Nevada Administrative Code

NAC 681A.520 Compliance with reporting and notification requirements established by National Association of Insurance Commissioners. (NRS 679B.130, 681A.130) The Commissioner will comply with all requirements for reporting and notification relating to certified reinsurers and qua…

NAC 681B.050 Adoption by reference of Valuation Manual; availability; revisions. (NRS 679B.130, 681B.300) 1. The Valuation Manual, in the form most recently adopted by the National Association of Insurance Commissioners, is hereby adopted by reference. The publication may be obta…

NAC 681B.100 Definitions. (NRS 679B.130, 681B.110, 681B.120, 681B.210, 681B.220) As used in NAC 681B.100 to 681B.245, inclusive, unless the context otherwise requires, the words and terms defined in NAC 681B.105 to 681B.155, inclusive, have the meanings ascribed to them in those …

NAC 681B.105 “Actuarial Standards Board” defined. “Actuarial Standards Board” means the board established by the American Academy of Actuaries to develop and adopt the “Actuarial Standards of Practice.” (Added to NAC by Comm’r of Insurance, eff. 5-23-96)

NAC 681B.110 “Annual statement” defined. “Annual statement” has the meaning ascribed to it in NAC 686B.308. (Added to NAC by Comm’r of Insurance, eff. 5-23-96)

NAC 681B.115 “Appointed actuary” defined. (NRS 679B.130, 681B.210, 681B.220, 681B.230) “Appointed actuary” means a qualified actuary who is appointed or retained by the board of directors or its equivalent of an insurer or by an executive officer of the insurer, other than the qu…

NAC 681B.120 “Asset adequacy analysis” defined. “Asset adequacy analysis” means an analysis of the assets of an insurer which complies with the provisions set forth in NAC 681B.175. (Added to NAC by Comm’r of Insurance, eff. 5-23-96)

NAC 681B.125 “Commissioner” defined. “Commissioner” has the meaning ascribed to it in NRS 679A.060. (Added to NAC by Comm’r of Insurance, eff. 5-23-96)

NAC 681B.130 “Division” defined. “Division” has the meaning ascribed to it in NRS 679A.085. (Added to NAC by Comm’r of Insurance, eff. 5-23-96)

NAC 681B.135 “Fraternal benefit society” defined. “Fraternal benefit society” has the meaning ascribed to it in NRS 695A.010. (Added to NAC by Comm’r of Insurance, eff. 5-23-96)

NAC 681B.140 “Insurer” defined. “Insurer” has the meaning ascribed to it in NRS 679A.100, and includes a fraternal benefit society. (Added to NAC by Comm’r of Insurance, eff. 5-23-96)

NAC 681B.150 “Opinion of a qualified actuary” defined. (NRS 679B.130, 681B.210, 681B.220) “Opinion of a qualified actuary” means: 1. The opinion of an appointed actuary as to the computation of reserves and related items of an insurer required pursuant to NRS 681B.210; or 2. The …

NAC 681B.155 “Qualified actuary” defined. (NRS 679B.130, 681B.210, 681B.220) “Qualified actuary” means a person who: 1. Is a member in good standing of the American Academy of Actuaries; 2. Is qualified to sign a statement of actuarial opinion for annual statements of life and he…

NAC 681B.160 Applicability. 1. NAC 681B.100 to 681B.245, inclusive, apply to: (a) Each insurer offering life insurance doing business in this State; and (b) Each insurer who is authorized to reinsure life insurance, annuities or accident and health insurance business in this Stat…

NAC 681B.161 Adoption by reference of model regulation for valuation of life insurance policies. (NRS 679B.130, 681B.110, 681B.120) A life insurer doing business in this State shall use the Valuation of Life Insurance Policies Model Regulation adopted by the National Association …

NAC 681B.162 Adoption by reference of annuity tables to determine minimum standard of valuation for individual annuity or pure endowment contract. (NRS 679B.130, 681B.110, 681B.120) 1. Except as otherwise provided in subsection 2, a life insurer doing business in this State shall…

