Title 57

NRS 681B.0033 “Confidential information” defined. “Confidential information” means any information which qualifies as confidential under NRS 681B.400. (Added to NRS by 2015, 3390)

NRS 681B.0036 “Deposit-type contract” defined. “Deposit-type contract” means a contract that does not incorporate mortality or morbidity risks, and as may further be specified in the Valuation Manual. (Added to NRS by 2015, 3390)

NRS 681B.0041 “Life insurance” defined. “Life insurance” means a contract that incorporates mortality risk, including, without limitation, an annuity and pure endowment contract, and as may further be specified in the Valuation Manual. (Added to NRS by 2015, 3390)

NRS 681B.0045 “NAIC” defined. “NAIC” means the National Association of Insurance Commissioners or its successor organization. (Added to NRS by 2015, 3390)

NRS 681B.0049 “Operative date of the Valuation Manual” defined. “Operative date of the Valuation Manual” means the date determined pursuant to subsection 2 of NRS 681B.300. (Added to NRS by 2015, 3390)

NRS 681B.0052 “Policyholder behavior” defined. “Policyholder behavior” includes any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take pursuant to a policy or contract subject to this chapter, includi…

NRS 681B.0055 “Principle-based valuation” defined. “Principle-based valuation” means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with NRS 681B.360, 681B.370 and 681B.380, and as may further be sp…

NRS 681B.0059 “Qualified actuary” defined. “Qualified actuary” means a natural person who: 1. Is qualified to sign the applicable statement of actuarial opinion in accordance with the standards that are established by the American Academy of Actuaries, or its successor organizati…

NRS 681B.0065 “Tail risk” defined. “Tail risk” means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude. (Added to NRS by …

NRS 681B.0071 “Valuation Manual” defined. “Valuation Manual” means the Valuation Manual adopted by the National Association of Insurance Commissioners on December 2, 2012, and as subsequently amended by the NAIC. (Added to NRS by 2015, 3391) ASSETS AND LIABILITIES ALLOWED

NRS 681B.010 Assets. In any determination of the financial condition of an insurer, there must be allowed as assets only such assets as are owned by the insurer and which consist of: 1. Cash in the possession of the insurer, or in transit under its control, and including the true…

NRS 681B.020 Assets not allowed. 1. In addition to assets impliedly excluded by the provisions of NRS 681B.010, the following expressly may not be allowed as assets in any determination of the financial condition of an insurer: (a) Goodwill, trade names and other like intangible …

NRS 681B.030 Disallowance of asset arranged to deceive; disciplinary action. 1. The Commissioner shall disallow as an asset or as a credit against liabilities any reinsurance found by the Commissioner after a hearing thereon to have been arranged for the purpose principally of de…

NRS 681B.040 Liabilities. In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: 1. The amount of its capital stock outstanding, if any. 2. The amount, estimated to be consistent with the provis…

NRS 681B.050 Reserves for losses from casualty insurance; regulations. 1. As to casualty insurance transacted by it, each insurer shall maintain at all times reserves in an amount estimated in the aggregate to provide for payment of all losses and claims incurred, whether reporte…

NRS 681B.060 Reserve for unearned premiums; exception. 1. As to property, casualty and surety insurance the insurer shall maintain as a liability an unearned premium reserve on all policies in force. 2. Except as provided in NRS 681B.070 as to marine and transportation risks, the…

NRS 681B.070 Reserve for unearned premiums for marine and transportation insurance. As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned; and the Commissioner may require the insurer to carry a reserve equa…

NRS 681B.080 Reserves for policies of health insurance. For all health insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and be not less than the reserve according to appropriate standards s…

NRS 681B.100 Contingency reserves for insurance of repayment of debt secured by mortgage. 1. Casualty or surety insurers insuring real property mortgage lenders against loss by reason of nonpayment of the mortgage indebtedness by the borrower shall maintain a contingency reserve …

NRS 681B.105 Valuation of bonds. 1. Except as otherwise provided in subsection 5, all bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows: (a) If pu…

NRS 681B.106 Valuation of other securities. 1. Except as otherwise provided in subsection 4, securities, other than those specified in NRS 681B.105, held by an insurer must be valued, in the discretion of the Commissioner, at their market value, or at their appraised value, or at…

NRS 681B.108 Valuation of property. 1. Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the Commissioner to be reliable, must not be valued at an amount greater than the unpaid principal of the defaulted loan …

NRS 681B.109 Valuation of purchase money mortgages. Purchase money mortgages on real property referred to in subsection 1 of NRS 681B.108 shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of such r…

NRS 681B.110 Valuation and calculation of reserves; acceptance of valuation by another state or jurisdiction; applicability. 1. The Commissioner shall, in the manner provided by NRS 681B.110 to 681B.150, inclusive, annually value, or cause to be valued, the reserve liabilities (h…

