Title 57

NRS 682A.015 “Accident and health insurer” defined. “Accident and health insurer” means a licensed life or health insurer or health services corporation whose insurance premiums and required statutory reserves for accident and health insurance constitute at least 95 percent of th…

NRS 682A.017 “Admitted asset” defined. “Admitted asset” means an asset permitted to be reported as an admitted asset on the statutory financial statement of the insurer most recently required to be filed with the Commissioner. The term does not include assets of separate accounts…

NRS 682A.019 “Affiliate” defined. “Affiliate” means, as to any person, another person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the person. (Added to NRS by 2015, 3416)

NRS 682A.023 “Asset-backed security” defined. “Asset-backed security” means a security or other instrument, excluding a mutual fund, evidencing an interest in, or the right to receive payments from, or payable from distributions on, an asset, a pool of assets or specifically divi…

NRS 682A.025 “Business entity” defined. “Business entity” includes, without limitation, a sole proprietorship, corporation, limited-liability company, association, partnership, joint-stock company, joint venture, mutual fund, trust, joint tenancy or other similar form of business…

NRS 682A.027 “Cap” defined. “Cap” means an agreement obligating the seller to make payments to the buyer, with each payment based on the amount by which a reference price or level, or the performance or value of one or more underlying interests, exceeds a predetermined number, so…

NRS 682A.029 “Capital and surplus” defined. “Capital and surplus” means the sum of the capital and surplus of the insurer which is required to be shown on the statutory financial statement of the insurer most recently required to be filed with the Commissioner. (Added to NRS by 2…

NRS 682A.033 “Cash equivalents” defined. “Cash equivalents” means short-term, highly rated and highly liquid investments or securities that are readily convertible to known amounts of cash without penalty and so near maturity that they present insignificant risk of change in valu…

NRS 682A.035 “Class one bond mutual fund” defined. “Class one bond mutual fund” means a mutual fund that at all times qualifies for investment using the bond class one reserve factor contained in the Purposes and Procedures Manual of the SVO. (Added to NRS by 2015, 3417)

NRS 682A.037 “Class one money market mutual fund” defined. “Class one money market mutual fund” means a money market mutual fund that at all times qualifies for investment using the bond class one reserve factor under the Purposes and Procedures Manual of the SVO. (Added to NRS b…

NRS 682A.039 “Collar” defined. “Collar” means an agreement to receive payments as the buyer of an option, cap or floor and to make payments as the seller of a different option, cap or floor. (Added to NRS by 2015, 3417)

NRS 682A.043 “Commercial mortgage loan” defined. “Commercial mortgage loan” means any mortgage loan other than a residential mortgage loan. (Added to NRS by 2015, 3417)

NRS 682A.045 “Construction loan” defined. “Construction loan” means a loan of less than 3 years in term, made for financing the costs of construction of a building or other improvement to real estate and that is secured by the real estate. (Added to NRS by 2015, 3417)

NRS 682A.047 “Control” defined. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through ownership of voting securities, by contract, other than a commercial contract for good…

NRS 682A.049 “Counterparty exposure amount” defined. “Counterparty exposure amount” means the amount calculated pursuant to NRS 682A.265. (Added to NRS by 2015, 3418)

NRS 682A.053 “Covered” defined. “Covered” means that an insurer owns or can immediately acquire, through the exercise of options, warrants or conversion rights already owned, the underlying interest to fulfill or secure its obligations under a call option, cap or floor it has wri…

NRS 682A.055 “Credit tenant loan” defined. “Credit tenant loan” means a mortgage loan which is made primarily in reliance on the credit standing of a major tenant, structured with an assignment of the rental payments to the lender with real estate pledged as collateral in the for…

NRS 682A.057 “Derivative instrument” defined. 1. “Derivative instrument” means an agreement, option or instrument, or a series or combination thereof: (a) To make or take delivery of, or assume or relinquish, a specified amount of one or more underlying interests, or to make a ca…

NRS 682A.059 “Derivative transaction” defined. “Derivative transaction” means a transaction involving the use of one or more derivative instruments. (Added to NRS by 2015, 3418)

NRS 682A.063 “Direct” and “directly” defined. “Direct” or “directly,” when used in connection with an obligation, means that the designated obligor is primarily liable on the instrument representing the obligation. (Added to NRS by 2015, 3418)

NRS 682A.065 “Dollar roll transaction” defined. “Dollar roll transaction” means two simultaneous transactions with different settlement dates, not more than 96 days apart, such that in the transaction with the earlier settlement date, an insurer sells to a business entity, and in…

NRS 682A.067 “Domestic jurisdiction” defined. “Domestic jurisdiction” means the United States, Canada, any state of the United States, any province of Canada or any political subdivision of any of the foregoing. (Added to NRS by 2015, 3419)

NRS 682A.069 “Equity interest” defined. “Equity interest” means any of the following that are not rated credit instruments: 1. Common stock; 2. Preferred stock; 3. A trust certificate; 4. An equity investment in an investment company, other than a money market mutual fund or a cl…