NAC 681B.164 Adoption by reference of annuity table to determine minimum standard of valuation for group annuity or pure endowment contract. (NRS 679B.130, 681B.110, 681B.120) 1. A life insurer doing business in this State shall use the “1994 Group Annuity Reserving Table,” which…

NAC 681B.165 Opinions and supporting memoranda: Annual submission required; form of submission; extension of time for submission. (NRS 679B.130, 681B.210, 681B.220, 681B.230) 1. Every insurer shall annually submit the opinion of a qualified actuary required pursuant to NRS 681B.2…

NAC 681B.170 Notice to Commissioner regarding appointed actuary. (NRS 679B.130, 681B.210, 681B.220) 1. Each insurer required to submit an opinion of a qualified actuary pursuant to NRS 681B.210 or 681B.220 shall notify the Commissioner, in writing, of: (a) The name, title and man…

NAC 681B.175 Requirements for asset adequacy analysis. 1. An asset adequacy analysis must: (a) Conform to the “Actuarial Standards of Practice” adopted from time to time by the Actuarial Standards Board and any additional standards set forth in NAC 681B.100 to 681B.245, inclusive…

NAC 681B.180 Application of opinion to business in force on date of annual statement; determination of need for additional reserves; release of additional reserves. (NRS 679B.130, 681B.210, 681B.220) 1. An opinion of a qualified actuary must apply to all business in force on the …

NAC 681B.205 Opinion as to computation of reserves and related items: Contents. (NRS 679B.130, 681B.210) 1. An opinion of a qualified actuary submitted pursuant to NRS 681B.210 must contain: (a) A paragraph which identifies the appointed actuary and lists his or her qualification…

NAC 681B.210 Opinion based on asset adequacy analysis: Contents. (NRS 679B.130, 681B.220) 1. A statement of actuarial opinion based on an asset adequacy analysis submitted pursuant to NRS 681B.220 must contain: (a) A paragraph which identifies the appointed actuary and lists his …

NAC 681B.215 Supporting memorandum: Examination by Commissioner; requirements for preparation; review by qualified actuary; regulatory asset adequacy issues summary. (NRS 679B.130, 681B.230) 1. Except as otherwise provided in this section, the supporting memorandum required pursu…

NAC 681B.220 Supporting memorandum: Contents. (NRS 679B.130, 681B.230) 1. A supporting memorandum provided pursuant to NRS 681B.230 must conform to the “Actuarial Standards of Practice” adopted from time to time by the Actuarial Standards Board and any additional standards set fo…

NAC 681B.221 Regulatory asset adequacy issues summary: Contents. (NRS 679B.130, 681B.230) 1. The regulatory asset adequacy issues summary required pursuant to NAC 681B.215 must include, without limitation: (a) Descriptions of the scenarios tested, including, without limitation, w…

NAC 681B.222 Adoption of new actuarial assumptions for new issues or claims not considered change of actuarial assumptions. (NRS 679B.130, 681B.210, 681B.220) The adoption for new issues or new claims or other new liabilities of an actuarial assumption that differs from a corresp…

NAC 681B.223 Refusal to provide actuarial opinion; issuance of adverse or qualified actuarial opinion. (NRS 679B.130, 681B.210, 681B.220) 1. If an appointed actuary is unable to form an opinion as to whether the reserves and related actuarial items held in support of the policies…

NAC 681B.224 Opinion of qualified actuary submitted by a foreign insurer: Requirements. (NRS 679B.130, 681B.110, 681B.210, 681B.220, 681B.240) 1. The Commissioner may accept the opinion of a qualified actuary submitted by a foreign insurer that is based on the laws and regulation…

NAC 681B.225 Asset adequacy analysis: Aggregation of reserves and assets. 1. For the purpose of performing an asset adequacy analysis, the reserves and assets of an insurer may be aggregated by: (a) Aggregating the reserves and related actuarial items and the supporting assets fo…

NAC 681B.230 Asset adequacy analysis: Allocation of assets. 1. When performing an asset adequacy analysis, an appointed actuary shall analyze only those assets held in support of the specified reserves. A particular asset or portion thereof supporting a group of specified reserve…

