reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.756 - "Covered person" defined

Current through June 11, 2024
"Covered person" means a policyholder, subscriber, enrollee or
				other person participating in a network plan.
Added to NAC
				by Comm'r of Insurance, by
				R049-14,
				eff. 4/4/2016
NRS
				  679B.130,
				  687B.490,
				  as amended by section 28 of Assembly Bill No. 292, chapter 153, Statutes of
				  Nevada 2015, at page 636
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.758 - "Network plan" defined

Current through June 11, 2024
"Network plan" has the meaning ascribed to it in
				NRS
				689B.570.
Added to NAC
				by Comm'r of Insurance, by
				R049-14,
				eff. 4/4/2016
NRS
				  679B.130,
				  687B.490,
				  as amended by section 28 of Assembly Bill No. 292, chapter 153, Statutes of
				  Nevada 2015, at page 636
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.760 - "Provider of health care" defined

Current through June 11, 2024
"Provider of health care" has the meaning ascribed to it in
				NRS
				695G.070.
Added to NAC
				by Comm'r of Insurance, by
				R049-14,
				eff. 4/4/2016
NRS
				  679B.130,
				  687B.490,
				  as amended by section 28 of Assembly Bill No. 292, chapter 153, Statutes of
				  Nevada 2015, at page 636
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.762 - "Qualified health plan" defined

Current through June 11, 2024
"Qualified health plan" has the meaning ascribed to it in
				NRS
				695I.080.
Added to NAC
				by Comm'r of Insurance, by
				R049-14,
				eff. 4/4/2016
NRS
				  679B.130,
				  687B.490,
				  as amended by section 28 of Assembly Bill No. 292, chapter 153, Statutes of
				  Nevada 2015, at page 636
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.764 - Applicability: Network plans issued by certain smaller carriers

Current through June 11, 2024
The provisions of sections 12 to 16, inclusive, of this
				regulation do not apply during any calendar year to a network plan that:
1. Is issued by a carrier that has been
			 authorized to transact insurance in this State pursuant to chapter 680A of NRS;
2. Had a statewide enrollment of
			 not more than 1,000 persons during the immediately preceding calendar year;
3. Has an anticipated statewide
			 enrollment of not more than 1,250 persons during the next succeeding calendar
			 year; and
4. Is not a qualified
			 health plan.
Added to NAC
				by Comm'r of Insurance, by
				R049-14,
				eff. 4/4/2016
NRS
				  679B.130,
				  687B.490,
				  as amended by section 28 of Assembly Bill No. 292, chapter 153, Statutes of
				  Nevada 2015, at page 636
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.766 - Applicability: Generally

Current through June 11, 2024
The provisions of sections 2 to 18, inclusive, of this
				regulation do not apply to:
1. A
			 network plan issued pursuant to
			 NRS
			 422.273 for the purpose of providing services
			 through a Medicaid managed care program on behalf of the Department of Health
			 and Human Services;
2. A network
			 plan issued for a health benefit plan that is regulated pursuant to chapter
			 689B of NRS and is not available for sale to small employers, as defined in
			 NRS
			 689C.095;
3. A grandfathered plan, as defined in
			 NRS
			 679A.094; or
4. A plan issued pursuant to Medicare, as
			 defined in NAC 687B.2028, or a Medicare Advantage plan, as defined in NAC
			 687B.2034.
Added to NAC
				by Comm'r of Insurance, by
				R049-14,
				eff. 4/4/2016
NRS
				  679B.130,
				  687B.490,
				  as amended by section 28 of Assembly Bill No. 292, chapter 153, Statutes of
				  Nevada 2015, at page 636
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.770 - Network Adequacy Advisory Council: Establishment; membership; vacancy; meetings

Current through June 11, 2024
1. The Network Adequacy Advisory Council is
			 hereby established.
2. The Council
			 consists of nine members appointed by the Commissioner. The members of the
			 Council will be chosen to ensure fair representation of the interests of
			 carriers, providers of health care and consumers of health care. The members of
			 the Council serve at the pleasure of the Commissioner and without
			 compensation.
3. If a vacancy occurs
			 in the membership of the Council, the Commissioner will appoint a qualified
			 person to fill the vacancy. The person appointed to fill the vacancy must
			 represent interests similar to those represented by the member who is being
			 replaced.
4. The Council shall meet
			 at least three times each year. The first meeting of the Council must take
			 place not later than June 15 of each year. Written notice of each meeting of
			 the Council must be given as provided in
			 NRS
			 241.020, as amended by section 4 of Senate
			 Bill No. 70, chapter 226, Statutes of Nevada 2015, at page 1056, except that
			 the notice must be given at least 5 working days before the
			 meeting.
Added to NAC
				by Comm'r of Insurance, by
				R049-14,
				eff. 4/4/2016
NRS
				  679B.130,
				  679B.160 and
				  687B.490,
				  as amended by section 28 of Assembly Bill No. 292, chapter 153, Statutes of
				  Nevada 2015, at page 636
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.772 - Network Adequacy Advisory Council: Recommendations for additional or alternative standards for determining adequacy; determination by Commissioner; effective date of new requirements

