Nevada Administrative Code

NAC 679B.872 Exceptions to notice and opt-out requirements for disclosure of information for processing and servicing transactions. (NRS 679B.130, 686A.025) 1. The requirements for initial notice pursuant to NAC 679B.842, the opt-out notice pursuant to NAC 679B.856 and 679B.864, …

NAC 679B.874 Other exceptions to notice and opt-out requirements for disclosure of information. (NRS 679B.130, 686A.025) 1. The provisions of NAC 679B.856, 679B.864 and 679B.870 do not apply to a licensee who discloses nonpublic personal financial information: (a) With the consen…

NAC 679B.876 Discrimination prohibited. (NRS 679B.130, 686A.025) A licensee shall not unfairly discriminate against any consumer or customer because the consumer or customer has opted out from the disclosure of nonpublic personal financial information pursuant to NAC 679B.800 to …

NAC 679B.878 Failure to comply with requirements regarding notices and disclosures. (NRS 679B.130, 686A.025, 686A.170) Failure to comply with the requirements of NAC 679B.800 to 679B.878, inclusive, regarding notices and disclosures constitutes an undefined unfair trade practice …

NAC 680A.002 Definitions. (NRS 679B.130, 680A.265, 680A.270) 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 Insura…

NAC 680A.003 “Accountant” and “independent certified public accountant” defined. (NRS 679B.130, 680A.265) “Accountant” or “independent certified public accountant” means: 1. An independent certified public accountant or accounting firm in good standing with the American Institute…

NAC 680A.0035 “Affiliate” defined. (NRS 679B.130, 680A.265, 680A.270) “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)

NAC 680A.004 “Annual Audited Financial Report” defined. (NRS 679B.130, 680A.265) “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 st…

NAC 680A.005 “Audit committee” defined. (NRS 679B.130, 680A.265, 680A.270) “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 gro…

NAC 680A.008 “Commissioner” defined. (NRS 679B.130) “Commissioner” means the Commissioner of Insurance. (Added to NAC by Comm’r of Insurance, eff. 5-23-96)

NAC 680A.009 “Direct written and assumed premiums” defined. (NRS 679B.130, 680A.265, 680A.270) “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, 11-25-2…

NAC 680A.010 “Division” defined. (NRS 679B.130) “Division” means the Division of Insurance of the Department of Business and Industry. (Added to NAC by Comm’r of Insurance, eff. 5-27-92)

NAC 680A.011 “Group of insurers” defined. (NRS 679B.130, 680A.265, 680A.270) “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 managem…

NAC 680A.013 “Insurance holding corporation” defined. (NRS 679B.130, 680A.265, 680A.270) “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)

NAC 680A.0135 “Internal audit function” defined. (NRS 679B.130) “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…

NAC 680A.014 “Internal control over financial reporting” defined. (NRS 679B.130, 680A.265, 680A.270) “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 provid…

NAC 680A.015 “Section 404” defined. (NRS 679B.130, 680A.265, 680A.270) “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, 11-25-200…

NAC 680A.016 “Section 404 Report” defined. (NRS 679B.130, 680A.265, 680A.270) “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 independe…

NAC 680A.017 “SOX Compliant Entity” defined. (NRS 679B.130, 680A.265, 680A.270) “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 requirement…

NAC 680A.018 “Workpaper” defined. (NRS 679B.130, 680A.265) “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…

NAC 680A.050 Applicability of provisions governing domestic insurers; qualification for certificate of authority. (NRS 679B.130, 679B.139) 1. To the extent applicable and not inconsistent with federal law: (a) The provisions of chapter 680A of NRS that govern domestic insurers, t…

NAC 680A.110 Conditions. (NRS 679B.130) Insurance companies licensed to do an insurance business in Nevada may merchandise any type of insurance permitted by the Division through any type of vending machine under the following conditions: 1. All policy forms must be filed with, a…

NAC 680A.120 License; fee. (NRS 679B.130) No vending machine may be placed in use until an application has been made for a license for that machine, payment of all applicable fees has been made to the Division and the license has been issued. [Comm’r of Insurance, M-3 1st par. & …

NAC 680A.130 Special licenses. (NRS 679B.130) 1. The Commissioner may issue a special vending machine license to the responsible agent. The license will apply to a specific machine or machines, and specify the name of the insurer and agent and the serial number or numbers of all …

NAC 680A.140 Inspection. (NRS 679B.130) Each licensed agent shall cause each vending machine to be inspected and tested with reasonable frequency, but not less than once each 7 days. If a machine is not in good working condition the agent shall cause a notice to be prominently di…

