Title 57

NRS 686C.038 Applicability of chapter to riders for long-term care. For the purposes of this chapter, benefits provided pursuant to a rider for long-term care to a life insurance policy or annuity contract shall be deemed the same type of benefits provided in the life insurance p…

NRS 686C.040 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 686C.045 to 686C.127, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1973, 302; A 1991, 870; 2001, 1033; 2011, 3370; 201…

NRS 686C.045 “Account” defined. “Account” means one of the accounts maintained pursuant to NRS 686C.130. (Added to NRS by 1991, 863)

NRS 686C.048 “Annuity” defined. “Annuity” includes an agreement for allocated funding, a structured settlement annuity and an immediate or deferred annuity. (Added to NRS by 2001, 1026)

NRS 686C.050 “Association” defined. “Association” means the Nevada Life and Health Insurance Guaranty Association. (Added to NRS by 1973, 303)

NRS 686C.055 “Authorized assessment” defined. “Authorized assessment” or “authorized” as used in the context of assessments means or describes an assessment authorized by a resolution of the Board of Directors of the Association to be imposed immediately or later on member insure…

NRS 686C.061 “Benefit plan” defined. “Benefit plan” means a benefit plan for a specific employee, union or association of natural persons. (Added to NRS by 2001, 1026)

NRS 686C.065 “Called assessment” defined. “Called assessment” or “called” as used in the context of assessments means or describes an authorized assessment required by a notice mailed by the Association to member insurers to be paid within the time set forth in the notice. (Added…

NRS 686C.070 “Contractual obligation” defined. “Contractual obligation” means any obligation under a policy or contract or a certificate under a group policy or contract, or portion thereof, for which coverage is provided under NRS 686C.030. (Added to NRS by 1973, 303; A 1989, 56…

NRS 686C.080 “Covered policy or contract” defined. “Covered policy or contract” means any policy or contract included within the scope of this chapter, as expressed in NRS 686C.030 and 686C.035. (Added to NRS by 1973, 303; A 1991, 870; 2019, 1087)

NRS 686C.084 “Extra-contractual claim” defined. “Extra-contractual claim” includes a claim relating to bad faith in the payment of claims and a claim for punitive or exemplary damages or for costs and attorney’s fees. (Added to NRS by 2001, 1026)

NRS 686C.087 “Health maintenance organization” defined. “Health maintenance organization” has the meaning ascribed to it in NRS 695C.030. (Added to NRS by 2019, 1084)

NRS 686C.090 “Impaired insurer” defined. “Impaired insurer” means a member insurer which is not an insolvent insurer and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. (Added to NRS by 1973, 303; A 1991, 870; 2001, 1033; 2015, 347…

NRS 686C.095 “Insolvent insurer” defined. “Insolvent insurer” means a member insurer which is ordered to liquidate by a court of competent jurisdiction after a finding of insolvency. (Added to NRS by 1991, 863; A 2015, 3475)

NRS 686C.100 “Member insurer” defined. “Member insurer” means an insurer which is licensed or holds a certificate of authority to transact in this state any kind of insurance for which coverage is provided in this chapter or a health maintenance organization which holds a certifi…

NRS 686C.104 “Owner” defined. “Owner” of a policy or contract means the person who is identified as the legal owner under the terms of the policy or contract or who is otherwise vested with legal title to the policy or contract through a valid assignment completed in accordance w…

NRS 686C.108 “Person” defined. “Person” includes a government, governmental agency or political subdivision of a government. (Added to NRS by 2001, 1026)

NRS 686C.110 “Premiums” defined. “Premiums” means amounts received in any calendar year on covered policies or contracts less premiums, considerations and deposits returned thereon, and less dividends and credits for experience thereon. The term does not include: 1. Any amounts r…

NRS 686C.115 “Principal place of business” defined. 1. “Principal place of business” of an organization means the single state in which the natural persons who establish policy for the direction, control and coordination of the operations of the organization as a whole primarily …

NRS 686C.120 “Resident” defined. “Resident” means any person to whom a contractual obligation is owed and who resides in this state on the date of entry of a court order that determines a member insurer to be impaired or insolvent. A person may be a resident of but one state, whi…

NRS 686C.123 “State” defined. “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. (Added to NRS by 2001, 1027)

NRS 686C.124 “Structured settlement annuity” defined. “Structured settlement annuity” means an annuity purchased to fund periodic payments to a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant. (Added to NRS…

NRS 686C.125 “Supplemental contract” defined. “Supplemental contract” means a written agreement for the distribution of proceeds from a life or health insurance policy or contract or an annuity. (Added to NRS by 1991, 864; A 2001, 1034; 2019, 1087)

NRS 686C.127 “Unallocated annuity contract” defined. “Unallocated annuity contract” means an annuity contract or group annuity certificate which is not issued to and owned by a natural person except to the extent such an annuity contract or group annuity certificate is guaranteed…

NRS 686C.128 Document describing general purposes and current limitations of chapter: Preparation; distribution and revision; disclaimer; related duties by member insurer. 1. The Association shall prepare, and submit to the Commissioner for approval, a summary document describing…

