reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › General Provisions › Section 681B.440 - "Life and health insurer" defined

Current through June 11, 2024
"Life and health insurer" includes:
1. A domestic or foreign insurer authorized
				pursuant to chapter 680A of NRS to offer health insurance or life insurance, or
				both , and required to file a life, accident and health annual statement, as
				that term is used in the
Annual Statement Instructions for Life and
				Accident and Health
adopted by the National Association of
				Insurance Commissioners, in accordance with the Division's filing requirements
				for the applicable year; and
2. Any
				other licensed insurer that is required to file a life, accident and health
				annual statement, as that term is used in the Annual Statement Instructions for
				Life and Accident and Health adopted by the National Association of Insurance
				Commissioners, in accordance with the Division's filing requirements for the
				applicable reporting year.
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.445 - "Mandatory control level" defined

Current through June 11, 2024
"Mandatory control level" means the level of risk-based
				  capital calculated by multiplying 0.7 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.450 - "Plan for risk-based capital" defined

Current through June 11, 2024
"Plan for risk-based capital" means a comprehensive financial
				  plan, including revisions, if any, by the Commissioner, that contains the
				  elements specified in NAC 681B.495.
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.455 - "Property and casualty insurer" defined

Current through June 11, 2024
"Property and casualty insurer" means :
1 A domestic or foreign insurer authorized
				pursuant to chapter 680A of NRS to offer property or casualty insurance and
				required to file a property and casualty annual statement, as that term is used
				in the
Annual Statement Instructions for Property and Casualty
adopted by the National Association of Insurance Commissioners, in
				accordance with the Division's filing requirements for the applicable reporting
				year;
2. A risk retention group
				licensed as a captive insurer pursuant to chapter 694C of NRS; or
3. Any other licensed insurer that is
				required to file a property and casualty annual statement, as that term is used
				in the
Annual Statement Instructions for Property and
				Casualty
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 a monoline mortgage guaranty
				  insurer, financial guaranty insurer, title insurer, or a property and casualty
				  insurer that qualifies as a life and health insurer pursuant to NAC
				  681B.440.
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.460 - "Regulatory action level" defined

Current through June 11, 2024
"Regulatory action level" means the level of risk-based
				  capital calculated by multiplying 1.5 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.465 - "Report on risk-based capital" defined

Current through June 11, 2024
"Report on risk-based capital" means the report on risk-based
				  capital required by NAC 681B.475.
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.470 - "Total adjusted capital" defined

Current through June 11, 2024
"Total adjusted capital" means the sum of:
1. An insurer's or health organization's
				statutory capital and surplus as determined in the annual financial statements
				required to be filed pursuant to NRS
				NRS
				680A.265; and
2. Such other items as the instructions
				relating to risk-based capital require to be included.
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.472 - Instructions for reporting risk-based capital: Amendment

Current through June 11, 2024
1. If the instructions for reporting
				risk-based capital adopted by the National Association of Insurance
				Commissioners are amended, the amended instructions shall be deemed to have
				been determined by the Commissioner in accordance with
				NRS
				681B.290 to be appropriate for use in this
				State, effective 10 days after the date on which the amended instructions are
				published, unless the Commissioner determines that the amended instructions are
				not appropriate for use in this State. If the Commissioner determines that the
				amended instructions are not appropriate for use in this State, the
				Commissioner will:
(a) Post a notice of
				disapproval at the largest public library in each county, the State Library and
				Archives, the Grant Sawyer Office Building located at 555 East Washington
				Avenue, Las Vegas, Nevada, and all offices of the Division; and
(b) Send a notice to each person included on
				the mailing list that the Division is required to maintain pursuant to
				paragraph (e) of subsection 1 of
				NRS
				233B.0603.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Report on Risk-Based Capital › Section 681B.475 - Requirements for filing report