NRS 681B.120 Minimum standards for policies and contracts; applicability. 1. Except as otherwise provided in subsection 3 and in NRS 681B.125, the minimum standards for the valuation of all policies and contracts issued before January 1, 1972, are as follows: (a) The legal minimu…

NRS 681B.125 Interest rates for minimum standard; applicability. 1. This section sets forth the interest rates used in determining the minimum standard for valuation of: (a) All life insurance policies issued in a particular calendar year on or after the operative date of NRS 688…

NRS 681B.130 Reserves; modified net premiums; calculations; minimum aggregate reserves; applicability. 1. Except as otherwise provided in subsection 4 and in NRS 681B.150, reserves, according to the Commissioners’ reserve valuation method, for the life insurance and endowment ben…

NRS 681B.140 Calculation of reserves on higher or lower standards; rate of interest; applicability. 1. Reserves for any category of policies, contracts or benefits as established by the Commissioner, issued on or after January 1, 1972, may be calculated, at the option of the insu…

NRS 681B.145 Reserves for plan of life insurance; applicability. 1. For any plan of life insurance which provides for the determination of a future premium, the amounts of which are to be determined by the insurer based on estimates of future experience, or for any plan of life i…

NRS 681B.150 Minimum reserve; applicability. 1. If in any contract year the gross premium charged by any life insurer on any policy or contract issued on or after January 1, 1972, is less than the valuation net premium for the policy or contract calculated by the method used in c…

NRS 681B.155 Regulations regarding standards for valuation for health insurance contracts; applicability. 1. For health insurance contracts of any kind issued on or after January 1, 1972, and before the operative date of the Valuation Manual, by health insurers, corporations for …

NRS 681B.200 “Qualified actuary” defined. 1. As used in NRS 681B.200 to 681B.260, inclusive, “qualified actuary” means a natural person who is qualified to sign the applicable statement of actuarial opinion in accordance with the qualification standards set by the American Academ…

NRS 681B.210 Insurer required to submit annual opinion as to computation of reserves and related actuarial items; regulations; applicability. 1. Every insurer doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and rela…

NRS 681B.220 Insurer required to submit annual opinion as to sufficiency of reserves and related actuarial items; exception; regulations; applicability. 1. Every such insurer, unless exempted by or pursuant to regulation, shall also annually submit an opinion of the same qualifie…

NRS 681B.230 Opinion required to be supported by memorandum; Commissioner authorized to cause independent actuary to review opinion under certain circumstances; regulations; applicability. 1. Each opinion required by NRS 681B.220 must be supported by memorandum, in form and subst…

NRS 681B.240 Requirements for opinion; applicability. 1. Every opinion must: (a) Be submitted with the annual statement reflecting the valuation of reserve liabilities for each year ending on or after December 31, 1996. (b) Apply to all business in force including, without limita…

NRS 681B.250 Liability of qualified actuary; disciplinary action; regulations; applicability. 1. Except in a case of fraud or willful misconduct, a qualified actuary who is appointed by an insurer to issue an opinion pursuant to this chapter or any regulation adopted pursuant the…

NRS 681B.260 Confidentiality of documents, material and other information provided by insurer to Commissioner; applicability. 1. Except as otherwise provided in this section and NRS 239.0115, 681B.400, 681B.410 and 681B.420, any documents and other material or information provide…

NRS 681B.300 Valuation Manual: Applicability; operative date; notice by Commissioner of operative date; effective date of changes; required content; authority of Commissioner to adopt provisions by regulation to replace missing or noncompliant content; authority of Commissioner t…

NRS 681B.310 Commissioner authorized to exempt certain policies and contracts from provisions of Valuation Manual; alternate applicable provisions; applicability. 1. The Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doi…

NRS 681B.320 Accident and health insurance policies: Minimum standard of valuation; applicability. 1. For accident and health insurance policies and contracts issued on or after the operative date of the Valuation Manual, the standard prescribed in the Valuation Manual is the min…

NRS 681B.330 Valuation and calculation of reserves; acceptance of valuation by another state or jurisdiction; applicability. 1. For policies and contracts issued on or after the operative date of the Valuation Manual: (a) The Commissioner shall annually value, or cause to be valu…

NRS 681B.350 Opinion of actuary: Requirements; applicability. 1. For actuarial opinions of reserves prepared after the operative date of the Valuation Manual: (a) Every company with outstanding life insurance contracts, accident and health insurance contracts or deposit-type cont…

NRS 681B.360 Principle-based valuation: Requirements; applicability. 1. An applicable company using a principle-based valuation for one or more policies or contracts subject to this chapter, and as specified in the Valuation Manual, shall: (a) Establish procedures for corporate g…

NRS 681B.370 Principle-based valuation: Required reserves; applicability. 1. An applicable company using a principle-based valuation must establish reserves that: (a) Quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at a level o…

NRS 681B.380 Principle-based valuation: Prescribed formulaic reserve component allowed; applicability. 1. A principle-based valuation may include a prescribed formulaic reserve component. 2. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only t…