Current through June 11, 2024
1. The Council
			 shall consider the standards required pursuant to NAC
			 687B.768 and any other
			 requirements of NAC
			 687B.750 to
			 687B.784, inclusive, and may
			 recommend additional or alternative standards for determining whether a network
			 plan is adequate.
2. The
			 recommendations proposed by the Council to the Commissioner:
(a) Must include quantifiable metrics
			 commonly used in the health care industry to measure the adequacy of a network
			 plan;
(b) Must include, without
			 limitation, recommendations for standards to determine the adequacy of a
			 network plan with regard to the number of providers of health care that are
			 necessary to provide the coverage required by law, including, without
			 limitation, the provisions of
			 NRS
			 689A.0435,
			 689C.1655,
			 695C.1717
			 and
			 695G.1645;
(c) May propose standards to determine the
			 adequacy of a network plan with regard to types of providers of health care
			 other than those described in paragraph (b); and
(d) May, if a sufficient number of essential
			 community providers, as defined in
			 45 C.F.R. §
										156.235(c), are available
			 and willing to enter into an agreement with a carrier to participate in network
			 plans, propose requiring a network plan to include a greater number of such
			 providers than the number of providers of health care of that type that a
			 network plan is required to include pursuant to the standards required pursuant
			 to NAC 687B.768 and any other requirements of NAC 687B.750 to 687B.784,
			 inclusive.
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.776 - Application for approval to issue network plan: Additional data and documentation required

Current through June 11, 2024
1. Each carrier or
			 other person or entity that applies to the Commissioner for approval to issue a
			 network plan pursuant to
			 NRS
			 687B.490, as amended by section 28 of
			 Assembly Bill No. 292, chapter 153, Statutes of Nevada 2015, at page 636, shall
			 submit to the Commissioner with its annual rate filing sufficient data and
			 documentation to establish that the proposed network plan meets the standards
			 adopted by reference in section 9 of this regulation and any other requirements
			 of sections 2 to 18, inclusive of this regulation.
2. The data and documentation submitted to
			 the Commissioner pursuant to subsection 1 must be in a format prescribed by the
			 Commissioner.
Added to NAC
				by Comm'r of Insurance, by
				R049-14,
				eff. 4/4/2016
NRS
				  679B.130,
				  687B.490,
				  as amended by section 28 of Assembly Bill No. 292, chapter 153, Statutes of
				  Nevada 2015, at page 636
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.778 - Update of directory of providers of health care; public availability of directory

Current through June 11, 2024
1. Each carrier
			 shall update its directory of providers of health care at least once each
			 month. Except as otherwise provided in this subsection, each update to the
			 directory must include each provider of health care who, as of the previous
			 month, is no longer in the network plan or has stopped accepting new patients.
			 A carrier shall not be deemed to have violated the provisions of this
			 subsection if a provider of health care fails to provide information to the
			 carrier which the provider of health care is contractually obligated to provide
			 to the carrier.
2. If a change
			 occurs to the network plan of a carrier that results in the network plan
			 failing to meet the standards adopted by reference in section 9 of this
			 regulation or any other requirement of sections 2 to 18, inclusive, of this
			 regulation, the carrier must update its directory of providers of health care
			 not later than 5 business days after the effective date of the change and
			 include in the directory a clear description of the change.
3. The directory of providers of health care
			 and each update to the directory must be:
(a)
			 Posted to a publicly available Internet website maintained by the carrier not
			 later than 5 business days after the update is completed;
(b) Posted in a manner that allows a person
			 who is not enrolled in any plan offered by the carrier to view the directory;
			 and
(c) Made available in a
			 printed format to any person upon request.
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.780 - Change to network plan resulting in failure to meet standards or requirements: Carrier required to notify Commissioner; description of cause and impact of change; summary of measures to bring plan in compliance

Current through June 11, 2024
A carrier shall:
1.
			 Within 3 business days after the effective date of a change to a network plan
			 that results in the network plan failing to meet the standards adopted by
			 reference in section 9 of this regulation or any other requirement of sections
			 2 to 18, inclusive, of this regulation, notify the Commissioner in writing of
			 the change; and
2. Within 10
			 business days after the effective date of a change to a network plan that
			 results in the network plan failing to meet the standards adopted by reference
			 in section 9 of this regulation or any other requirement of sections 2 to 18,
			 of this regulation, inclusive provide to the Commissioner a written description
			 of the cause of the change, the impact of the change on the network plan and a
			 summary of the measures that the carrier will take to bring the network plan
			 into compliance with those standards and requirements.
Added to NAC
				by Comm'r of Insurance, by
				R049-14,
				eff. 4/4/2016
NRS
				  679B.130,
				  687B.490,
				  as amended by section 28 of Assembly Bill No. 292, chapter 153, Statutes of
				  Nevada 2015, at page 636
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.782 - Change to network plan resulting in failure to meet standards or requirements: Submission of corrective action plan by carrier; requirement to ensure covered persons receive covered services; exception