Current through June 11, 2024
1. A report filed
				by a domestic or foreign insurer or health organization pursuant to NRS NRS
				681B.290.290, as amended by section 6 of As sembly Bill No. 435, Statutes of
				Nevada 2013, at page 3354, must be in such form and contain such information as
				is required by the instructions relating to risk-based capital.
2. The insurerrer or health organization
				shall file its report on risk-based capital with:
(a) The Commissioner;
(b) The National Association of Insurance
				Commissioners, in accordance with the instructions relating to risk-based
				capital; and
(c) The Insurance
				Commissioner or chief regulatory officer for insurance of each state in which
				the insurer or health organization is authorized to do business, if the
				Insurance Commissioner or chief regulatory officer for insurance of that state
				requests such a report from the insurer or health organization. Upon receiving
				such a request, the insurer or health organization shall file its report on
				risk-based capital pursuant to this paragraph not later than 15 days after the
				date on which it received the request or not later than the filing date set
				forth by the laws of the requesting state, whichever occurs later.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Report on Risk-Based Capital › Section 681B.480 - Formula for completion of report

Current through June 11, 2024
1. The report on
				risk-based capital of an insurer n insurer or health organization must be
				completed in accordance with the formula set forth in the instructions relating
				to risk-based capital and in accordance with the following provision:
(a) A life and health insurer's level of
				risk- based capital must be determined in accordance with the formula set forth
				in the instructions relating to risk-based capital for life and health
				insurers. The formula must take into account, and may adjust for, the
				covariance between the following factors, determined in each case by applying
				the factors in the manner set forth in the instructions relating to risk-based
				capital for life and health insurers:
(1) The
				risk with respect to the insurer's assets;
(2) The risk of adverse insurance experience
				with respect to the insurer's liabilities and obligations;
(3) The interest rate risk with respect to
				the insurer's business; and
(4) All
				other business risks and any additional relevant risks identified in the
				instructions relating to risk-based capital for life and health
				insurers.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Report on Risk-Based Capital › Section 681B.485 - Adjustment of report to correct inaccuracy

Current through June 11, 2024
If an insurer surer or health organization files a report on
				  risk-based capital that, in the judgment of the Commissioner, is inaccurate,
				  the Commissioner will adjust the report on risk-based capital to correct the
				  inaccuracy and notify the insurer or health organization of the adjustment. The
				  notice to the insurer or health organization must contain a statement of the
				  reason for the adjustment.
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 › Events Requiring Company Action › Section 681B.490 - Identification of events

Current through June 11, 2024
1. The following
				constitute events that require company action:
(a) The filing by an insurernsurer or health
				organization of a report on risk-based capital which indicates that:
(1) The total adjusted capital of the insurer
				or health organization is greater than or equal to its regulatory action level
				of risk-based capital but less than its company action level of risk-based
				capital;
(2) For a life and health
				insurer, the total adjusted capital of the insurer has a negative trend and is
				greater than or equal to its company action level of risk-based capital but
				less than the product of times its authorized control level of risk-based
				capital;
(3) For a property and
				casualty insurer, the total adjusted capital is greater than or equal to its
				company action level risk-based capital but less than the product of 3 times
				its authorized control level of risk -based capital and triggers the "Trend
				Test" determined in accordance with the "Trend Test" calculation included in
				the instructions relating to risk- based capital for property an d casualty
				insurers; or
(4) For a health
				organization, the total adjusted capital is greater than or equal to its
				company action level risk-based capital but less than the product of 3 times
				its authorized control level of risk-based capital and triggers the "Trend
				Test" determined in accordance with the "Trend Test" calculation included in
				the instructions relating to risk-based capital for health
				organizations
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Events Requiring Company Action › Section 681B.495 - Preparation and submission of plan for risk-based capital

Current through June 11, 2024
1. If an event that requires company action
				occurs, the insurer or health organization shall prepare and submit to the
				Commissioner a plan for risk-based capital which:
(a) Identifies the conditions that
				contributed to the event which requires company action.
(b) Contains proposals for corrective actions
				that the insurer will take which are expected to result in the elimination of
				the event.
(c) Provides projections
				for financial results of the insurer or health organization, including
				projections of new and renewal business, operating income, net income, and
				capital and surplus, for the current year and at least the next 4 succeeding
				years, both in the absence of the proposed corrective actions and if the
				proposed corrective actions are carried out. The projections for both new and
				renewal business may include separate projections for each major line of
				business written by the insurer or health organization and identify separately
				each significant component of income, expenses and benefits.
(d) Identifies the key assumptions impacting
				the projections of the insurer or health organization and the sensitivity of
				those projections to the assumptions made by the insurer or health
				organization.
(e) Identifies the
				quality of, and problems associated with, the business of the insureror health
				organization, including, but not limited to, its assets, its anticipated
				business growth and associated strain on its surplus, any extraordinary
				exposure to risk, its mix of business and its use of reinsurance, if
				any.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Events Requiring Company Action › Section 681B.500 - Action on plan or revised plan for risk-based capital

