reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 679B - Commissioner of Insurance › DISCLOSURE OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Miscellaneous Provisions › Section 679B.878 - Failure to comply with requirements regarding notices and disclosures

Current through June 11, 2024
Failure to comply with the requirements of NAC 679B.800 to
				  679B.878, inclusive, regarding notices and disclosures constitutes an undefined
				  unfair trade practice pursuant to
				  NRS
				  686A.170.
Added to NAC by Comm'r
				  of Insurance by R130-01, eff. 12-17-2002
NRS
					 679B.130,
					 686A.025,
					 686A.170
Nevada Administrative Code › Chapter 679B - Commissioner of Insurance › Section 679B.Sec. 9 - NEW

Current through June 11, 2024
1. In order for the Commissioner to determine
		  that a network plan made available for sale in this State is adequate, the
		  network plan must contain, at a minimum:
(a)
		  The standards contained in the most recent Letter to Issuers in the
		  Federally-facilitated Marketplaces issued by the Centers for Medicare and
		  Medicaid Services of the United States Department of Health and Human Services.
		  A copy of the letter may be obtained free of charge at the Internet address
		  https://www.cms.gov/CCIIO/resources/regulations-and-guidance/ [File Link Not
		  Available].
(b) Evidence that the
		  network plan provides reasonable access to at least one provider in the
		  specialty area listed in the following table for at least 90 percent of
		  enrollees by complying with the area designations for the maximum time and
		  distance standards in the following table:
Specialty Area
Maximum Time and Distance Standards
						  (Minutes/Miles)
Metro
Micro
Rural
Counties with Extreme Access Considerations
						  (CEAC)
Pediatrics
25/15
30/20
40/30
105/90
Nevada Administrative Code › Chapter 679B - Commissioner of Insurance › Section 679B.Sec. 11 - NEW

Current through June 11, 2024
1. The Council shall consider the standards
		  required pursuant to section 9 of this regulation and any other requirements of
		  sections 2 to 18, inclusive of this regulation 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:
(1) Practice in a specialty or are facilities
		  that appear on the Essential Community Providers/Network Adequacy Template
		  issued by the Centers for Medicare and Medicaid Services of the United States
		  Department of Health and Human Services and available at the Internet address
		  https://www.cms.gov/CCIIO/programs-and-initiatives/health-insurance-marketplaces/qhp.html
		  [File Link Not Available] free of charge, which is hereby adopted by reference;
		  and
(2) 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 section 9 of this regulation and any other requirements of sections 2 to 18,
		  inclusive of this regulation.
Nevada Administrative Code › Chapter 679B - Commissioner of Insurance › Section 679B.Sec. 12 - NEW

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, and
		  by section 88 of Assembly Bill No. 83, chapter 376, Statutes of Nevada 2017, at
		  page 2355, shall submit to the Commissioner with its annual rate filing
		  sufficient data and documentation to establish that the proposed network plan
		  meets the standards required pursuant to 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
			 R025-17A,
			 eff. 12/19/2017
NRS
			 679B.130,
			 687B.490,
			 as amended by section 88 of Assembly Bill No. 83, chapter 376, Statutes of
			 Nevada 2017, at page 2355.
Nevada Administrative Code › Chapter 679B - Commissioner of Insurance › Section 679B.Sec. 13 - NEW

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
		  required pursuant to section 9 or any other requirement of sections 2 to 18,
		  inclusive, 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 679B - Commissioner of Insurance › Section 679B.Sec. 14 - NEW

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 required
		  pursuant to section 9 of this regulation or any other requirement of sections 2
		  to 18, inclusive, 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 required pursuant to section 9 of
		  this regulation or any other requirement of sections 2 to 18, 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
			 R025-17A,
			 eff. 12/19/2017
NRS
			 679B.130,
			 687B.490,
			 as amended by section 88 of Assembly Bill No. 83, chapter 376, Statutes of
			 Nevada 2017, at page 2355.
Nevada Administrative Code › Chapter 679B - Commissioner of Insurance › Section 679B.Sec. 15 - NEW