NRS 686C.130 Creation of Association; membership; operation; accounts; supervision by Commissioner. 1. There is hereby created a nonprofit legal entity to be known as the Nevada Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the…

NRS 686C.140 Board of Directors: Members; vacancies; initial selection; reimbursement of expenses. 1. The Board of Directors of the Association consists of not less than 7 nor more than 11 members, serving terms as established in the plan of operation. 2. The members of the Board…

NRS 686C.150 Powers regarding impaired insurers. If a member insurer is an impaired insurer, the Association may, subject to any conditions it may impose which do not impair the contractual obligations of the impaired insurer and which are approved by the Commissioner: 1. Guarant…

NRS 686C.152 Duties regarding insolvent insurers. If a member insurer is an insolvent insurer, the Association shall: 1. Guarantee, assume, reissue or reinsure, or cause to be guaranteed, assumed, reissued or reinsured, the policies or contracts of the insolvent insurer; or 2. En…

NRS 686C.153 Provision of substitute benefits and coverage with respect to covered policies or contracts. 1. When proceeding pursuant to paragraph (b) of subsection 2 of NRS 686C.152, the Association shall: (a) With respect to covered policies or contracts, ensure payment of bene…

NRS 686C.154 Alternative policies or contracts: Adoption; approval; contents; premium; coverage. 1. Alternative policies or contracts adopted by the Association are subject to the approval of the Commissioner. The Association may adopt alternative policies or contracts of various…

NRS 686C.155 Ensuring of payment or credit of guaranteed minimum interest rate. When proceeding pursuant to paragraph (b) of subsection 2 of NRS 686C.152 with respect to any policy or contract carrying guaranteed minimum interest rates, the Association shall ensure the payment or…

NRS 686C.156 Issuance of substitute coverage for policy or contract that uses external reference for calculating returns or changes in value. In carrying out its duties in connection with guaranteeing, assuming, reissuing or reinsuring a policy or contract under NRS 686C.150 and …

NRS 686C.158 Payment of premiums; liability for unearned premiums. Premiums due for coverage after entry of an order of liquidation of an insolvent insurer belong to and are payable at the direction of the Association, and the Association is liable for unearned premiums due to ow…

NRS 686C.160 Imposition of restraints on insurers. In carrying out its responsibilities under NRS 686C.152, the Association may, subject to approval by a court of this state: 1. Impose permanent liens on policies and contracts in connection with any guarantee, assumption or reins…

NRS 686C.170 Liability for guaranty provided by laws of another state or jurisdiction. The Association is not liable under NRS 686C.152 where a guaranty is provided to residents of this state by the laws of the domiciliary state or jurisdiction of the impaired or insolvent insure…

NRS 686C.175 Receipt and disposition of deposit held pursuant to law or required by Commissioner for benefit of creditors. A deposit in this state, held pursuant to law or required by the Commissioner for the benefit of creditors, including, without limitation, policy or contract…

NRS 686C.180 Provision of assistance to Commissioner. The Association may render assistance and advice to the Commissioner upon request by the Commissioner, concerning rehabilitation, payment of claims, continuation of coverage or the performance of other contractual obligations …

NRS 686C.190 Legal standing. The Association has standing: 1. To appear or intervene before a court or agency in this state which has jurisdiction over an impaired or insolvent insurer concerning which the Association is or may become obligated under this chapter or over any pers…

NRS 686C.200 Subrogation. 1. A person receiving benefits under this chapter shall be deemed to have assigned his or her rights under, and any causes of action against any person for losses arising under, resulting from or otherwise relating to, the covered policy or contract to t…

NRS 686C.210 Limitations on obligations. 1. The benefits that the Association may become obligated to cover may not exceed the lesser of: (a) The contractual obligations for which the member insurer is liable or would have been liable if it were not an impaired or insolvent insur…

NRS 686C.220 General powers. The Association may: 1. Enter into such contracts as are necessary or proper to carry out the provisions and purposes of this chapter. 2. Sue or be sued, including the taking of any legal action necessary or proper for recovery of any unpaid assessmen…

NRS 686C.221 Determination of means to provide benefits; limitation on entitlement to benefits. 1. The Board of Directors of the Association may exercise reasonable business judgment to determine the means by which the Association is to provide the benefits of this chapter in an …

NRS 686C.222 Requests for information from member insurers. The Association may request information from member insurers to aid in the exercise of its powers under this chapter, and each member shall promptly comply with such a request. (Added to NRS by 2001, 1030)

NRS 686C.223 Election to succeed to rights and obligations of member insurer; transfer of obligations to another insurer. 1. As used in this section, “coverage date” means the date on which the Association becomes liable for the obligations of a member insurer. 2. At any time aft…

NRS 686C.224 Assumption of reinsurance contracts: Authority; duties and responsibilities of ceding member insurers and Association. 1. At any time within 180 days after the date of an order of liquidation, the Association may elect to succeed to the rights and obligations of the …