NRS 686C.156
Issuance of substitute coverage for policy or contract that uses external reference for calculating returns or changes in value.

In carrying out its duties in connection with guaranteeing, assuming or reinsuring a policy or contract under NRS 686C.150 and 686C.152, the Association, subject to the approval of the court in the insolvent or impaired insurer’s state which has jurisdiction over the conservation, rehabilitation or liquidation of the insurer, may issue substitute coverage for a policy or contract that provides an interest rate, crediting rate or similar factor determined by use of an index or other external reference stated in the policy or contract employed in calculating returns or changes in value by issuing an alternative policy or contract if:

1.

In lieu of the index or other external reference stated in the original policy or contract, the alternative policy or contract provides for a fixed interest rate, payment of dividends guaranteed as to minimum amount, or a different method of calculating interest or changes in value;

2.

There is no requirement for evidence of insurability, waiting period or other exclusion that would not have applied under the replaced policy or contract; and

3.

The alternative policy or contract is substantially similar to the replaced policy or contract in all other material terms.

Source: Section 686C.156 — Issuance of substitute coverage for policy or contract that uses external reference for calculating returns or changes in value., https://www.­leg.­state.­nv.­us/NRS/NRS-686C.­html#NRS686CSec156.

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.156’s source at nv​.us