Current through June 11, 2024
1. Not
				later than 60 days after the date on which an insurer or health organization
				submits a plan for risk-based capital to the Commissioner pursuant to NAC
				681B.495 or a revised plan for risk-based capital pursuant to this section, the
				Commissioner will notify the insurer or health organiztion as to whether the
				plan or revised plan for risk-based capital, as appropriate, may be carried out
				as proposed or whether the plan is unsatisfactory. If the Commissioner
				determines that the plan or revised plan for risk-based capital is
				unsatisfactory, the notification will set forth the reasons for that
				determination and may include proposed revisions which would make the plan or
				revised plan satisfactory.
2. Upon
				receiving notification from the Commissioner that its plan or revised plan for
				risk-based capital is unsatisfactory, the insurer or health organization shall
				prepare a new revised plan, which may incorporate by reference any revision
				proposed by the Commissioner. The insurer or health organization shall submit
				the new revised plan to the Commissioner not later than 45 days after the date
				on which the insurer or health organization received the notification, except
				that if, pursuant to NAC 681B.580, the insurer or health organization
				challenges the determination by the Commissioner that the plan is
				unsatisfactory, the insurer or health organization shall submit the new revised
				plan to the Commissioner not later than 45 days after the date on which the
				insurernsurer or health organization is notified that the Commissioner has,
				after a hearing, rejected the challenge of the insurer or health
				organization.
3. Subject to the
				right of the insurer or health organization to a hearing pursuant to NAC
				681B.580, the Commissioner will, if he or she deems it to be necessary, specify
				in the notification to an insurer or health organization that the plan or
				revised plan for risk-based capital is unsatisfactory and that the notification
				constitutes an event which requires regulatory action.
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 › Events Requiring Company Action › Section 681B.505 - Filing of copy of plan or revised plan for risk-based capital in other states

Current through June 11, 2024
1. Each domestic insurer or health
				organization that files a plan or revised plan for risk-based capital with the
				Commissioner pursuant to NAC 681B.495 and 681B.500 shall file a copy of the
				plan or revised plan, as appropriate, with the Insurance Commissioner or chief
				regulatory officer for insurance in each state in which the domestic insurer or
				health organization is authorized to do business if:
(a) The Insurance Commissioner or chief
				regulatory officer for insurance of that state has notified the domestic
				insurer or health organization, in writing, of his or her request that the
				domestic insurer or health organization file a copy of its plan or revised plan
				with that Insurance Commissioner or chief regulatory officer for insurance;
				and
(b) That state has enacted a
				provision which provides that:
(1) Except as
				otherwise provided by the laws of that state, information contained in a report
				on risk-based capital or a plan or revised plan for risk-based capital:
(I) Is confidential and must not be made
				available to the general public; and
(II) Is not subject to a subpoena other than
				a subpoena issued by a court of competent jurisdiction, or by the Insurance
				Commissioner or chief regulatory officer for the sole purpose of enforcing an
				action taken by the Insurance Commissioner or chief regulatory officer against
				the insurer or health organization pursuant to the laws of that state relating
				to the regulation of insurance;
(2) The result or report of any examination
				or analysis of an insurer or health organization performed pursuant to the
				requirements of that state relating to the reporting of risk-based capital and
				any corrective order issued by the Insurance Commissioner or chief regulatory
				officer are confidential; and
(3)
				Any requirement of confidentiality does not apply to any information contained
				in a report on risk-based capital of an insurer or health organization if that
				information is otherwise included or required to be included in an annual
				statement of the insurer or health organization that is available to the
				general public.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Events Requiring Regulatory Action › Section 681B.515 - Preparation and submission of plan or revised plan for risk-based capital

Current through June 11, 2024
If an event that requires regulatory action occurs, the
				  insurer or health organization shall prepare and submit to the Commissioner a
				  plan or revised plan for risk-based capital, as appropriate. The plan or
				  revised plan for risk-based capital must be submitted not later than 45 days
				  after the date on which the event that requires regulatory action
				  occurred.
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 › Events Requiring Regulatory Action › Section 681B.520 - Action by Commissioner; determination of need for corrective action

