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 Academy of Actuaries for an actuary signing such a statement. 2. Except as otherwise provided in NRS 681B.310, the […]

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 related actuarial items held in support of the policies and contracts specified by the Commissioner by regulation are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior […]

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 qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Commissioner by regulation, when considered in light of the assets held by the […]

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 substance acceptable to the Commissioner as specified by regulation. 2. If an insurer fails to provide a supporting memorandum at the request of the Commissioner within a period specified by regulation, or the Commissioner determines that the supporting memorandum provided […]

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 limitation, individual and group health insurance plans, in form and substance acceptable to the Commissioner as specified by regulation. […]

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 thereto is not liable for damages to any person other than an affected insurer or the Commissioner for any act, error, omission, decision […]

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 provided by an insurer to the Commissioner, which constitute a memorandum in support of an opinion, and any other material provided to the Commissioner in connection with such a memorandum, must be kept […]

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 to engage actuary; authority of Commissioner to enforce compliance; applicability.

1. For policies issued on or after the operative date of the Valuation Manual, the standard prescribed in the Valuation Manual is the minimum standard of valuation required under NRS 681B.330, except as otherwise provided in subsection 6 or 8. 2. The operative date of the Valuation Manual is January 1 of the first calendar […]

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 doing business only in this State from the requirements of NRS 681B.300, if: (a) The Commissioner has issued to the company a written exemption and has not subsequently revoked that written exemption; and (b) The company […]

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 minimum standard of valuation required under NRS 681B.330. 2. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only to, or in […]

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 valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every applicable company […]