Current through June 11, 2024
1. A
			 carrier shall, within 60 days after the effective date of a change to a network
			 plan that results in the network plan failing to meet the standards adopted by
			 reference in section 9 of this regulation or any other requirement of sections
			 2 to 18, inclusive, of this regulation, submit to the Commissioner for approval
			 a written corrective action plan to bring the network plan into compliance with
			 those standards and requirements.
2. Except as otherwise provided in subsection
			 3, during the period in which the network plan does not meet the standards
			 adopted by reference in section 9 of this regulation or any other requirement
			 of sections 2 to 18, inclusive, of this regulation, the carrier shall, at no
			 greater cost to the covered person:
(a)
			 Ensure that each covered person affected by the change may obtain any covered
			 service from a qualified provider of health care who is:
(1) Within the network plan; or
(2) Not within the network plan by entering
			 into an agreement with the nonparticipating provider of health care pursuant to
			 NRS
			 695G.164; or
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › ADEQUACY OF NETWORK PLANS › Section 687B.784 - Change to network plan resulting in failure to meet standards or requirements: Authority of Commissioner to determine inadequacy of plan; submission of statement of network capacity for certain plans

Current through June 11, 2024
If a network plan does not meet the standards adopted by
				reference in section 9 of this regulation or any other requirement of sections
				2 to 18, inclusive, of this regulation and the Commissioner does not approve
				the corrective action plan submitted pursuant to section 15 of this regulation,
				the Commissioner may:
1. For a
			 qualified health plan, determine that the network plan is inadequate pursuant
			 to subsection 5 of
			 NRS
			 687B.490; or
2. For any network plan other than a
			 qualified health plan, determine that the network plan is inadequate pursuant
			 to subsection 5 of
			 NRS
			 687B.490 and require the carrier to submit a
			 statement of network capacity to the Commissioner demonstrating that the
			 carrier meets the conditions described in
			 42 U.S.C. §
									300gg - 1(c)(1)(B).
Added to NAC
				by Comm'r of Insurance, by
				R049-14,
				eff. 4/4/2016
NRS
				  679B.130,
				  687B.490,
				  as amended by section 28 of Assembly Bill No. 292, chapter 153, Statutes of
				  Nevada 2015, at page 636
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › POLICIES OF LIABILITY INSURANCE › Section 687B.800 - Policy sold by short-term lessor of motor vehicle: Deemed primary coverage; filing requirements

Current through June 11, 2024
A policy of liability insurance that is sold by a short-term
				lessor of a motor vehicle to a short-term lessee of a motor vehicle:
1. Shall be deemed to provide primary
			 coverage, and any other policy of liability insurance shall be deemed to
			 provide excess coverage; and
2.
			 Must be filed with the Commissioner as a policy of insurance for personal risk
			 in the manner set forth in chapter 686B of NRS.
Added to NAC by Comm'r of
				Insurance by R151-99, eff. 1-28-2000
NRS
				  679B.130
Nevada Administrative Code › Chapter 687B - Contracts of Insurance › POLICIES OF MOTOR VEHICLE INSURANCE › Section 687B.850 - Chargeable accidents: Restrictions on authority of insurer; filing and use of definition

Current through June 11, 2024
1. An insurer shall
			 not cancel, refuse to renew or increase the premium charge for the liability
			 coverage under a policy of motor vehicle insurance upon renewal of the policy
			 of motor vehicle insurance because of an accident that is not a chargeable
			 accident.
2. Each insurer shall
			 file with the Division its definition of a "chargeable accident" and shall use
			 the filed definition. The insurer's definition of a "chargeable accident" may
			 include only those accidents for which the insured is 50 percent or more at
			 fault.
3. Each filing of a rate for
			 a policy of motor vehicle insurance submitted to the Division must define a
			 "chargeable accident" in terms of a monetary amount of damage.
4. An insurer may not define a claim made
			 under the comprehensive portion of a policy of motor vehicle insurance as a
			 chargeable accident in order to increase the premium for the policy or to
			 cancel the policy, but the insurer may use a series of such claims to
			 discontinue comprehensive coverage or to offer a higher deductible for
			 comprehensive coverage upon the renewal of the policy.
Added to NAC by Comm'r of
				Insurance by R100-06, eff. 12-7-2006
NRS
				  679B.130,
				  687B.385
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › ANNUITY CONTRACTS AND DEPOSIT FUNDS › Section 688A.110 - Purpose and scope of provisions