Current through June 11, 2024
1. If an event that requires regulatory
				action occurs, the Commissioner will:
(a)
				Perform such examinations and analyses of the assets, liabilities and
				operations of the insurer or health organization, including a review of the
				plan or revised plan for risk-based capital of the insurer or health
				organization as he or she determines are necessary; and
(b) If the Commissioner performs an
				examination or analysis pursuant to paragraph (a) and determines that
				corrective action is necessary, issue a corrective order that specifies such
				corrective action as he or she determines is necessary.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Events Requiring Regulatory Action › Section 681B.525 - Consultants: Retention by Commissioner; payment of fees, costs and expenses

Current through June 11, 2024
1. The Commissioner will retain such
				actuaries, investment experts and other consultants as he or she determines are
				necessary to:
(a) Review the plan or revised
				plan for risk-based capital, as appropriate, submitted by the insurer or health
				organization pursuant to NAC 681B.515 after the occurrence of an event that
				requires regulatory action;
(b)
				Examine or analyze the assets, liabilities and operations of the insurer or
				health organization; and
(c)
				Formulate the necessary corrective actions that need to be included in a
				corrective order, if any.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Events Requiring Authorized Control › Section 681B.530 - Identification of events

Current through June 11, 2024
The following constitute events that require authorized
				  control:
1. The filing by an insurer
				or health organization of a report on risk-based capital which indicates that
				the total adjusted capital of the insurer or health organization is equal to or
				greater than its mandatory control level of risk-based capital but less than
				its authorized control level of risk-based capital;
2. Notification by the Commissioner to an
				insurer or health organization that the Commissioner has adjusted a report on
				risk-based capital of the insurer or health organization in accordance with NAC
				681B.485 and that the adjusted report on risk-based capital indicates a
				situation described in subsection 1, except that if the insurer or health
				organization challenges the adjustment pursuant to NAC 681B.580, the event that
				requires authorized control is the notification by the Commissioner to the
				insurere or health organization that the Commissioner has, after a hearing,
				rejected the challenge of the insurerrer or health organization; or
3. Failure of an insurer surer or health
				organization to respond to a corrective order in a manner satisfactory to the
				Commissioner, except that if the insurer or health organization challenges the
				corrective order pursuant to NAC 681B.580 and the Commissioner has, after a
				hearing, rejected the challenge of the insurer or health organization or
				modified the corrective order, the event that requires authorized control is
				the failure of the insurer or health organization to respond, in a manner
				satisfactory to the Commissioner, to the corrective order after the rejection
				of the challenge of the insurer or health organization or the modification of
				the corrective order by the Commissioner.
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 › Events Requiring Authorized Control › Section 681B.535 - Preparation and submission of plan or revised plan for risk-based capital

Current through June 11, 2024
If an event that requires authorized control occurs, the
				  insurer or health organization shall prepare and submit to the Commissioner a
				  plan or revised plan for risk-based capital, as appropriate. The plan or
				  revised plan for risk-based capital must be submitted not later than 45 days
				  after the date on which the event that requires authorized control
				  occurred.
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 › Events Requiring Authorized Control › Section 681B.540 - Action by Commissioner; taking of action pursuant to chapter 696B of NRS

Current through June 11, 2024
1. If an event that requires authorized
				control occurs, the Commissioner will:
(a)
				Take such actions as he or she determines are necessary to cure the event that
				requires authorized control, including, without limitation, any action
				authorized by NAC 681B.520 and 681B.525 with respect to an event that requires
				regulatory action; or
(b) If the
				Commissioner determines it to be in the best interests of the general public
				and of the policyholders and creditors of the insurer or health organization,
				take such actions as he or she determines are necessary to place the insurer
				under the regulatory control of the Commissioner pursuant to chapter 696B of
				NRS.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Events Requiring Mandatory Control › Section 681B.545 - Identification of events

