NRS 686C.130
Creation of Association

  • membership
  • operation
  • accounts
  • supervision by Commissioner.

1.

There is hereby created a nonprofit legal entity to be known as the Nevada Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance in this state. The Association shall perform its functions under the plan of operation established and approved pursuant to NRS 686C.290 and shall exercise its powers through a Board of Directors established pursuant to NRS 686C.140.

2.

For purposes of administration and assessment, the Association shall maintain two accounts:

(a)

The Account for Health Insurance; and

(b)

The Account for Life Insurance and Annuities, which consists of:

(1)

The Subaccount for Life Insurance; and

(2)

The Subaccount for Annuities, including annuities owned by a governmental retirement plan, or its trustees, established under section 401, 403(b) or 457 of the Internal Revenue Code, 26 U.S.C. §§ 401, 403(b) and 457.

3.

The Association is under the immediate supervision of the Commissioner and is subject to the applicable provisions of the Nevada Insurance Code. Meetings or records of the Association may be opened to the public by majority vote of the Board of Directors.

Source: Section 686C.130 — Creation of Association; membership; operation; accounts; supervision by Commissioner., https://www.­leg.­state.­nv.­us/NRS/NRS-686C.­html#NRS686CSec130.

686C.130
Creation of Association 686C.140
Board of Directors: Members 686C.150
Powers regarding impaired insurers. 686C.152
Duties regarding insolvent insurers. 686C.153
Provision of substitute benefits and coverage with respect to covered policies or contracts. 686C.154
Alternative policies or contracts: Adoption 686C.155
Ensuring of payment or credit of guaranteed minimum interest rate. 686C.156
Issuance of substitute coverage for policy or contract that uses external reference for calculating returns or changes in value. 686C.158
Payment of premiums 686C.160
Imposition of restraints on insurers. 686C.170
Liability for guaranty provided by laws of another state or jurisdiction. 686C.175
Receipt and disposition of deposit held pursuant to law or required by Commissioner for benefit of creditors. 686C.180
Provision of assistance to Commissioner. 686C.190
Legal standing. 686C.200
Subrogation. 686C.210
Limitations on obligations. 686C.220
General powers. 686C.221
Determination of means to provide benefits 686C.222
Requests for information from member insurers. 686C.223
Election to succeed to rights and obligations of member insurer 686C.224
Assumption of reinsurance contracts: Authority 686C.225
Termination of obligations: Replacement of coverage under policy or contract. 686C.226
Termination of obligations: Failure to pay premiums. 686C.2241
Assumption of reinsurance contracts: Suspension of rights and obligations after order of liquidation. 686C.2243
Assumption of reinsurance contracts: Contracts not assumed by Association. 686C.2245
Assumption of reinsurance contracts: Transfer of contracts by Association. 686C.2247
Assumption of reinsurance contracts: Applicability of other provisions. 686C.2249
Assumption of reinsurance contracts: Terms and conditions of contract not affected
Last Updated

Feb. 5, 2021

§ 686C.130’s source at nv​.us