R132-13,
				  6-23-2014, eff. 10/1/2014
NRS
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.430 - "Instructions relating to risk-based capital" defined

Current through June 11, 2024
"Instructions relating to risk-based capital" means the
				  instructions for reporting risk-based capital adopted by the National
				  Association of Insurance Commissioners, as those instructions existed on
				  January 1, 1997, and any amendments to those instructions that the Commissioner
				  may from time to time determine are appropriate for use in this State pursuant
				  to
				  NRS
				  681B.290 and NAC 681B.472.
Added to NAC by Comm'r
				  of Insurance by R088-97, eff. 3-19-98; A by R024-02,
				  5-31-2002
NRS
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.435 - "Level of risk-based capital" defined

Current through June 11, 2024
"Level of risk-based capital" means the level of risk-based
				  capital of an insurer that is calculated pursuant to the instructions relating
				  to risk-based capital.
Added to NAC by Comm'r
				  of Insurance by R088-97, eff. 3-19-98
NRS
					 679B.130,
					 681B.290