Nevada Insurance
Sec. § 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
Last accessed
Jul. 16, 2019