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 required pursuant to section 9 of this regulation
		  or any other requirement of sections 2 to 18, inclusive, 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
		  required pursuant to section 9 of this regulation or any other requirement of
		  sections 2 to 18, inclusive, 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 679B - Commissioner of Insurance › Section 679B.Sec. 16 - NEW

Current through June 11, 2024
If a network plan does not meet the standards required pursuant
			 to 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 by
			 R025-17A,
			 eff. 12/19/2017
NRS
			 679B.130,
			 687B.490,
			 as amended by section 88 of Assembly Bill No. 83, chapter 376, Statutes of
			 Nevada 2017, at page 2355.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.002 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
				the words and terms defined in NAC 680A.003 to 680A.018, inclusive, have the
				meanings ascribed to them in those sections.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96; A by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.003 - "Accountant" and "independent certified public accountant" defined

Current through June 11, 2024
"Accountant" or "independent certified public accountant"
				means:
1. An independent certified
			 public accountant or accounting firm in good standing with the American
			 Institute of Certified Public Accountants and in all states in which the
			 accountant or accounting firm is licensed to practice.
2. For an insurer domiciled in Canada or
			 Great Britain, a chartered accountant.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96; A by R076-02, 9-20-2002-Substituted in revision for
				NAC 680A.006
NRS
				  679B.130,
				  680A.265
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.0035 - "Affiliate" defined

Current through June 11, 2024
"Affiliate" has the meaning ascribed to it in
				NRS
				692C.030.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.004 - "Annual Audited Financial Report" defined

Current through June 11, 2024
"Annual Audited Financial Report" means:
1. The report which must be filed with the
			 Commissioner in accordance with
			 NRS
			 680A.265.
2. For an insurer domiciled in Canada or
			 Great Britain, the annual statement of total business on the form filed by the
			 insurer with its domiciliary supervision authority, duly audited by a chartered
			 accountant.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96; A by R076-02,
				9-20-2002
NRS
				  679B.130,
				  680A.265
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.005 - "Audit committee" defined

Current through June 11, 2024
"Audit committee" means a committee or equivalent body
				established by the board of directors of an entity for the purpose of
				overseeing the accounting and financial reporting processes of an insurer or
				group of insurers , the internal audit function of an insurer or group of
				insurers and all other audits of financial statements of the insurer or group
				of insurers.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff. 1-1-2010; A by
				R108-16A,
				eff. 1/1/2017
NRS
				NRS
				679B.130
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.009 - "Direct written and assumed premiums" defined

Current through June 11, 2024
"Direct written and assumed premiums" means the combined total
				of direct premiums from nonaffiliates for the reporting entities.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.011 - "Group of insurers" defined

Current through June 11, 2024
"Group of insurers" means those licensed insurers required to
				be reported by an insurance holding corporation pursuant to the provisions of
				chapter 692C of NRS, or a set of insurers identified by management for the
				purpose of assessing the effectiveness of internal control over financial
				reporting.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.013 - "Insurance holding corporation" defined

Current through June 11, 2024
"Insurance holding corporation" has the meaning ascribed in
				NRS
				692B.050.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.0135 - "Internal audit function" defined

Current through June 11, 2024
"Internal audit function" means a person or persons who provide
				independent, objective and reasonable assurance designed to add value and
				improve an organization's operations and accomplish its objectives by bringing
				a systematic, disciplined approach to evaluate and improve the effectiveness of
				risk management, internal control and governance processes.
Added to NAC
				by Comm'r of Insurance by
				R108-16A,
				12-21-2016, eff. 1/1/2017
NRS
				679B.130
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.014 - "Internal control over financial reporting" defined

Current through June 11, 2024
"Internal control over financial reporting" means a process
				effected by the board of directors, management and other personnel of an
				insurer or other entity and designed to provide reasonable assurance regarding
				the reliability of the financial statements required pursuant to
				NRS
				680A.265 and
				680A.270
				and the regulations adopted pursuant thereto, including, without limitation,
				those policies and procedures that:
1.
			 Pertain to the maintenance of records that, in reasonable detail, accurately
			 and fairly reflect the transactions and dispositions of assets;
2. Provide reasonable assurance that
			 transactions are recorded as necessary to permit preparation of the financial
			 statements, and that receipts and expenditures are being made only in
			 accordance with the authorization of management and the board of directors;
			 and
3. Provide reasonable assurance
			 regarding prevention or timely detection of unauthorized acquisition, use or
			 disposition of assets that could have a material effect on the financial
			 statements of the entity.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.015 - "Section 404" defined