Current through June 11, 2024
The following constitute events that require mandatory
				  control:
1. The filing by an insurer
				or health organization of a report on risk-based capital which indicates that
				the total adjusted capital of the insurer or health organization is less than
				its mandatory control level of risk-based capital; or
2. Notification by the Commissioner to an
				insurer an insurer or health organization that the Commissioner has adjusted a
				report on risk-based capital of the insurer or health organization in
				accordance with NAC 681B.485 and that the adjusted report on risk-based capital
				indicates a situation described in subsection 1, except that if the insurer or
				health organization challenges the adjustment pursuant to NAC 681B.580, the
				event that requires mandatory control is the notification by the Commissioner
				to the insurer e insurer or health organization that the Commissioner has,
				after a hearing, rejected the challenge of the insurer or health
				organization
Added to
				  NAC by Comm'r of Insurance by R088-97, eff. 3-19-98; A by
				  R132-13,
				  eff. 10/1/2014
NRS
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Events Requiring Mandatory Control › Section 681B.550 - Action by Commissioner; taking of action pursuant to chapter 696B of NRS

Current through June 11, 2024
1. Except as otherwise provided in this
				section, if an event that requires mandatory control occurs:
(a) If the insurer is a life and health
				insurer, the Commissioner will take such actions as he or she determines are
				necessary to place the insurer under the regulatory control of the Commissioner
				pursuant to chapter 696B of NRS.
(b) If the insurer is a property and casualty
				insurer or health organization, the Commissioner:
(1) Will take such actions as he or she
				determines are necessary to place the insurer or health organization under the
				regulatory control of the Commissioner pursuant to chapter 696B of NRS;
				or
(2) May, if the property and
				casualty insurer or health organization is allowing its existing business in
				this State to expire and is not marketing or writing additional business in
				this State, allow the insurer or health organization to continue the
				termination of its business in this State under the supervision of the
				Commissioner.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Foreign Insurers and Health Organizations › Section 681B.555 - Applicability

Current through June 11, 2024
NAC 681B.560, 681B.565 and 681B.570 apply only to foreign
				  insurers or health organizations that are domiciled in a state which has
				  requirements for reporting risk-based capital.
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
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Foreign Insurers and Health Organizations › Section 681B.560 - Submission of report on risk-based capital and copy of plan or revised plan for risk-based capital filed in another state

Current through June 11, 2024
1.
				Upon the written request of the Commissioner, a foreign insurer a foreign
				insurer or health organization shall submit to the Commissioner a report of its
				level of risk-based capital as of the end of the immediately preceding calendar
				year. The report on risk-based capital must be in such form and contain such
				information as is required by the instructions relating to risk-based capital,
				and must be submitted not later than:
(a) The
				date on which a domestic insurer or health organization must file its report on
				risk-based capital in this State; or
(b) Fifteen days after the date on which the
				foreign insurer receives the request from the Commissioner, whichever is later.
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Foreign Insurers and Health Organizations › Section 681B.565 - Filing of plan for risk-based capital under certain circumstances; failure to file

Current through June 11, 2024
1. The Commissioner
				may require a foreign insurer reign insurer or health organization to file a
				plan for risk-based capital with the Commissioner if an event that requires
				company action, regulatory action or authorized control occurs to the foreign
				insurer or health organization:
(a) As
				determined pursuant to the laws of the state in which the foreign insurer e
				foreign insurer or health organization is domiciled if:
(1) That state has enacted laws that provide
				for the filing of a plan for risk-based capital if such an event occurs;
				and
(2) The Insurance Commissioner
				or chief regulatory officer for insurance of that state fails to require the
				insurer or health organization to file a plan for risk-based capital in the
				manner required by those laws; or
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Foreign Insurers and Health Organizations › Section 681B.570 - Application for appointment of Commissioner as receiver

Current through June 11, 2024
If an event that requires mandatory control occurs to a
				  foreign insurer or health organization and a domiciliary receiver has not been
				  appointed in accordance with the laws relating to rehabilitation and
				  liquidation of the state in which the foreign insurer or health organization is
				  domiciled, if any, the Commissioner may, pursuant to the provisions of chapter
				  696B of NRS relating to the liquidation of property of a foreign insurer or
				  health organization, apply to a court of competent jurisdiction to appoint the
				  Commissioner as receiver.
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
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Miscellaneous Provisions › Section 681B.575 - Effective date of notice by Commissioner to insurer

Current through June 11, 2024
A notice by the Commissioner to an insurer or health
				  organization made in accordance with NAC 681B.400 to 681B.595, inclusive, and
				  sections 2, 3 and 4 is effective:
1.
				Upon dispatch if the notice is sent by registered or certified mail;
				or
2. Upon receipt by the insurer
				or health organization if the notice is sent in any other manner.
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 › Miscellaneous Provisions › Section 681B.580 - Right of insurer to confidential administrative hearing to challenge certain actions of Commissioner

