Nevada Revised Statutes 686C.2249 – Assumption of reinsurance contracts: Terms and conditions of contract not affected; exceptions
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1. Except as otherwise provided in NRS 686C.130 to 686C.226, inclusive, nothing in NRS 686C.224 to 686C.2249, inclusive, shall alter or modify the terms and conditions of any reinsurance contract.
Terms Used In Nevada Revised Statutes 686C.2249
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
2. Nothing in this section shall:
(a) Abrogate or limit any rights of any reinsurer to claim that it is entitled to rescind a reinsurance contract;
(b) Give a policy or contract owner, certificate holder, enrollee or beneficiary an independent cause of action against a reinsurer that is not otherwise set forth in the reinsurance contract;
(c) Limit or affect the Association’s rights as a creditor of the estate against the assets of the estate; or
(d) Apply to reinsurance agreements covering property or casualty risks.