Current through June 11, 2024
"Section 404" means Section 404 of the Sarbanes-Oxley Act of
				2002, Public Law
				107-204,
				15 U.S.C. §
									7262, and the regulations adopted pursuant
				thereto.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.016 - "Section 404 Report" defined

Current through June 11, 2024
"Section 404 Report" means the Management's Report on Internal
				Control Over Financial Reporting, as defined by the Securities and Exchange
				Commission, and the related attestation report of the independent certified
				public accountant.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.017 - "SOX Compliant Entity" defined

Current through June 11, 2024
"SOX Compliant Entity" means an entity that is required to
				comply with, or voluntarily complies with, the following provisions of the
				Sarbanes-Oxley Act of 2002,
				Public Law
				107-204 :
1. The requirements for preapproval pursuant
			 to
			 15 U.S.C. §
									78j -
			 1(h);
2. The requirements for the independence of
			 members of the audit committee pursuant to
			 15 U.S.C. §
									78j -
			 1(m)(3);
			 and
3. The requirements for
			 internal control evaluation and reporting pursuant to
			 15 U.S.C. §
									7262(b).
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › GENERAL PROVISIONS › Section 680A.018 - "Workpaper" defined

Current through June 11, 2024
"Workpaper" means the record kept by an independent certified
				public accountant of the procedure followed, the test performed, the
				information obtained and the conclusion reached pertinent to his or her
				examination of the financial statements of an insurer. A workpaper includes,
				but is not limited to, an audit planning document, a work program, an analysis,
				a memorandum, a letter of confirmation and representation, an abstract of
				company documents and a schedule or commentary which are prepared or obtained
				by the independent certified public accountant in the course of his or her
				examination of the financial statements of an insurer and which support his or
				her opinion thereof.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96; A by R076-02,
				9-20-2002
NRS
				  679B.130,
				  680A.265
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › MULTIPLE EMPLOYER WELFARE ARRANGEMENTS › Section 680A.050 - Applicability of provisions governing domestic insurers; qualification for certificate of authority

Current through June 11, 2024
1. To the extent
			 applicable and not inconsistent with federal law:
(a) The provisions of chapter 680A of NRS
			 that govern domestic insurers, their business, capital and surplus requirements
			 and the requirements for eligibility for a certificate of authority govern
			 multiple employer welfare arrangements; and
(b) A multiple employer welfare arrangement
			 must comply with the criteria set forth in this chapter and chapter 680A of NRS
			 to qualify for a certificate of authority.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › SALES OF INSURANCE THROUGH VENDING MACHINES (REPEALED) › Section 680A.110 - Conditions (Repealed)

Current through June 11, 2024
Comm'r of Insurance, M-3
				1st par. & subpars. 1 through 7, eff. 5-13-72-NAC A 5-27-92; R102-09,
				1-28-2010;	R
				by
				R161-22A,
				eff. 12/16/2022
NRS 679B.130,
				  689C.155 and
				  695C.080
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › SALES OF INSURANCE THROUGH VENDING MACHINES (REPEALED) › Section 680A.120 - License; fee (Repealed)

Current through June 11, 2024
Comm'r of Insurance, M-3
				1st par. & subpar. 8, eff. 5-13-72-NAC A 5-27-92; R103-09,
				1-28-2010;	R
				by
				R161-22A,
				eff. 12/16/2022
NRS 679B.130,
				  689C.155 and
				  695C.080
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › SALES OF INSURANCE THROUGH VENDING MACHINES (REPEALED) › Section 680A.130 - Special licenses (Repealed)

