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.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 for the protection of policyholders against the effects of adverse economic cycles. 2. The insurer shall contribute to such contingency reserve 50 percent of net premiums (gross […]
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 purchased at par, at the par value. (b) If […]
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 prices determined by the Commissioner as representing their fair market value. 2. Preferred or guaranteed […]
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 or contract plus interest due and accrued at the date of acquisition, […]
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 real property, whichever is less. (Added to NRS by 1971, 1617)—(Substituted in revision for NRS […]