Nevada Revised Statutes 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:
Terms Used In Nevada Revised Statutes 681B.330
- 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.
(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 doing business in this State.
(b) In lieu of the valuation of the reserves required of a foreign or alien applicable company, the Commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in NRS 681B.110 to 681B.510, inclusive.
2. The provisions set forth in NRS 681B.300, 681B.320, 681B.360, 681B.370 and 681B.380 apply to all policies and contracts issued on or after the operative date of the Valuation Manual.
3. 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 the operative date of the Valuation Manual.