NAC 680A.150 Rental fees. (NRS 679B.130) The payment of excessive rental fees for insurance vending machines located in Nevada may result in withdrawal of approval by the Division of the forms authorized for use in the machines. 1. Fair and reasonable fees are: (a) Where the annu…

NAC 680A.160 Filing requirements; exemptions. (NRS 679B.130, 679B.136, 680A.270) 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 Commissione…

NAC 680A.172 Exemption from filing for certain qualified insurers; exceptions. (NRS 679B.130, 680A.265) 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 pr…

NAC 680A.173 Purpose of provisions. (NRS 679B.130, 680A.265, 680A.270) 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 f…

NAC 680A.177 General requirements for filing; extensions; designation of audit committee. (NRS 679B.130, 680A.265, 680A.270) 1. All insurers shall have an annual audit conducted by an independent certified public accountant and, except as otherwise provided in this subsection and…

NAC 680A.179 Contents of report. (NRS 679B.130, 680A.265, 680A.270) 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 cha…

NAC 680A.181 Independent certified public accountant: Designation; letter; dismissal or resignation. (NRS 679B.130, 680A.265, 680A.270) 1. Each insurer required to file an annual Audited Financial Report pursuant to NRS 680A.265 and the regulations adopted pursuant thereto must, …

NAC 680A.183 Qualifications of independent certified public accountant. (NRS 679B.130, 680A.265, 680A.270) 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 Am…

NAC 680A.187 Consolidated statement for group of insurance companies; contents of required worksheet. (NRS 679B.130, 680A.265, 680A.270) 1. An insurer may apply in writing to the Commissioner for approval to file audited consolidated or combined financial statements in lieu of a …

NAC 680A.189 Audit of financial statements; adoption by reference of standards. (NRS 679B.130, 680A.265, 680A.270) 1. The insurer’s financial statements must be examined by an independent certified public accountant for the purposes of NRS 680A.265 and the regulations adopted pur…

NAC 680A.191 Report of misstatements of financial condition or inability to meet minimum capital and surplus requirements. (NRS 679B.130, 680A.265, 680A.270) 1. An insurer required to furnish an annual Audited Financial Report shall require the independent certified public accoun…

NAC 680A.193 Report of Communication of Internal Control Related Matters Noted in an Audit: Requirements; contents. (NRS 679B.130, 680A.265, 680A.270) 1. In addition to the annual Audited Financial Report, each insurer shall furnish the Commissioner with a completed Communication…

NAC 680A.195 Required letter by accountant. (NRS 679B.130, 680A.265, 680A.270) 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 follo…

NAC 680A.197 Review of workpapers. (NRS 679B.130, 680A.265, 680A.270) 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 avail…

NAC 680A.199 Audit committee: Duties and responsibilities; membership; requirements for independence; request for waiver based on hardship; exemption for certain insurers. (NRS 679B.130, 680A.265, 680A.270) 1. The provisions of this section do not apply to a foreign or alien insu…

NAC 680A.1993 Internal audit function: Establishment; independence; reporting requirements; entities within which establishment is satisfactory. (NRS 679B.130) 1. Each insurer or group of insurers shall establish an internal audit function to provide assurance to the audit commit…

NAC 680A.1995 Internal audit function: Exemption; requirements when exemption ceases. (NRS 679B.130) 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 …

NAC 680A.201 Prohibited conduct. (NRS 679B.130, 680A.265, 680A.270) 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 communicatio…

NAC 680A.203 Conditions under which Management’s Report on Internal Control Over Financial Reporting must be filed. (NRS 679B.130, 680A.265, 680A.270) 1. Except as otherwise provided in subsections 2 and 3, beginning with the reporting period ending December 31, 2010, and each ye…

NAC 680A.205 Exemption to be granted or denied by Commissioner; hearing. (NRS 679B.130, 680A.265, 680A.270) Upon written application of an insurer or group of insurers, the Commissioner may grant an exemption from compliance with any or all provisions of NAC 680A.173 to 680A.211,…

NAC 680A.207 Effective dates. (NRS 679B.130, 680A.265, 680A.270) 1. Domestic insurers retaining a qualified independent certified public accountant on December 31, 2009, shall comply with the provisions of NAC 680A.173 to 680A.211, inclusive, for the year ending December 31, 2009…

NAC 680A.209 Canadian and British insurers. (NRS 679B.130, 680A.265, 680A.270) 1. In the case of Canadian and British insurers, the annual Audited Financial Report is defined as the Annual Statement of Total Business on the form filed by such companies with their supervision auth…