NRS 681B.001 – Definitions.
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 681B.0023 to 681B.0071, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2015, 3390)
NRS 681B.0023 – “Accident and health insurance” defined.
“Accident and health insurance” means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness or medical conditions, and as may further be specified in the Valuation Manual. (Added to NRS by 2015, 3390)
NRS 681B.0025 – “Applicable company” defined.
“Applicable company” means an insurer that: 1. Has written, issued or reinsured life insurance, accident and health insurance or deposit-type contracts in this State and has at least one such policy in force or on claim; or 2. Has written, issued or reinsured life insurance, accident and health insurance or deposit-type contracts in any state […]
NRS 681B.0027 – “Appointed actuary” defined.
“Appointed actuary” means a qualified actuary who is appointed in accordance with the Valuation Manual to prepare the actuarial opinion required by NRS 681B.350. (Added to NRS by 2015, 3390)
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, including, without limitation, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization or benefit elections prescribed by the policy or […]
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 specified in the Valuation Manual. (Added to NRS by 2015, 3391)
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 organization, to determine the qualification of an actuary to sign such a statement; and 2. Meets the applicable requirements set […]
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 2015, 3391)
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)