Current through June 11, 2024
An insurer or health organization has the right to a
				  confidential administrative hearing before the Division, on the record, subject
				  to the provisions of NRS NRS
				  NRS
				  679B.310 to
				  679B.370,
				  inclusive, at which the insurer or health organization may challenge:
1. Any adjustment to the report on risk-based
				capital made by the Commissioner pursuant to NAC 681B.485;
2. The determination by the Commissioner that
				the plan or revised plan for risk-based capital of the insurer or health
				organization is unsatisfactory, if the Commissioner has specified pursuant to
				NAC 681B.500 that the notification of that determination constitutes an event
				that requires regulatory action;
3.
				Any determination by the Commissioner that the insurer or health organization
				has failed to adhere to its plan or revised plan for risk-based capital, if the
				failure has a substantial adverse effect on the ability of the insurer or
				health organization to eliminate an event that requires company action;
				or
4. Any corrective order issued
				by the Commissioner pursuant to NAC 681B.400 to 681B.595, inclusive, and
				sections 2, 3 and 4.
Added to
				  NAC by Comm'r of Insurance by R088-97, eff. 3-19-98; A by
				  R132-13,
				  eff. 10/1/2014
NRS
					 233B.050,
					 679B.130,
					 681B.290
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Miscellaneous Provisions › Section 681B.585 - Confidentiality of information

Current through June 11, 2024
1. An insurer or
				health organization may include in its report on risk-based capital and its
				plan or revised plan for risk-based capital an express statement that the
				information contained in the report or plan is, and should remain,
				confidential. If such a statement is included in the report or plan, the
				Commissioner will classify the information contained in the report or plan as
				confidential.
2. The result or
				report of any examination or analysis of an insurer or health organization
				performed, and any corrective order issued by the Commissioner, during the
				course of an investigation of the insurer or health organization pursuant to
				NAC 681B.400 to 681B.595, inclusive, and sections 2, 3 and 4 are
				confidential.
3. The provisions of
				this section do not apply to any information contained in a report on
				risk-based capital of an insurer or health organization if that information is
				otherwise included or required to be included in an annual statement of the
				insurer or health organization that is available to the general
				public.
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,
					 679B.190
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Miscellaneous Provisions › Section 681B.590 - Restrictions on disclosure of information

Current through June 11, 2024
1. An insurer,
				health organization agent, broker or other person transacting insurance in this
				State shall not make, publish, disseminate, circulate or place before the
				general public, or directly or indirectly cause to be made, published,
				disseminated, circulated or placed before the general public:
(a) In a newspaper, magazine or other
				publication, notice, circular, pamphlet, letter or poster;
(b) Over any radio or television station, or
				other electronic medium; or
(c) In
				any advertisement, announcement or statement that contains an assertion, any
				representation or statement relating to the level of risk-based capital of an
				insurer or health organization
Nevada Administrative Code › Chapter 681B - Insurance: Assets and Liabilities › RISK-BASED CAPITAL OF INSURERS › Miscellaneous Provisions › Section 681B.595 - Use of information by Commissioner

Current through June 11, 2024
1. The
				Commissioner will use the instructions relating to risk-based capital and any
				report, adjusted report, or plan or revised plan for risk-based capital
				submitted to the Commissioner or in his or her possession pursuant to NAC
				681B.400 to 681B.595, inclusive, and sections 2, 3 and 4 only to monitor the
				solvency of insurers or health organization transacting insurance in this State
				and to determine the need for corrective action with respect to the solvency of
				those insurers or health organization.
2. Unless otherwise authorized by specific
				statute, the Commissioner will not:
(a) Use
				any information contained in the instructions relating to risk-based capital or
				any report, adjusted report, plan or revised plan in making or determining
				rates for insurers or health organization transacting insurance in this
				State;
(b) Consider or introduce
				such information as evidence in any rate proceeding; or
(c) Use such information to calculate or
				derive any elements of an appropriate premium level or rate of return for any
				line of insurance that an insurer an insurer or health organization or any
				affiliate of the insurer or health organization is authorized to write.
Nevada Administrative Code › Chapter 682A - Insurance: Investments › Section 682A.100 - Adoption by reference of Purposes and Procedures Manual of the NAIC Securities Valuation Office

