NRS 686C.154
Alternative policies or contracts: Adoption

  • approval
  • contents
  • premium
  • coverage.

1.

Alternative policies adopted by the Association are subject to the approval of the Commissioner and the court in the insolvent or impaired insurer’s state which has jurisdiction over the conservation, rehabilitation or liquidation of the insurer. The Association may adopt alternative policies of various types for future issuance without regard to any particular impairment or insolvency.

2.

An alternative policy must contain at least the minimum statutory provisions required in this state and provide benefits that are not unreasonable in relation to the premium charged. The Association shall set the premium in accordance with a table of rates which it shall adopt. The premium must reflect the amount of insurance to be provided and the age and class of risk of each insured, but must not reflect any changes in the health of the insured after the original policy was last underwritten.

3.

An alternative policy issued by the Association must provide coverage of a type similar to that of the policy issued by the impaired or insolvent insurer, as determined by the Association.

4.

If the Association elects to reissue terminated coverage at a rate of premium different from that charged under the terminated policy, the premium must be set by the Association in accordance with the amount of insurance provided and the age and class of risk, subject to approval by the Commissioner and the court described in subsection 1.

Source: Section 686C.154 — Alternative policies or contracts: Adoption; approval; contents; premium; coverage., https://www.­leg.­state.­nv.­us/NRS/NRS-686C.­html#NRS686CSec154.

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

Jun. 24, 2021

§ 686C.154’s source at nv​.us