Current through June 11, 2024
1. NAC 688A.110 to
					688A.180, inclusive, require insurers to deliver to prospects for annuity
					contracts, or for deposit funds accepted in conjunction with life insurance
					policies or annuity contracts, information which:
(a) Helps the prospect select an annuity, a
					deposit fund, or both, appropriate to the prospect's needs;
(b) Improves the prospect's understanding of
					the basic features of the plan under consideration; and
(c) Improves the prospect's ability to
					evaluate the relative benefits of similar plans.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › ANNUITY CONTRACTS AND DEPOSIT FUNDS › Section 688A.115 - Applicability of provisions

Current through June 11, 2024
1. NAC 688A.110 to
					688A.180, inclusive, apply to:
(a) Any
					solicitation, negotiation or procurement of:
(1) Annuity contracts; or
(2) Deposit funds accepted in conjunction
					with individual life insurance policies or with annuity contracts which are
					subject to NAC 688A.110 to 688A.180, inclusive, within this State;
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › ANNUITY CONTRACTS AND DEPOSIT FUNDS › Section 688A.120 - Contract summary: Provision to prospective purchasers

Current through June 11, 2024
1. The insurer shall provide to all
					prospective purchasers a contract summary before accepting the applicant's
					initial consideration for the annuity contract or, in the case of a deposit
					fund, before accepting the applicant's initial consideration for the associated
					life insurance policy or annuity contract, unless:
(a) The annuity contract or associated life
					insurance policy for which application is made provides for an unconditional
					refund period of at least 10 days; or
(b) Unless the contract summary contains an
					unconditional refund offer of at least 10 days, in which case the contract
					summary must be delivered with or before delivery of the annuity contract or
					associated life insurance policy.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › ANNUITY CONTRACTS AND DEPOSIT FUNDS › Section 688A.130 - Contract summary: Preparation

Current through June 11, 2024
1. The contract
					summary must be a separate document.
2. All information required to be disclosed
					must be set out in a manner which will not minimize or render any portion of
					the summary obscure.
3. Any amounts
					which remain level for 2 or more contract years may be represented by a single
					number if it is clearly indicated what amounts are applicable for each contract
					year.
4. Amounts in subsections 4,
					6, 7 and 9 of NAC 688A.135 must, in the case of flexible premium annuity
					contracts, be determined either according to an anticipated pattern of
					consideration payments or on the assumption that annual considerations payable
					will be $1,000.
5. If not specified
					in the contract, annuity payments must be assumed to commence at age 65 or 10
					years from issue, whichever is later.
6. Zero amounts must be displayed as zero and
					not as blank spaces.
Comm'r of Insurance, LH-7
						§ 6, eff. 2-6-80
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › ANNUITY CONTRACTS AND DEPOSIT FUNDS › Section 688A.135 - Contract summary: Contents

Current through June 11, 2024
A contract summary must be a written statement describing the
						elements of the annuity contract and deposit fund and including as a
						minimum:
1. A prominently placed
					title, to be followed by an identification of the annuity contract, deposit
					fund, or both, to which the statement applies.
2. The name and address of the insurance
					agent or, if no agent is involved, a statement of the procedure to be followed
					in order to receive responses to inquiries regarding the contract
					summary.
3. The full name and home
					office or administrative office address of the insurer which will issue the
					annuity contract or administer the deposit fund.
4. The death benefits for the deposit fund
					and for the annuity contract during the deferred period, and the form of
					payment of the annuity. Where a choice of form of payment of the annuity is
					provided, this item must show the options guaranteed and the form of payment of
					the annuity selected for subsections 6, 7 and 9.
5. If the contract does not provide cash
					surrender values, a prominent statement to that effect.
6. The amount of the guaranteed annuity
					payments at the scheduled commencement of the annuity, based on the assumption
					that all scheduled considerations are paid and no prior withdrawals from or
					partial surrenders of the contract are made and no indebtedness to the insurer
					on the contract is incurred.
7. An
					amount of annuity payments as in subsection 6 other than guaranteed payments,
					in amounts not greater than those based on:
(a) The current dividend scale and the
					interest rate currently used to accumulate dividends under such contracts, or
					the current excess interest rate credited by the insurer; and
(b) Current annuity purchase rates.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › ANNUITY CONTRACTS AND DEPOSIT FUNDS › Section 688A.140 - Disclosure of agency and identity of insurance company

Current through June 11, 2024
1. Before beginning a sales presentation, the
					agent shall inform the prospective purchaser:
(a) That the agent is acting as a life
					insurance agent; and
(b) Of the
					full name of the insurance company which the agent is representing.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › ANNUITY CONTRACTS AND DEPOSIT FUNDS › Section 688A.150 - Use of certain professional designations; restriction on fees