Current through June 11, 2024
Comm'r of Insurance, M-3
				1st par. & subpar. 10, eff. 5-13-72;	R
				by
				R161-22A,
				eff. 12/16/2022
NRS 679B.130,
				  689C.155 and
				  695C.080
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › SALES OF INSURANCE THROUGH VENDING MACHINES (REPEALED) › Section 680A.140 - Inspection (Repealed)

Current through June 11, 2024
Comm'r of Insurance, M-3
				1st par. & subpar. 9, eff. 5-13-72;	R
				by
				R161-22A,
				eff. 12/16/2022
NRS 679B.130,
				  689C.155 and
				  695C.080
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › SALES OF INSURANCE THROUGH VENDING MACHINES (REPEALED) › Section 680A.150 - Rental fees (Repealed)

Current through June 11, 2024
Comm'r of Insurance, M-3
				part 2nd par., eff. 5-13-72;	R
				by
				R161-22A,
				eff. 12/16/2022
NRS 679B.130,
				  689C.155 and
				  695C.080
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › STATEMENT OF FINANCIAL CONDITION › Section 680A.160 - Filing requirements; exemptions

Current through June 11, 2024
1. The annual
			 statement required to be filed pursuant to
			 NRS
			 680A.270 must contain exhibits and schedules
			 that follow the specifications developed by the National Association of
			 Insurance Commissioners.
2. Except
			 as otherwise provided in subsection 10, information from the insurer's annual
			 statement must be filed:
(a) Pursuant to the
			 specifications adopted by the National Association of Insurance Commissioners
			 for filing information in an electronic format;
(b) At the central office of the National
			 Association of Insurance Commissioners, 1100 Walnut Street, Suite 1500, Kansas
			 City, Missouri 64106-2197; and
(c)
			 On or before March 1 of each year.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.172 - Exemption from filing for certain qualified insurers; exceptions

Current through June 11, 2024
For the purposes of
				NRS
				680A.265, the Commissioner will find that
				good cause exists for the exemption of an insurer from the requirements of
				NRS
				680A.265 for the immediately preceding
				calendar year if, at the end of that year, the insurer has direct premiums
				written in this State in an amount which is less than $1,000,000 and has less
				than 1,000 policyholders, certificate holders, enrollees, members or
				subscribers of directly written policies in the United States unless:
1. The Commissioner makes a specific finding
			 that compliance by that insurer is necessary for the Commissioner to carry out
			 his or her statutory responsibilities; or
2. The insurer has assumed premiums pursuant
			 to contracts or treaties of reinsurance in an amount of $1,000,000 or
			 more.
Added to NAC by Comm'r
				of Insurance, eff. 5-23-96; A by R076-02, 9-20-2002; R244-03, 7-26-2004;
				R082-06, 9-18-2006
NRS
				  679B.130,
				  680A.265
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.173 - Purpose of provisions

Current through June 11, 2024
1. The purpose of
			 NAC 680A.173 to 680A.211, inclusive, is to improve the Division's surveillance
			 of the financial condition of insurers by requiring:
(a) An annual audit of financial statements
			 reporting the financial position and the results of operations of insurers by
			 independent certified public accountants;
(b) The filing of a Communication of Internal
			 Control Related Matters Noted in an Audit; and
(c) The filing of a Management's Report on
			 Internal Control Over Financial Reporting.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.177 - General requirements for filing; extensions; designation of audit committee

Current through June 11, 2024
1. All insurers
			 shall have an annual audit conducted by an independent certified public
			 accountant and, except as otherwise provided in this subsection and subsection
			 2, shall file with the Commissioner an annual Audited Financial Report for each
			 year on or before June 1 of the following year. The Commissioner may require an
			 insurer to file an Audited Financial Report earlier than June 1 if the
			 Commissioner provides at least 90 days' advance notice to the
			 insurer.
2. Subject to the
			 provisions of this subsection and
			 NRS
			 680A.265, upon good cause shown by the
			 insurer and its independent certified public accountant, the Commissioner may
			 grant one or more 30-day extensions of the filing date. A request for an
			 extension must be submitted in writing not less than 10 days before the date on
			 which the annual Audited Financial Report is to be filed and must contain
			 sufficient detail to permit the Commissioner to make an informed decision with
			 respect to the requested extension.
3. If an extension is granted pursuant to
			 subsection 2 for filing the Audited Financial Report, a 30-day extension of the
			 filing date of the Management's Report on Internal Control Over Financial
			 Reporting is also granted.
4. Every
			 insurer required to file an annual Audited Financial Report pursuant to NAC
			 680A.173 to 680A.211, inclusive, shall designate a group of individuals as its
			 audit committee. The audit committee of an entity that controls an insurer may
			 be deemed the audit committee of the insurer for purposes of NAC 680A.173 to
			 680A.211, inclusive.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.179 - Contents of report