NRS 682A.073 “Equivalent securities” defined. “Equivalent securities” means any securities which meet the qualifications of NRS 682A.275. (Added to NRS by 2015, 3419)

NRS 682A.075 “Floor” defined. “Floor” means an agreement obligating the seller to make payments to the buyer in which each payment is based on the amount by which a predetermined number, sometimes called the floor rate or price, exceeds a reference price, level, performance or va…

NRS 682A.077 “Foreign currency” defined. “Foreign currency” means a currency other than that of a domestic jurisdiction. (Added to NRS by 2015, 3419)

NRS 682A.079 “Foreign investment” defined. “Foreign investment” means an investment in a foreign jurisdiction, or an investment in a person, real estate or asset domiciled in a foreign jurisdiction, that is substantially of the same type as those eligible for investment in accord…

NRS 682A.083 “Foreign jurisdiction” defined. “Foreign jurisdiction” means a jurisdiction other than a domestic jurisdiction. (Added to NRS by 2015, 3419)

NRS 682A.085 “Forward” defined. “Forward” means an agreement, other than a future, to make or take delivery of or effect a cash settlement based on the actual or expected price, level, performance or value of one or more underlying interests. (Added to NRS by 2015, 3419)

NRS 682A.087 “Future” defined. “Future” means an agreement, traded on a qualified exchange or qualified foreign exchange, to make or take delivery of, or effect a cash settlement based on the actual or expected price, level, performance or value of one or more underlying interest…

NRS 682A.089 “Government money market mutual fund” defined. “Government money market mutual fund” means a money market mutual fund that at all times: 1. Invests only in obligations issued, guaranteed or insured by the Federal Government or collateralized repurchase agreements com…

NRS 682A.093 “Government-sponsored enterprise” defined. “Government-sponsored enterprise” means a: 1. Governmental agency; or 2. Corporation, limited-liability company, association, partnership, joint stock company, joint venture, trust or other entity or instrumentality organize…

NRS 682A.095 “Guaranteed or insured” defined. “Guaranteed or insured,” when used in connection with an obligation acquired in accordance with the provisions of this chapter, means that the guarantor or insurer has agreed to: 1. Perform or insure the obligation of the obligor or p…

NRS 682A.097 “Hedging transaction” defined. “Hedging transaction” means a derivative transaction which is entered into and maintained to reduce: 1. The risk of a change in the value, yield, price, cash flow or quantity of assets or liabilities which the insurer has acquired or in…

NRS 682A.099 “High grade investment” defined. “High grade investment” means a rated credit instrument rated 1 or 2 by the SVO. (Added to NRS by 2015, 3420)

NRS 682A.103 “Income” defined. “Income” means, as to a security, interest, accrual of discount, dividends or other distributions, including, without limitation, rights, tax or assessment credits, warrants and distributions in kind. (Added to NRS by 2015, 3420)

NRS 682A.105 “Income generation transaction” defined. “Income generation transaction” means a derivative transaction involving the writing of covered call options, covered put options, covered caps or covered floors that is intended to generate income or enhance returns. (Added t…

NRS 682A.107 “Insurance future” defined. “Insurance future” means a future relating to an index or pool that is based on insurance-related claims. (Added to NRS by 2015, 3420)

NRS 682A.109 “Insurance future option” defined. “Insurance future option” means an option on an insurance future. (Added to NRS by 2015, 3420)

NRS 682A.113 “Investment company” defined. “Investment company” has the meaning ascribed to it in 15 U.S.C. § 80a-3, as amended, and a person described in 15 U.S.C. § 80a-3(c). (Added to NRS by 2015, 3420)

NRS 682A.115 “Investment company series” defined. “Investment company series” means an investment portfolio of an investment company that is organized as a series company and to which assets of the investment company have been specifically allocated. (Added to NRS by 2015, 3420)

NRS 682A.117 “Investment practices” defined. “Investment practices” means transactions of the types described in NRS 682A.438, 682A.450 to 682A.458, inclusive, 682A.548 and 682A.560 to 682A.568, inclusive. (Added to NRS by 2015, 3420)

NRS 682A.119 “Investment strategy” defined. “Investment strategy” means the techniques and methods used by an insurer to meet its investment objectives, including, without limitation, active bond portfolio management, passive bond portfolio management, interest rate anticipation,…

NRS 682A.123 “Investment subsidiary” defined. “Investment subsidiary” means a subsidiary of an insurer engaged or organized to engage exclusively in the ownership and management of assets authorized as investments for the insurer where the subsidiary limits its investment in any …

NRS 682A.125 “Letter of credit” defined. “Letter of credit” means a clean, irrevocable and unconditional document that serves as a guaranty for payments made to a specified person under specified conditions, issued or confirmed by, and payable and presentable at, a financial inst…

NRS 682A.127 “Limited-liability company” defined. “Limited-liability company” means a business organization, excluding partnerships and ordinary business corporations, that is organized or operating in accordance with the laws of the United States, or any state thereof, and that …