NAC 681B.235 Asset adequacy analysis: Use of appropriate allocation of assets in amount of Interest Maintenance Reserve; disclosure of amount of assets used for Asset Valuation required. 1. An appropriate allocation of assets in the amount of the Interest Maintenance Reserve, whe…

NAC 681B.240 Asset adequacy analysis: Consideration of certain interest rate scenarios. 1. When performing an asset adequacy analysis, the appointed actuary shall consider in the analysis the effect of the following interest rate scenarios: (a) Level with no deviation; (b) Unifor…

NAC 681B.245 Asset adequacy analysis: Retention of certain documentation required. An appointed actuary shall, after performing an asset adequacy analysis, retain on file, for not less than 7 years, documentation sufficient to enable another person to determine the procedures fol…

NAC 681B.250 Definitions. (NRS 679B.130, 679B.137, 680A.270, 681B.050) As used in NAC 681B.250 to 681B.290, inclusive, unless the context otherwise requires, the words and terms defined in NAC 681B.255 to 681B.270, inclusive, have the meanings ascribed to them in those sections. …

NAC 681B.255 “Appointed actuary” defined. (NRS 679B.130, 679B.137, 680A.270, 681B.050) “Appointed actuary” means a qualified actuary who is appointed or retained by a property and casualty insurance company to prepare the opinion and supporting documents required by NAC 681B.275 …

NAC 681B.260 “Domiciliary commissioner” defined. (NRS 679B.130, 679B.137, 680A.270, 681B.050) “Domiciliary commissioner” means the Commissioner of Insurance or similar officer of the state in which a property and casualty insurance company is domiciled. (Added to NAC by Comm’r of…

NAC 681B.265 “Property and casualty insurance company” defined. (NRS 679B.130, 679B.137, 680A.270, 681B.050) “Property and casualty insurance company” means an insurance company authorized to write: 1. Casualty insurance as defined in NRS 681A.020; 2. Marine and transportation in…

NAC 681B.270 “Qualified actuary” defined. (NRS 679B.130, 679B.137, 680A.270, 681B.050) “Qualified actuary” means a person who meets the qualification requirements for actuaries set forth in the standards of the American Academy of Actuaries or a successor organization approved by…

NAC 681B.275 Annual submission of opinion required; form of submission; treatment as public document. (NRS 679B.130, 679B.137, 680A.270, 681B.050) Every property and casualty insurance company doing business in this State, unless otherwise exempted by the domiciliary commissioner…

NAC 681B.280 Supporting document entitled “Actuarial Opinion Summary” required. (NRS 679B.130, 679B.137, 680A.270, 681B.050) Each opinion required by NAC 681B.275 must be supported by a document entitled “Actuarial Opinion Summary” prepared by the appointed actuary of the propert…

NAC 681B.285 Supporting document entitled “Actuarial Report” required; availability to Commissioner; review by actuary at expense of company in certain circumstances. (NRS 679B.130, 679B.137, 680A.270, 681B.050) Each opinion required by NAC 681B.275 must be supported by a documen…

NAC 681B.290 Confidentiality of records. (NRS 679B.130, 679B.137, 680A.270, 681B.050) 1. If submitted with the express condition that they remain confidential, all documents filed pursuant to NAC 681B.280 and 681B.285, and any other materials provided by a property and casualty i…

NAC 681B.300 Definitions. (NRS 679B.130, 681B.540) For the purposes of NRS 681B.540 and NAC 681B.300 to 681B.335, inclusive: 1. “Acquisition” includes every purchase, lease, exchange, merger, consolidation, succession or other means except the construction or development of real …

NAC 681B.305 Filing of report. (NRS 679B.130, 681B.540) 1. Except as otherwise provided in NAC 681B.320, every insurer domiciled in this State shall file a report with the Commissioner of Insurance disclosing: (a) Material acquisitions and dispositions of assets; (b) Material non…

NAC 681B.310 Information required to be disclosed in report of material acquisition or disposition of assets. The following information must be disclosed in a report of a material acquisition or disposition of assets: 1. The date of the close of the transaction; 2. The manner of …

NAC 681B.315 Reporting of material acquisitions and dispositions of assets on nonconsolidated basis; exception. An insurer shall report material acquisitions and dispositions of assets on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which…