Current through June 11, 2024
Terms such as "financial planner," "investment adviser,"
						"financial consultant" or "financial counselor" must not be used in such a way
						as to imply that the insurance agent is generally engaged in an advisory
						business in which compensation is unrelated to sales, unless that is actually
						the case. This section is not intended to preclude a person who is a financial
						planner, an investment adviser, a financial consultant, a financial counselor
						or a member of a recognized trade or professional organization from using such
						a designation when selling an annuity, but a person who is a financial planner,
						an investment adviser, a financial consultant, a financial counselor or a
						member of a recognized trade or professional organization may not charge any
						fees for his or her services that are in addition to those fees customarily
						associated with the solicitation, negotiation or servicing of annuities.
Comm'r of Insurance, LH-7
						§ 7 subsec. C, eff. 2-6-80-NAC A by R076-05,
						2-23-2006
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › ANNUITY CONTRACTS AND DEPOSIT FUNDS › Section 688A.160 - Restrictions on presentations, literature and contract forms

Current through June 11, 2024
1. A presentation of benefits must not
					display guaranteed and nonguaranteed benefits as a single sum unless guaranteed
					benefits are shown separately in close proximity thereto and with equal
					prominence.
2. Sales promotion
					literature and contract forms must not state or imply that annuity contracts or
					deposit funds are the same as savings accounts or deposits in banking or
					savings institutions. The use of passbooks which resemble savings bank
					passbooks is prohibited.
3. Any
					reference to dividends or to excess interest credits must include a statement
					that the dividends or credits are not guaranteed.
Comm'r of Insurance, LH-7
						§ 7 subsecs. D, E & F, eff. 2-6-80
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › ANNUITY CONTRACTS AND DEPOSIT FUNDS › Section 688A.170 - Maintenance of records

Current through June 11, 2024
Each insurer shall maintain, at its home office or principal
						office, a complete file containing one copy of each document authorized by the
						insurer for use pursuant to NAC 688A.110 to 688A.180, inclusive. The file must
						contain one copy of each authorized form for at least 3 years after its last
						authorized use.
Comm'r of Insurance, LH-7
						§ 7 subsec. A, eff. 2-6-80
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › ANNUITY CONTRACTS AND DEPOSIT FUNDS › Section 688A.180 - Effect of failure to provide contract summary

Current through June 11, 2024
Failure of an insurer to provide or deliver a contract summary
						as provided in NAC 688A.120 is an omission which misrepresents the benefits,
						advantages, conditions or terms of an annuity contract or of an insurance
						policy.
Comm'r of Insurance, LH-7
						§ 8, eff. 2-6-80
NRS
							679B.130
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › MINIMUM NONFORFEITURE AMOUNTS FOR DEFERRED ANNUITIES › Section 688A.200 - Rate of interest for determination

Current through June 11, 2024
1. Except as
					otherwise provided in subsection 2, for the purposes of
					NRS
					688A.363, the rate of interest used to
					determine the minimum nonforfeiture amount must be an annual rate of interest
					determined as the lesser of:
(a) The
					statutorily provided rate of 3 percent per annum; or
(b) A rate equal to 125 basis points less
					than the 5-Year Treasury Constant Maturity Rate as reported by the Federal
					Reserve rounded to the nearest 0.05 of a percent:
(1) If a date is specified in a contract for
					the determination of the interest rate, on the date specified in the contract;
					or
(2) If a period is specified in
					a contract for the determination of the interest rate, the average rate for the
					period specified in the contract.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › MINIMUM NONFORFEITURE AMOUNTS FOR DEFERRED ANNUITIES › Section 688A.210 - Actuarial certification for certain forms

Current through June 11, 2024
In addition to any other requirement for the approval of a form
						pursuant to
						NRS
						679B.120, an insurer filing forms for
						approval that incorporate the provisions of
						NRS
						688A.363 must file an actuarial certification
						that the form complies with the provisions of NAC 688A.200.
Added to NAC by Comm'r of
						Insurance by R130-03, eff. 11-24-2003
NRS
							679B.130,
							688A.363
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › MULTIPLE POLICIES OF LIFE INSURANCE › Section 688A.250 - Written standards for processing claims; records substantiating compliance

Current through June 11, 2024
1. Each insurer
					issuing a policy of life insurance shall adopt a written standard for
					processing a claim for a benefit under a policy of life insurance that provides
					for the search of all policies issued by the insurer for other policies
					covering the life of the same person.
2. The written standard must provide that the
					insurer shall:
(a) Ask the person submitting a
					claim for a benefit under a policy of life insurance for any other names by
					which the person covered under the policy was known; and
(b) Search all policies issued by the insurer
					to determine whether the insured was covered under a policy issued by the
					insurer under another name.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › MULTIPLE POLICIES OF LIFE INSURANCE › Section 688A.260 - Processing of claims: Search for and action on additional policies issued by insurer on life of decedent

Current through June 11, 2024
1. Upon the
					submission of a claim for a benefit under a policy of life insurance, the
					insurer issuing the policy shall conduct a search pursuant to the standard
					adopted pursuant to NAC 688A.250 of all the policies issued by the insurer to
					determine if any other policy issued by the insurer provides coverage on the
					life of the decedent.
2. If the
					person filing a claim provides information identifying other names by which the
					insured may have been known, the insurer shall search all the policies issued
					by the insurer to determine if the insured was covered by another policy under
					a different name.
3. If the insurer
					determines that it has issued another policy on the life of the insured, the
					insurer shall:
(a) Notify the policy owner and
					beneficiaries of the discovery of the policy; and
(b) Within 6 months after discovering the
					policy, determine whether the insurer has liability to pay a claim on the
					policy.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › POLICIES OF SMALL FACE AMOUNT › Section 688A.300 - Requirements for disclosure

