Nevada Revised Statutes 681A.145 – Regulations governing arrangements for reinsurance relating to life and health insurance and annuity products
1. The Commissioner may adopt regulations applicable to arrangements for reinsurance relating to:
Terms Used In Nevada Revised Statutes 681A.145
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(a) Life insurance policies with guaranteed non-level gross premiums or guaranteed non-level benefits;
(b) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;
(c) Variable annuities with guaranteed death or living benefits;
(d) Policies for long-term care insurance; or
(e) Such other life and health insurance and annuity products as to which the National Association of Insurance Commissioners adopts model regulatory requirements with respect to credit for reinsurance.
2. A regulation adopted pursuant to this section may require the ceding insurer, in calculating the amounts or forms of security required to be held pursuant to regulations adopted pursuant to this section, to use the Valuation Manual, as defined in NRS 681B.0071, which is in effect on the date as of which the calculation is made, to the extent applicable.
3. A regulation adopted pursuant to this section must not apply to a cession to an assuming insurer that:
(a) Meets the conditions set forth in NRS 681A.211 to 681A.2165, inclusive, in this State or is operating in accordance with provisions substantially equivalent to NRS 681A.211 to 681A.217, inclusive, in five or more other states;
(b) Is certified in this State or, if this State has not adopted regulations which provide for an assuming insurer to satisfy the requirements of NRS 681A.155 for credit to be allowed, certified in a minimum of five other states; or
(c) Maintains at least $250,000,000 in capital and surplus when determined in accordance with the Accounting Practices and Procedures Manual adopted by the National Association of Insurance Commissioners, as amended, excluding the impact of any permitted or prescribed practices, and:
(1) Is licensed in at least 26 states; or
(2) Is licensed in at least 10 states, and licensed or accredited in at least 35 states.