Current through June 11, 2024
1. The annual
			 Audited Financial Report must include a report of the financial position of the
			 insurer as of the end of the most recent calendar year and the results of the
			 insurer's operations, cash flows and changes in capital and surplus for that
			 year, in conformity with statutory accounting practices prescribed, or
			 otherwise permitted, by the insurance regulatory authority of the state of
			 domicile.
2. The annual Audited
			 Financial Report must include, without limitation:
(a) A report of an independent certified
			 public accountant;
(b) A balance
			 sheet reporting admitted assets, liabilities, capital and surplus;
(c) A statement of operations;
(d) A statement of cash flow;
(e) A statement of changes in capital and
			 surplus;
(f) A summary of the
			 ownership and relationships of the insurer and each of its affiliated
			 companies, if any; and
(g) All
			 notes to financial statements required by the appropriate annual statement
			 instructions manual, as adopted by reference in NAC 679B.033, and the
Accounting Practices and Procedures Manual
, as adopted by
			 reference in NAC 679B.033. The notes must include a reconciliation of
			 differences, if any, between the annual Audited Financial Report filed with the
			 Commissioner pursuant to
			 NRS
			 680A.265 and the annual statement filed with
			 the Commissioner pursuant to
			 NRS
			 680A.270, with a written description of the
			 nature of these differences.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.183 - Qualifications of independent certified public accountant

Current through June 11, 2024
1. The Commissioner will not recognize a
			 person or firm as a qualified independent certified public accountant if the
			 person or firm:
(a) Is not in good standing
			 with the American Institute of Certified Public Accountants and in all states
			 in which the accountant is licensed to practice, or, for an insurer domiciled
			 in Canada or Great Britain, is not a chartered accountant or accounting firm;
			 or
(b) Has either directly or
			 indirectly entered into an agreement of indemnity or release from liability,
			 with respect to the audit of the insurer, where the intent or effect is to
			 shift or limit in any manner the potential liability of the person or firm for
			 failure to adhere to applicable auditing or professional standards, whether or
			 not resulting in part from knowing of other misrepresentations made by the
			 insurer or its representatives.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.187 - Consolidated statement for group of insurance companies; contents of required worksheet

Current through June 11, 2024
1. An insurer may
			 apply in writing to the Commissioner for approval to file audited consolidated
			 or combined financial statements in lieu of a separate annual Audited Financial
			 Report if the insurer:
(a) Is part of a group
			 of insurance companies that uses a pooling or 100 percent reinsurance agreement
			 that affects the solvency and integrity of the insurer's reserves;
			 and
(b) Cedes all of its direct and
			 assumed business to the pool.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.189 - Audit of financial statements; adoption by reference of standards

Current through June 11, 2024
1. The insurer's financial statements must be
			 examined by an independent certified public accountant for the purposes of and
			 the regulations adopted pursuant thereto. The audit of the insurer's financial
			 statements must be conducted in accordance with generally accepted auditing
			 standards. In accordance with AU Section 314, Understanding the Entity and Its
			 Environment and Assessing the Risks of Material Misstatement, included in the
			 AICPA Professional Standards , as adopted by reference in subsection 2, the
			 independent certified public accountant must obtain an understanding of the
			 insurer's internal control sufficient to plan the audit. If required by AU
			 Section 314, for those insurers required to file a Management's Report on
			 Internal Control Over Financial Reporting pursuant to NAC
			 680A.203, the independent
			 certified public accountant shall consider the most recently available report
			 in planning and performing the audit of the financial statements. Consideration
			 should be given to the procedures set forth in the Financial Condition
			 Examiners Handbook , adopted by reference in NAC
			 679B.033, as the independent
			 certified public accountant deems necessary.
2. The AICPA Professional Standards are
			 hereby adopted by reference and may be obtained from the American Institute of
			 Certified Public Accountants by ordering via telephone at (888) 777-7077, by
			 facsimile at (800) 362-5066 or on the Internet at
http://www.aicpastore.com/
at
			 the price of $179 for members of the American Institute of Certified Public
			 Accountants and $229 for nonmembers.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff. 1-1-2010; A by
				R108-16A,
				eff. 1/1/2017
NRS
				NRS
				679B.130
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.191 - Report of misstatements of financial condition or inability to meet minimum capital and surplus requirements