Current through June 11, 2024
1. Except as
					otherwise provided in subsection 7, if at any time during the term of a policy
					of small face amount the total premiums paid for the policy may exceed the face
					amount of the policy, the insurer that delivers or issues for delivery the
					policy of small face amount shall provide the disclosure set forth in
					subsection 6.
2. The insurer shall
					provide the disclosure required pursuant to subsection 1 to the owner of the
					policy of small face amount or the holder of a certificate on the policy of
					small face amount before or at the time the policy or certificate is
					delivered.
3. The disclosure
					required pursuant to subsection 1 must not be attached to the policy of small
					face amount, but may be delivered with the policy.
4. If the total premiums paid for a policy of
					small face amount may exceed the face amount of the policy for only certain
					demographics or certain benefit combinations, the insurer shall provide the
					disclosure required pursuant to subsection 1:
(a) In any circumstance in which the total
					premiums paid for the policy may exceed the face amount of the policy;
					or
(b) In all
					circumstances.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.320 - Definitions

Current through June 11, 2024
As used in NAC 688A.320 to 688A.363, inclusive, and section 1
							of this regulation, unless the context otherwise requires, the words and terms
							defined in NAC 688A.325, 688A.327 and 688A.330 have the meanings ascribed to
							them in those sections.
Added to NAC by Comm'r
							of Insurance by R031-08, eff. 8-26-2008; A by
							R093-14,
							eff. 6/28/2016
NRS
								679B.130,
								681B.120,
								688A.325
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.325 - "2001 CSO Mortality Table" defined

Current through June 11, 2024
1. "
2001
						CSO Mortality Table
" means the mortality table, consisting of separate
						rates of mortality for male and female lives, developed by the CSO Task Force
						of the American Academy of Actuaries from the
2001 Valuation Basic
						Mortality Table
developed by the Individual Life Insurance Valuation
						Mortality Task Force of the Society of Actuaries and adopted by the National
						Association of Insurance Commissioners in December 2002. The
2001 CSO
						Mortality Table
is set forth in the
Proceedings of the NAIC
						(2nd Quarter 2002)
and supplemented by the
2001 CSO Preferred
						Class Structure Mortality Table
.
2. Unless the context otherwise requires, the
2001 CSO Mortality Table
includes both the ultimate form of
						that table and the select and ultimate form of that table, both the smoker and
						nonsmoker mortality tables and the composite mortality tables. It also includes
						both the age-nearest-birthday and age-last-birthday bases of the mortality
						tables. The mortality tables in the
2001 CSO Mortality Table
include:
(a) A table which consists of the
						rates of mortality for female lives from the
2001 CSO Mortality
						Table
;
(b) A table which
						consists of the rates of mortality for male lives from the
2001 CSO
						Mortality Table
;
(c)
						Composite mortality tables, which consist of rates of mortality that do not
						distinguish between smokers and nonsmokers; and
(d) Smoker and nonsmoker mortality tables,
						which consist of separate rates of mortality for smokers and
						nonsmokers.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.327 - "2001 CSO Preferred Class Structure Mortality Table" defined

Current through June 11, 2024
1. "
2001 CSO Preferred Class
						Structure Mortality Table
" means the mortality table with separate
						rates of mortality for super preferred nonsmokers, preferred nonsmokers,
						residual standard nonsmokers, preferred smokers and residual standard smokers
						which are splits of the 2001 CSO nonsmoker and smoker mortality tables as
						adopted by the National Association of Insurance Commissioners at the September
						2006 national meeting and published in the
Proceedings of the NAIC (3rd
						Quarter 2006)
.
2. Unless
						the context otherwise requires, the
2001 CSO Preferred Class Structure
						Mortality Table
includes both the ultimate form of that table and the
						select and ultimate form of that table, both the smoker and nonsmoker mortality
						tables, both the male and female mortality tables and the gender composite
						mortality tables. It also includes both the age-nearest-birthday and
						age-last-birthday bases of the mortality table.
3. A copy of the Proceedings of the NAIC (3rd
						Quarter 2006), which includes the 2001 CSO Preferred Class Structure Mortality
						Table , may be obtained from the National Association of Insurance
						Commissioners, 1100 Walnut Street, Suite 1500, Kansas City, Missouri
						64106-2197, by telephone at (816) 783-8300 or on the Internet at
http://www.naic.org
, for the price of
						$90.
Added to NAC by Comm'r
							of Insurance by R031-08, eff. 8-26-2008; A by
							R093-14,
							eff. 6/28/2016
NRS
								679B.130,
								681B.120,
								688A.325
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.330 - "CSO" defined