Current through June 11, 2024
The Purposes and Procedures Manual of the NAIC
Investment
			 Analysis
Office is hereby adopted by reference. A copy of the
			 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, or by electronic
			 mail at prodserv@naic.org, or at the Internet address
www.naic.org/account_manager.htm
,
			 for the price of $83.
Added to NAC by Comm'r of
			 Insurance by R245-03, eff. 7-26-2004; A by R172-08, 2-11-2009; A by
			 R089-17AP,
			 eff. 5/16/2018
NRS 679B.130
Nevada Administrative Code › Chapter 682A - Insurance: Investments › Section 682A.110 - Domestic insurers and health organizations: Filing and rating of applicable investments; nonadmitted assets; exempt investments

Current through June 11, 2024
1. Except
		  as otherwise provided in subsection 4, a domestic insurer or health
		  organization that is regulated pursuant to title 57 of NRS shall file with and
		  have its applicable investments rated by the Securities Valuation Office of the
		  National Association of Insurance Commissioners, One New York Plaza, Suite
		  4210, New York, New York 10004.
2.
		  Each applicable investment must be reported to the Securities Valuation Office
		  within 120 days after the investment is acquired.
3. The Division of Insurance of the
		  Department of Business and Industry may consider an applicable investment as a
		  nonadmitted asset if it is rated by the Securities Valuation Office:
(a) With a designation of NR.
(b) With a designation of Z on any date that
		  is more than 240 days after the date of the acquisition of the
		  investment.
Nevada Administrative Code › Chapter 682B - Insurance: Deposits › Section 682B.010 - "Special deposit" defined

Current through June 11, 2024
As used in NAC 682B.020 and 682B.030, unless the context otherwise requires, "special deposit" means a deposit in the form of cash, securities or certificates of deposit that is placed with and maintained by the Commissioner pursuant to NRS 682B.015.
Added to NAC by Comm'r of Insurance, eff. 3-28-96
NRS 679B.130, 682B.015
Nevada Administrative Code › Chapter 682B - Insurance: Deposits › Section 682B.020 - Special deposits; determination of amount; disposition

Current through June 11, 2024
1. The Commissioner may require any authorized insurer who is subject to the provisions of chapter 680A of NRS, at the time of or any time after its admission, and any eligible insurer who is subject to the provisions of chapter 685A of NRS, at the time of becoming or any time after becoming eligible, to deposit with the Commissioner a special deposit. To determine which insurer will be required to make a special deposit and in what amount, the Commissioner will consider:
(a) The amount of business being transacted or to be transacted in this state by the insurer;
(b) The financial strength of the insurer; and
(c) The ability of the insurer to fulfill its policy obligations.
Nevada Administrative Code › Chapter 682B - Insurance: Deposits › Section 682B.030 - Special deposits; book entry form

Current through June 11, 2024
Each insurer who is required to make a special deposit pursuant to NAC 682B.020 may hold the securities in book entry form through the United States banking system if recorded in the name of the insurer or its nominee by the authorized transfer agency or trustee of the security. An insurer who is holding his or her special deposit in book entry form shall provide to the Commissioner an irrevocable power of attorney in the format prescribed by the Commissioner for that insurer. The power of attorney must describe the securities held and give the Commissioner the authority to transfer the securities or any part thereof for the purposes set forth in NRS 682B.015.
Added to NAC by Comm'r of Insurance, eff. 3-28-96
NRS 679B.130, 682B.015
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › GENERAL PROVISIONS › Section 683A.005 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise
						requires:
1. "Commissioner" means the
					Commissioner of Insurance of the Division.
2. "Division" means the Division of Insurance
					of the Department of Business and Industry.
3. "Unsuitable person" has the meaning
					ascribed to it in NAC 679B.039.
Supplied in
						codification; A by Comm'r of Insurance by R152-99,
						1-28-2000
NRS
							679B.130
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › LICENSING OF BANKS › Section 683A.080 - Adoption of definitions pertaining to certain restrictions on licensing

Current through June 11, 2024
1. To carry out the purposes of
					NRS 683A.231,
					the Commissioner adopts the definitions set forth in NAC 683A.082 to 683A.094,
					inclusive.
2. As used in NAC
					683A.082 to 683A.094, inclusive, "person" means a natural person, corporation,
					association, partnership or other legal entity.
Added to NAC by Comm'r
						of Insurance, eff. 8-2-82; A 1-19-84; 5-27-92;
						5-23-96
NRS
							679B.130,
							683A.231
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › LICENSING OF BANKS › Section 683A.082 - "Affiliate" defined

