Nevada Administrative Code

NAC 681B.335 Restriction against assumption of reinsurance by certain insurers and certain other organizations. NAC 681B.300 to 681B.330, inclusive, do not authorize the assumption of reinsurance under Title 57 of NRS by an insurer for home protection other than a casualty insure…

NAC 681B.400 Definitions. (NRS 679B.130, 681B.550) As used in NAC 681B.400 to 681B.595, inclusive, unless the context otherwise requires, the words and terms defined in NAC 681B.405 to 681B.470, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by Com…

NAC 681B.405 “Authorized control level” defined. (NRS 679B.130, 681B.550) “Authorized control level” means the level of risk-based capital calculated pursuant to the instructions relating to risk-based capital. (Added to NAC by Comm’r of Insurance by R088-97, eff. 3-19-98)

NAC 681B.410 “Company action level” defined. (NRS 679B.130, 681B.550) “Company action level” means the level of risk-based capital calculated by multiplying 2 times the authorized control level of risk-based capital. (Added to NAC by Comm’r of Insurance by R088-97, eff. 3-19-98)

NAC 681B.415 “Corrective order” defined. (NRS 679B.130, 681B.550) “Corrective order” means an order issued by the Commissioner that specifies the corrective actions which the Commissioner has determined are necessary to correct a problem relating to the level of risk-based capita…

NAC 681B.417 “Domestic health organization” defined. (NRS 679B.130, 681B.550) “Domestic health organization” means a health organization domiciled in this State. (Added to NAC by Comm’r of Insurance by R132-13, 6-23-2014, eff. 10-1-2014)

NAC 681B.420 “Domestic insurer” defined. (NRS 679B.130, 681B.550) “Domestic insurer” means an insurance company domiciled in this State. (Added to NAC by Comm’r of Insurance by R088-97, eff. 3-19-98)

NAC 681B.422 “Foreign health organization” defined. (NRS 679B.130, 681B.550) “Foreign health organization” means a health organization that is licensed to do business in this State but is not domiciled in this State. (Added to NAC by Comm’r of Insurance by R132-13, 6-23-2014, eff…

NAC 681B.425 “Foreign insurer” defined. (NRS 679B.130, 681B.550) “Foreign insurer” means an insurance company which is authorized to do business in this State pursuant to title 57 of NRS, but which is not domiciled in this State. (Added to NAC by Comm’r of Insurance by R088-97, e…

NAC 681B.427 “Health organization” defined. (NRS 679B.130, 681B.550) “Health organization” means: 1. A nonprofit corporation for hospital, medical or dental services that is certified pursuant to chapter 695B of NRS; 2. A health maintenance organization that is certified pursuant…

NAC 681B.430 “Instructions relating to risk-based capital” defined. (NRS 679B.130, 681B.550) “Instructions relating to risk-based capital” means the instructions for reporting risk-based capital adopted by the National Association of Insurance Commissioners, as those instructions…

NAC 681B.435 “Level of risk-based capital” defined. (NRS 679B.130, 681B.550) “Level of risk-based capital” means the level of risk-based capital of an insurer or health organization that is calculated pursuant to the instructions relating to risk-based capital. (Added to NAC by C…

NAC 681B.440 “Life and health insurer” defined. (NRS 679B.130, 681B.550) “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…

NAC 681B.445 “Mandatory control level” defined. (NRS 679B.130, 681B.550) “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…

NAC 681B.450 “Plan for risk-based capital” defined. (NRS 679B.130, 681B.550) “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 Insu…

NAC 681B.455 “Property and casualty insurer” defined. (NRS 679B.130, 681B.550) “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 a…

NAC 681B.460 “Regulatory action level” defined. (NRS 679B.130, 681B.550) “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…

NAC 681B.465 “Report on risk-based capital” defined. (NRS 679B.130, 681B.550) “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)

NAC 681B.470 “Total adjusted capital” defined. (NRS 679B.130, 681B.550) “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 680A.265…

NAC 681B.472 Instructions for reporting risk-based capital: Amendment. (NRS 679B.130, 681B.550) 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 bee…