Current through June 11, 2024
"CSO" means Commissioners Standard Ordinary.
Added to NAC by Comm'r
							of Insurance by R031-08, eff. 8-26-2008
NRS
								679B.130,
								681B.120,
								688A.325
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.350 - Adoption by reference of Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation

Current through June 11, 2024
1. For the purposes
						of
						NRS
						681B.120 and
						688A.325
						and NAC 681B.161 and 688A.320 to 688A.363, inclusive, and section 1 of this
						regulation, and except as otherwise provided in this section, the Commissioner
						hereby adopts by reference the Recognition of the 2001 CSO Mortality Table for
						Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model
						Regulation as adopted by the National Association of Insurance Commissioners on
						December 8, 2002. The Commissioner will periodically review the publication
						adopted by reference in this subsection and any changes thereto and determine
						within 30 days after the review whether a change made to the publication is
						appropriate for application in this State. If the Commissioner does not
						disapprove a change to the publication within 30 days after the review, the
						change is deemed to be approved by the Commissioner.
2. Any reference in the
Model
						Regulation
to:
(a) "Section 4A(c) of
						the Standard Valuation Law" shall be deemed a reference to "subparagraph (3) of
						paragraph (a) of subsection 2 of
						NRS
						681B.120."
(b) "Section 5cH(6) of the Standard
						Nonforfeiture Law for Life Insurance" shall be deemed a reference to "paragraph
						(f) of subsection 8 of
						NRS
						688A.325."
(c) The "Valuation of Life Insurance Policies
						Model Regulation" or "Valuation of Life Insurance Model Regulation" shall be
						deemed a reference to "NAC 681B.161."
(d) "Section 8 of the NAIC Model Standard
						Valuation Law" shall be deemed a reference to "NRS
						681B.150."
(e) "Section 5A of the Actuarial Opinion and
						Memorandum Regulation" shall be deemed a reference to "NAC 681B.175."
(f) An "unfair trade practices statute" shall
						be deemed a reference to "NRS
						686A.100."
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.352 - Restrictions on use of 2001 CSO Preferred Class Structure Mortality Table

Current through June 11, 2024
1. An insurer shall not use the
2001
						CSO Preferred Class Structure Mortality Table
for the valuation of
						policies issued before January 1, 2008, in any financial statement required by
						statute in which the insurer reports, with respect to any policy or portion of
						a policy coinsured:
(a) In cases where the
						mode of payment of the reinsurance premium is less frequent than the mode of
						payment of the policy premium, a reserve credit that exceeds, by more than Y,
						the gross reserve calculated before reinsurance. As used in this paragraph, Y
						is the amount of the gross reinsurance premium that:
(1) Provides coverage for the period from the
						next policy premium due date to the earlier of the end of the policy year and
						the next reinsurance premium due date; and
(2) Would be refunded to the ceding entity
						upon the termination of the policy.
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.353 - Policies issued on or after January 1, 2008

Current through June 11, 2024
1.
						Except as otherwise provided in subsection 3 and section 1 of this regulation,
						at the election of the insurer, for each calendar year of issue and for any one
						or more specified plans of insurance, an insurer who satisfies the requirements
						of NAC 688A.355 to 688A.363, inclusive, may use the
2001 CSO Preferred
						Class Structure Mortality Table
in lieu of the smoker and nonsmoker
						mortality tables in the
2001 CSO Mortality Table
as the
						minimum valuation standard for policies of life insurance issued on or after
						January 1, 2008.
2. For policies of
						life insurance issued on or after January 1, 2005, and before January 1, 2008,
						with the consent of the Commissioner and subject to the conditions of NAC
						688A.355, 688A.357 and section 1 of this regulation, an insurer may use the
2001 CSO Preferred Class Structure Mortality Table
in lieu of
						the smoker and nonsmoker mortality tables in the
2001 CSO Mortality
						Table
as the minimum valuation standard for the policies. In
						determining such consent, the Commissioner may rely on the consent of the
						insurance commissioner of the insurer's state of domicile.
3. An insurer may make the election described
						in subsection 1 only if the insurer provides proof satisfactory to the
						Commissioner that 20 percent or more of the business to be valued pursuant to
						the
2001 CSO Preferred Class Structure Mortality Table
is in
						one or more of the preferred classes.
4. A mortality table used pursuant to this
						section shall be deemed to be part of the
2001 CSO Mortality
						Table
only for purposes of reserve valuation pursuant to the
Recognition of the 2001 CSO Mortality Table for Use in Determining
						Minimum Reserve Liabilities and Nonforfeiture Benefits Model
						Regulation
adopted by reference pursuant to NAC 688A.350.
Added to NAC by Comm'r
							of Insurance by R031-08, eff. 8-26-2008; A by
							R093-14,
							eff. 6/28/2016
NRS
								679B.130,
								681B.120,
								688A.325
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.355 - Plans with separate rates for preferred and standard nonsmoker lives; certification by appointed actuary