Current through June 11, 2024
1. An insurer
			 required to furnish an annual Audited Financial Report shall require the
			 independent certified public accountant to report, in writing and within 5
			 business days, to the board of directors or its audit committee each
			 determination by the independent certified public accountant that the insurer:
(a) Has materially misstated its financial
			 condition as reported to the Commissioner as of the balance sheet date
			 currently under audit; or
(b) As of
			 that date, does not meet the minimum capital and surplus requirements as set
			 forth in this chapter and chapter 680A of NRS.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.193 - Additional report required on internal control; contents

Current through June 11, 2024
1. In addition to the annual Audited
			 Financial Report, each insurer shall furnish the Commissioner with a completed
			 Communication of Internal Control Related Matters Noted in an Audit as to any
			 material weaknesses in its internal control over financial reporting noted
			 during the audit.
2. The report
			 required pursuant to the provisions of this section must be prepared by the
			 independent certified public accountant within 60 days after the date on which
			 the annual Audited Financial Report is filed with the Commissioner and must
			 contain a description of any material weakness in the insurer's internal
			 control over financial reporting noted during the audit of the insurer's
			 financial statements by the accountant, as of December 31 of the most recent
			 calendar year.
3. If there are no
			 material weaknesses noted, the report to the Commissioner must state that there
			 are no material weaknesses noted.
4. The insurer must provide a description of
			 any remedial actions taken or proposed to be taken to correct any material
			 weaknesses, if the actions taken by the insurer are not described in the
			 accountant's report.
5. As used in
			 this section, " material weakness" has the meaning ascribed to it in the
			 Statements of Auditing Standards No. 115, Communicating Internal Control
			 Related Matters Identified in an Audit, included in the AICPA Professional
			 Standards , adopted by reference in NAC
			 680A.189.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff. 1-1-2010; A by
				R108-16A,
				eff. 1/1/2017
NRS
				NRS
				679B.130
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.195 - Required letter by accountant

Current through June 11, 2024
An independent certified public accountant shall furnish the
				insurer in connection with, and for inclusion in, the filing of the annual
				Audited Financial Report, a letter which states each of the following:
1. That the accountant is independent with
			 respect to the insurer and conforms to the standards of his or her profession
			 as contained in the
AICPA Code of Professional Conduct and
			 Bylaws
, the pronouncements of the American Institute of Certified
			 Public Accountants and the Rules of Professional Conduct of the Nevada State
			 Board of Accountancy.
2. The
			 background and experience of the accountant in general, the experience of the
			 staff of the accountant in audits of insurers, and whether each member of that
			 staff which will audit the insurer is an independent certified public
			 accountant. The provisions of NAC 680A.173 to 680A.211, inclusive, will not be
			 construed as prohibiting the accountant from using such staff as he or she
			 deems necessary if such use of staff is consistent with the standards
			 prescribed by generally accepted auditing standards.
3. That the accountant understands that the
			 annual Audited Financial Report and his or her opinion thereon will be filed
			 pursuant to
			 NRS
			 680A.265 and the regulations adopted pursuant
			 thereto, and that the Commissioner will be relying on this information to
			 monitor and regulate the financial position of the insurers.
4. That the accountant consents to the
			 requirements of NAC 680A.197 and that the accountant consents and agrees to
			 make available for review by the Commissioner, or the Commissioner's designee
			 or appointed agent, the workpapers as defined in NAC 680A.197.
5. That the accountant is properly licensed,
			 certified or chartered by the appropriate licensing authority in the state or
			 country in which the accountant is licensed, certified or chartered and that
			 the accountant is a member in good standing of the American Institute of
			 Certified Public Accountants.
6.
			 That the accountant is in compliance with the requirements for a qualified
			 independent certified public accountant as set forth in NAC 680A.183.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.197 - Review of workpapers

