NRS 687A.032
“Assumed claims transaction” defined.

“Assumed claims transaction” includes:

1.

A policy obligation that has been assumed by an insolvent insurer, before the entry of a final order of liquidation, through a merger between the insolvent insurer and another entity obligated under the policy.

2.

An assumption reinsurance transaction in which:

(a)

The insolvent insurer assumed, before the entry of a final order of liquidation, the claim or policy obligations of another insurer or entity obligated under a claim or policy;

(b)

The assumption of the claim or policy obligations has been approved by the Commissioner, if such approval is required; and

(c)

As a result of the assumption, the claim or policy obligation became the direct obligation of the insolvent insurer through a novation of the claim or policy.

Source: Section 687A.032 — “Assumed claims transaction” defined., https://www.­leg.­state.­nv.­us/NRS/NRS-687A.­html#NRS687ASec032.

Last Updated

Jun. 24, 2021

§ 687A.032’s source at nv​.us