NAC 681B.475 Requirements for filing report. (NRS 679B.130, 681B.550) 1. A report filed by a domestic or foreign insurer or health organization pursuant to NRS 681B.550 must be in such form and contain such information as is required by the instructions relating to risk-based cap…

NAC 681B.480 Formulas for completion of report. (NRS 679B.130, 681B.550) 1. The report on risk-based capital of an 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 t…

NAC 681B.485 Adjustment of report to correct inaccuracy. (NRS 679B.130, 681B.550) If an insurer 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 c…

NAC 681B.490 Identification of events. (NRS 679B.130, 681B.550) 1. The following constitute events that require company action: (a) The filing by an insurer or health organization of a report on risk-based capital which indicates that: (1) The total adjusted capital of the insure…

NAC 681B.495 Preparation and submission of plan for risk-based capital. (NRS 679B.130, 681B.550) 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…

NAC 681B.500 Action on plan or revised plan for risk-based capital. (NRS 679B.130, 681B.550) 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 fo…

NAC 681B.505 Filing of copy of plan or revised plan for risk-based capital in other states. (NRS 679B.130, 681B.550) 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.50…

NAC 681B.510 Identification of events. (NRS 679B.130, 681B.550) The following constitute events that require regulatory action: 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 h…

NAC 681B.515 Preparation and submission of plan or revised plan for risk-based capital. (NRS 679B.130, 681B.550) 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-bas…

NAC 681B.520 Action by Commissioner; determination of need for corrective action. (NRS 679B.130, 681B.550) 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 ins…

NAC 681B.525 Consultants: Retention by Commissioner; payment of fees, costs and expenses. (NRS 679B.130, 681B.550) 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 pla…

NAC 681B.530 Identification of events. (NRS 679B.130, 681B.550) 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 …

NAC 681B.535 Preparation and submission of plan or revised plan for risk-based capital. (NRS 679B.130, 681B.290) 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-ba…

NAC 681B.540 Action by Commissioner; taking of action pursuant to chapter 696B of NRS. (NRS 679B.130, 681B.550) 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 requir…

NAC 681B.545 Identification of events. (NRS 679B.130, 681B.550) 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 h…

NAC 681B.550 Action by Commissioner; taking of action pursuant to chapter 696B of NRS. (NRS 679B.130, 681B.550) 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 w…

NAC 681B.555 Applicability. (NRS 679B.130, 681B.550) 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, …

NAC 681B.560 Submission of report on risk-based capital and copy of plan or revised plan for risk-based capital filed in another state. (NRS 679B.130, 681B.550) 1. Upon the written request of the Commissioner, a foreign insurer or health organization shall submit to the Commissio…

NAC 681B.565 Filing of plan for risk-based capital under certain circumstances; failure to file. (NRS 679B.130, 681B.550) 1. The Commissioner may require a foreign insurer or health organization to file a plan for risk-based capital with the Commissioner if an event that requires…

NAC 681B.570 Application for appointment of Commissioner as receiver. (NRS 679B.130, 681B.550) 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 …

NAC 681B.575 Effective date of notice by Commissioner to insurer or health organization. (NRS 679B.130, 681B.550) A notice by the Commissioner to an insurer or health organization made in accordance with NAC 681B.400 to 681B.595, inclusive, is effective: 1. Upon dispatch if the n…

NAC 681B.580 Right of insurer or health organization to confidential administrative hearing to challenge certain actions of Commissioner. (NRS 233B.050, 679B.130, 681B.550) An insurer or health organization has the right to a confidential administrative hearing before the Divisio…

NAC 681B.585 Confidentiality of information. (NRS 679B.130, 679B.190, 681B.550) 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 repo…

NAC 681B.590 Restrictions on disclosure of information. (NRS 679B.130, 681B.550) 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 o…

NAC 681B.595 Use of information by Commissioner. (NRS 679B.130, 681B.550) 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 po…

NAC 682A.100 Adoption by reference of Purposes and Procedures Manual of the NAIC Investment Analysis Office. (NRS 679B.130) 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…

NAC 682A.110 Domestic insurers and health organizations: Filing and rating of applicable investments; nonadmitted assets; exempt investments. (NRS 679B.130) 1. Except as otherwise provided in subsection 4, a domestic insurer or health organization that is regulated pursuant to ti…