Current through June 11, 2024
1. Every insurer
			 required to file an annual Audited Financial Report pursuant to
			 NRS
			 680A.265 and the regulations adopted pursuant
			 thereto shall require the independent certified public accountant to make
			 available for review by the Commissioner, or his or her designated agent, all
			 workpapers prepared in the conduct of the accountant's audit and any
			 communications related to the audit between the accountant and the insurer, at
			 the offices of the insurer, the Division, or at any other reasonable place
			 designated by the Commissioner. The insurer shall require that the independent
			 certified public accountant retain the workpapers and communications relating
			 to the audit until the Division has filed a report on the examination covering
			 the period of the audit but not longer than 7 years from the date of the
			 Audited Financial Report.
2. To
			 complete the periodic review of the workpapers of the independent certified
			 public accountant pertaining to its audit of the financial statements, the
			 examiners of the Division may make and retain a photocopy of any pertinent
			 workpapers relating to the audit. All workpapers and communications obtained
			 during the course of such reviews must be afforded the same confidentiality as
			 other examination workpapers generated by the Division.
3. As used in this section, "workpapers"
			 means the records kept by an independent certified public accountant of the
			 procedure followed, the test performed, the information obtained and the
			 conclusion reached pertinent to the accountant's audit of the financial
			 statements of an insurer. The term includes, without limitation, audit planning
			 documentation, work programs, analyses, memoranda, letters of confirmation and
			 representation, abstracts of company documents, and schedules or commentaries
			 prepared or obtained by the independent certified public accountant in the
			 course of his or her audit of the financial statements of an insurer and which
			 support the accountant's opinion.
Added to NAC by Comm'r
				of Insurance by R205-08, 11-25-2009, eff.
				1-1-2010
NRS
				  679B.130,
				  680A.265,
				  680A.270
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.199 - Exemption for certain insurers; requirements for audit committee

Current through June 11, 2024
1. The provisions of this section do not
			 apply to a foreign or alien insurer licensed in this State or an insurer that
			 is a SOX Compliant Entity or a direct or indirect wholly owned subsidiary of a
			 SOX Compliant Entity.
2. The audit
			 committee shall be directly responsible for the appointment, compensation and
			 oversight of the work of any accountant for the purpose of preparing or issuing
			 the Audited Financial Report or related work pursuant to NAC
			 680A.173 to
			 680A.211, inclusive , and
			 sections 3 and 4 . Any dispute between the management of the insurer and the
			 accountant during the course of the audit regarding the financial reporting for
			 the preparation or issuance of the annual Audited Financial Report of the
			 insurer must be resolved by the audit committee. Each accountant shall report
			 directly to the audit committee.
3.
			 The audit committee shall be responsible for:
(a) Overseeing the internal audit function of
			 the insurer or group of insurers; and
(b) Granting the internal audit function
			 suitable authority and resources to perform its function.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.1993 - Internal audit function: Establishment; independence; reporting requirements; entities within which establishment is satisfactory

