NRS 687A.050 – Board of Directors: Members; vacancies; reimbursement of expenses.
1. The Board of Directors of the Association shall consist of not fewer than five nor more than nine persons. The members of the Board shall be appointed by the Commissioner and shall serve at the discretion of the Commissioner. Vacancies on the Board shall be filled in the same manner as initial appointments. 2. […]
NRS 687A.060 – Obligations, rights, powers and duties of Association; actions involving Association.
1. The Association: (a) Except as otherwise provided in paragraph (b), is obligated to the extent of the covered claims existing before the determination of insolvency and arising within 30 days after the determination of insolvency, or before the expiration date of the policy if that date is less than 30 days after the determination, […]
NRS 687A.070 – Plan of operation: Submission; amendments; approval by Commissioner; compliance; contents; delegation of duties or powers.
1. The Association shall submit a plan of operation to the Commissioner, together with any amendments necessary or suitable to assure the fair, reasonable and equitable administration of the Association. The plan of operation and any amendments become effective upon approval in writing by the Commissioner. If the Association fails to submit suitable amendments to […]
NRS 687A.080 – Powers and duties of Commissioner.
1. The Commissioner shall: (a) Notify the Association of the existence of an insolvent insurer not later than 3 days after the Commissioner receives notice of the determination of insolvency by a court or makes a determination of insolvency pursuant to NRS 687A.107, whichever is earlier. (b) Provide the Association with a copy of any […]
NRS 687A.090 – Subrogation; exceptions.
1. Any person recovering under this chapter shall be deemed to have assigned his or her rights under the policy to the Association to the extent of the person’s recovery from the Association. Every insured or claimant seeking the protection of this chapter shall cooperate with the Association to the same extent as the person […]
NRS 687A.095 – Claim against person insured by insolvent insurer which is not covered claim.
A claim asserted against a person insured by an insurer which has become insolvent which, if it were not a claim by or for the benefit of a reinsurer, insurer, insurance pool, underwriting association, health maintenance organization, hospital plan corporation, professional health service corporation or self-insurer, would be a covered claim, may be filed directly […]
NRS 687A.097 – Limitations on certain claims against person insured by insolvent insurer.
With regard to a claim for an amount described in paragraph (d) of subsection 2 of NRS 687A.033, no such claim for any amount due any reinsurer, insurer, insurance pool, underwriting association, health maintenance organization, hospital plan corporation, professional health service corporation or self-insurer may be asserted against a person insured under a policy issued […]
NRS 687A.100 – Exhaustion of remedies of insured.
1. Any person having a claim under an insurance policy, whether or not the insurance policy is a policy issued by a member insurer, and the claim under such other policy arises from the same facts, injury or loss that gave rise to the covered claim against the Association, is required first to exhaust all […]
NRS 687A.032 – “Assumed claims transaction” defined.
“Assumed claims transaction” includes: 1. A policy obligation that has been assumed by an insolvent insurer, before the entry of a final order of liquidation, through a merger between the insolvent insurer and another entity obligated under the policy. 2. An assumption reinsurance transaction in which: (a) The insolvent insurer assumed, before the entry of […]
NRS 687A.033 – “Covered claim” defined.
1. “Covered claim” means an unpaid claim or judgment, including a claim for unearned premiums, which arises out of and is within the coverage of an insurance policy to which this chapter applies if the insurer becomes an insolvent insurer, the policy was issued by the insurer or assumed by the insurer in an assumed […]