Current through June 11, 2024
"Affiliate" means any person who, directly or indirectly,
						controls, is controlled by or is under common control with a bank located in
						this State that accepts deposits that the depositor has a legal right to
						withdraw on demand.
Added to NAC by Comm'r
						of Insurance, eff. 8-2-82; A 5-23-96
NRS
							679B.130,
							683A.231
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › LICENSING OF BANKS › Section 683A.086 - "Company" defined

Current through June 11, 2024
"Company" means persons interested in some commercial or
						industrial undertaking, or other legitimate business, but does not include a
						corporation in which the United States or any state owns a majority of the
						shares.
Added to NAC by Comm'r
						of Insurance, eff. 8-2-82
NRS
							679B.130,
							683A.231
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › LICENSING OF BANKS › Section 683A.088 - "Control" defined

Current through June 11, 2024
1. "Control" means
					the possession, by any means, direct or indirect, of the power to direct or
					cause the direction of the management and policies of a person, including a
					bank.
2. Control will be presumed
					to exist if any person, directly or indirectly, owns, controls, holds with the
					power to vote or holds proxies representing 25 percent or more of the voting
					securities of any other person, including a bank.
Added to NAC by Comm'r
						of Insurance, eff. 8-2-82
NRS
							679B.130,
							683A.231
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › LICENSING OF BANKS › Section 683A.089 - "Credit property insurance" defined

Current through June 11, 2024
"Credit property insurance" means insurance which provides for
						payment of:
1. The outstanding balance
					of a loan if the property given as security for the loan is destroyed;
					or
2. The cost of repairing the
					property given as security for the loan up to the amount of the outstanding
					balance of the loan.
Added to NAC by Comm'r
						of Insurance, eff. 1-19-84
NRS
							679B.130,
							683A.231
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › LICENSING OF BANKS › Section 683A.090 - "Demand deposit" defined

Current through June 11, 2024
"Demand deposit" means a deposit that the depositor has a legal
						right to withdraw upon a proper written request.
Added to NAC by Comm'r
						of Insurance, eff. 8-2-82
NRS
							679B.130,
							683A.231
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › LICENSING OF BANKS › Section 683A.092 - "Parent" defined

Current through June 11, 2024
"Parent" means a person who owns or controls, directly or
						indirectly, in whole or in part, a bank located in this State that accepts
						deposits that the depositor has a legal right to withdraw on demand, or a bank
						holding company.
Added to NAC by Comm'r
						of Insurance, eff. 8-2-82; A 5-23-96
NRS
							679B.130,
							683A.231
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › LICENSING OF BANKS › Section 683A.094 - "Subsidiary" defined

Current through June 11, 2024
"Subsidiary" means any person owned or controlled, directly or
						indirectly, in whole or in part, by a bank located in this State that accepts
						deposits that the depositor has a legal right to withdraw on demand, or a bank
						holding company.
Added to NAC by Comm'r
						of Insurance, eff. 8-2-82; A 5-23-96
NRS
							679B.130,
							683A.231
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › ADMINISTRATORS › Section 683A.100 - "Insurer" defined

Current through June 11, 2024
Unless the context otherwise requires, any reference to
						"insurer" contained in
						NRS
						683A.025,
						683A.085
						to
						683A.0893,
						inclusive, and NAC 683A.105 to 683A.165, inclusive, shall be deemed to include
						any employer for whom a program of self-insurance is administered by an
						administrator.
Added to NAC by Comm'r
						of Insurance, eff. 11-21-88
NRS
							679B.130
Nevada Administrative Code › Chapter 683A - Persons Involved in Sale or Administration of Insurance › ADMINISTRATORS › Section 683A.103 - Interpretation of terms used in definition of "administrator

Current through June 11, 2024
1.
					For the purposes of subsection 1 of
					NRS
					683A.025, the "adjustment or settlement of
					claims" includes, but is not limited to:
(a)
					Investigating or examining claims; or
(b) Receiving, disbursing, handling or
					otherwise being responsible for the claim funds, of an insurance company,
					internal service fund, program of self-insurance, or other entity which is an
					administrator pursuant to
					NRS
					683A.025.