Current through June 11, 2024
1.
			 Each insurer or group of insurers shall establish an internal audit function to
			 provide assurance to the audit committee and the management of the insurer or
			 group of insurers regarding the governance, risk management and internal
			 controls of the insurer or group of insurers. The internal audit function must
			 provide this assurance by performing general and specific audits, reviews and
			 tests and by employing other techniques deemed necessary to protect assets,
			 evaluate internal control effectiveness and efficiency and evaluate compliance
			 with policies and regulations.
2.
			 The internal audit function must be organizationally independent to ensure that
			 internal auditors remain objective. The internal audit function shall not defer
			 ultimate judgment on any audit matter to others. The audit committee shall
			 appoint a person to head the internal audit function who has direct and
			 unrestricted access to each applicable board of directors. A requirement that
			 the internal audit function report to more than one person does not violate the
			 requirements of this subsection.
3.
			 The person appointed to head the internal audit function shall report to the
			 audit committee regularly, but not less than annually, on the plan of the
			 internal audit function for periodic audits, factors that may adversely impact
			 the independence or effectiveness of the internal audit function, material
			 findings from completed audits and the appropriateness of corrective actions
			 implemented by management as a result of audit findings.
4. An insurer which is a member of an
			 insurance holding company system as defined in
			 NRS
			 692C.060 or included in a group of insurers
			 is deemed to satisfy the requirements of this section if an internal audit
			 function has been established within the legal entity which exercises ultimate
			 control over the insurer, within the intermediate holding company or within the
			 insurer which satisfies the requirements of this section with respect to the
			 insurer.
Added to NAC
				by Comm'r of Insurance by
				R108-16A,
				12-21-2016, eff. 1/1/2017
NRS
				679B.130
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.1995 - Internal audit function: Exemption; requirements when exemption ceases

Current through June 11, 2024
1. An insurer is exempt from the requirements
			 of NAC 680A.1993 if:
(a) The insurer has
			 annual direct written and unaffiliated assumed premiums, including
			 international direct and assumed premiums but excluding premiums reinsured with
			 the Federal Crop Insurance Corporation and the National Flood Insurance
			 Program, of less than $500,000,000; and
(b) If the insurer is a member of a group of
			 insurers, the group of insurers of which the insurer is a member has annual
			 direct written and unaffiliated assumed premiums, including international
			 direct and assumed premiums but excluding premiums reinsured with the Federal
			 Crop Insurance Corporation and the National Flood Insurance Program, of less
			 than $1 billion.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.201 - Prohibited conduct

Current through June 11, 2024
1. No director or
			 officer of an insurer shall, directly or indirectly:
(a) Make or cause to be made a materially
			 false or misleading statement to an accountant in connection with any audit,
			 review or communication required under NAC 680A.173 to 680A.211, inclusive;
			 or
(b) In light of the
			 circumstances under which the statements were made, omit to state, or cause
			 another person to omit to state, any material fact necessary for the annual
			 Audited Financial Report, in order to make statements made to be misleading to
			 an accountant in connection with any audit, review or communication required by
			 NAC 680A.173 to 680A.211, inclusive.
Nevada Administrative Code › Chapter 680A - Authorization of Insurers and General Requirements › ANNUAL AUDITED FINANCIAL REPORT › Section 680A.203 - Conditions under which Management's Report on Internal Control Over Financial Reporting must be filed

Current through June 11, 2024
1. Except as
			 otherwise provided in subsections 2 and 3, beginning with the reporting period
			 ending December 31, 2010, and each year thereafter, every insurer required to
			 file an Audited Financial Report pursuant to
			 NRS
			 680A.265 and the regulations adopted pursuant
			 thereto that has annual direct written and assumed premiums of $500 million or
			 more, excluding premiums reinsured with the Federal Crop Insurance Corporation
			 and the National Flood Insurance Program, must prepare a report of the
			 insurer's or group of insurers' internal control over financial reporting. The
			 Management's Report on Internal Control Over Financial Reporting must be filed
			 with the Commissioner along with the Communication of Internal Control Related
			 Matters Noted in an Audit report described in NAC
			 680A.193. The Management's
			 Report on Internal Control Over Financial Reporting must be current as of the
			 previous December 31.
2. An insurer
			 or a group of insurers:
(a) That is not
			 required to file an Audited Financial Report because the total written premium
			 of the insurer or group of insurers is below the threshold and subsequently
			 becomes subject to the reporting requirements shall file the Management's
			 Report on Internal Control Over Financial Reporting within 2 years after the
			 year in which the threshold is exceeded; or
(b) That is acquired in a business
			 combination shall file the Management's Report on Internal Control Over
			 Financial Reporting within 2 calendar years after the date of acquisition or
			 combination.