Nevada Revised Statutes 681B.110 – Valuation and calculation of reserves; acceptance of valuation by another state or jurisdiction; applicability
1. The Commissioner shall, in the manner provided by NRS 681B.110 to 681B.150, inclusive, annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurer doing business in this state, issued on or after January 1, 1972, and before the operative date of the Valuation Manual, except that in the case of an alien insurer, the valuation must be limited to its United States business.
Terms Used In Nevada Revised Statutes 681B.110
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
2. The Commissioner may:
(a) Use any method, including group methods and the net level premium method, in the calculation of the reserves.
(b) Use approximate averages for fractions of a year or other period to calculate the reserves.
(c) In lieu of the valuation of the reserves required of any foreign or alien company, accept any valuation made, or caused to be made, by an insurance supervisory officer of any other state or jurisdiction if the valuation by the insurance supervisory officer complies with the minimum standard required by NRS 681B.110 to 681B.150, inclusive.
3. The provisions set forth in NRS 681B.110 to 681B.155, inclusive, apply to all policies and contracts, as appropriate, issued on or after January 1, 1972, and before the operative date of the Valuation Manual. The provisions set forth in NRS 681B.300, 681B.320, 681B.360, 681B.370 and 681B.380 do not apply to any such policies and contracts.
4. The minimum standard for the valuation of policies and contracts issued before January 1, 1972, must be that provided by the laws in effect immediately preceding that date.
5. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only to, or in connection with, policies and contracts issued on or after January 1, 1972, and before the operative date of the Valuation Manual.