Current through June 11, 2024
For each plan of insurance with separate rates for preferred
							and standard nonsmoker lives, an insurer may use the super preferred nonsmoker,
							preferred nonsmoker and residual standard nonsmoker tables in the
2001
							CSO Preferred Class Structure Mortality Table
in lieu of the nonsmoker
							mortality table in the
2001 CSO Mortality Table
to determine
							minimum reserves. On the valuation date on which the insurer first uses the
							tables in the
2001 CSO Preferred Class Structure Mortality
							Table
to determine minimum reserves, and annually thereafter, except
							for business valued under the residual standard nonsmoker table, the appointed
							actuary must certify that:
1. The
						present value of death benefits over the 10-year period immediately following
						the valuation date, using the anticipated mortality experience without
						recognition of mortality improvement beyond the valuation date for each class,
						is less than the present value of death benefits using the valuation basic
						table corresponding to the valuation table being used for that class;
						and
2. The present value of death
						benefits over the future life of the contracts, using anticipated mortality
						experience without recognition of mortality improvement beyond the valuation
						date for each class, is less than the present value of death benefits using the
						valuation basic table corresponding to the valuation table being used for that
						class.
Added to NAC by Comm'r
							of Insurance by R031-08, eff. 8-26-2008
NRS
								679B.130,
								681B.120,
								688A.325
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.357 - Plans with separate rates for preferred and standard smoker lives; certification by appointed actuary

Current through June 11, 2024
Except as otherwise provided in section 1 of this regulation,
							for each plan of insurance with separate rates for preferred and standard
							smoker lives, an insurer may use the preferred smoker and residual standard
							smoker tables in the
2001 CSO Preferred Class Structure Mortality
							Table
in lieu of the smoker mortality table in the
2001 CSO
							Mortality Table
to determine minimum reserves. On the valuation date
							on which the insurer first uses the tables in the
2001 CSO Preferred
							Class Structure Mortality Table
to determine minimum reserves, and
							annually thereafter, for business valued under the preferred smoker table, the
							appointed actuary must certify that:
1. The present value of death benefits over
						the 10-year period immediately following the valuation date, using the
						anticipated mortality experience without recognition of mortality improvement
						beyond the valuation date for each class, is less than the present value of
						death benefits using the preferred smoker valuation basic table corresponding
						to the valuation table being used for that class; and
2. The present value of death benefits over
						the future life of the contracts, using anticipated mortality experience
						without recognition of mortality improvement beyond the valuation date for each
						class, is less than the present value of death benefits using the preferred
						smoker valuation basic table.
Added to NAC by Comm'r
							of Insurance by R031-08, eff. 8-26-2008; A by
							R093-14,
							eff. 6/28/2016
NRS
								679B.130,
								681B.120,
								688A.325
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.360 - Notice to Commissioner

Current through June 11, 2024
1. An insurer shall
						provide written notice to the Commissioner and the Life and Health Section of
						the Division of the intent of the insurer to use the
2001 CSO Preferred
						Class Structure Mortality Table
to determine minimum reserves not
						later than 90 days before the first use by the insurer of the
2001 CSO
						Preferred Class Structure Mortality Table
.
2. The notice required by subsection 1 must
						include, without limitation, the date of valuation from which the insurer will
						use the
2001 CSO Preferred Class Structure Mortality Table
and
						any additional information that the Commissioner determines is
						necessary.
Added to NAC by Comm'r
							of Insurance by R031-08, eff. 8-26-2008
NRS
								679B.130,
								681B.120,
								688A.325
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Determination of Minimum Reserve Liabilities › Section 688A.363 - Communications and disclosures

Current through June 11, 2024
An insurer who uses the
2001 CSO Preferred Class
							Structure Table
to determine minimum reserves shall make the
							communications and disclosures required pursuant to Actuarial Guideline XLII
							which is set forth in the
Accounting Practices and Procedures
							Manual
adopted by the National Association of Insurance Commissioners
							and effective on January 1, 2001, and as amended by the National Association of
							Insurance Commissioners after that date. The communications and disclosures are
							required commencing on the first valuation date that the
2001 CSO
							Preferred Class Structure Table
is used for any plan of insurance of
							the insurer, and annually thereafter.
Added to NAC by Comm'r
							of Insurance by R031-08, eff. 8-26-2008
NRS
								679B.130,
								681B.120,
								688A.325
Nevada Administrative Code › Chapter 688A - Life Insurance and Annuity Contracts › STANDARDS OF VALUATION › Preneed Insurance › Section 688A.370 - Definitions

Current through June 11, 2024
As used in NAC 688A.370 to 688A.390, inclusive, unless the
							context otherwise requires, the words and terms defined in NAC 688A.373 to
							688A.385, inclusive, have the meanings ascribed to them in those
							sections.
Added to NAC by Comm'r
							of Insurance by R166-08, 9-18-2008, eff. 1-1-2009
NRS
								679B.130,
								689.720