NRS 681B.310 - Commissioner authorized to exempt certain policies and contracts from provisions of Valuation Manual; alternate applicable provisions; applicability.

NV Rev Stat § 681B.310 (2019) (N/A)

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1. The Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in this State from the requirements of NRS 681B.300, if:

(a) The Commissioner has issued to the company a written exemption and has not subsequently revoked that written exemption; and

(b) The company computes reserves using assumptions and methods that were used before the operative date of the Valuation Manual, in addition to complying with any applicable requirements established in regulations adopted by the Commissioner.

2. If a company is granted an exemption as described in subsection 1, the provisions of NRS 681B.110 to 681B.260, inclusive, apply to that company.

3. The provisions of this section apply only on or after the operative date of the Valuation Manual.

(Added to NRS by 2015, 3399)

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NRS 681B.300 - Valuation Manual: Applicability; operative date; notice by Commissioner of operative date; effective date of changes; required content; authority of Commissioner to adopt provisions by regulation to replace missing or noncompliant content; authority of Commissioner to engage actuary; authority of Commissioner to enforce compliance; applicability.

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NRS 681B.320 - Accident and health insurance policies: Minimum standard of valuation; applicability.