Nev. Rev. Stat. ch. 686C – Nevada Life and Health Insurance Guaranty Association | Midpage

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Nevada Revised Statutes

Chapter 686C

Nev. Rev. Stat. ch. 686C

Nevada Life and Health Insurance Guaranty Association

686C.010Short title 686C.020Purpose of chapter 686C.030Scope of chapter: Coverage provided 686C.035Scope of chapter: Coverage not provided 686C.038Applicability of chapter to riders for long-term care 686C.040Definitions 686C.045“Account” defined 686C.048“Annuity” defined 686C.050“Association” defined 686C.055“Authorized assessment” defined 686C.061“Benefit plan” defined 686C.065“Called assessment” defined 686C.070“Contractual obligation” defined 686C.080“Covered policy or contract” defined 686C.084“Extra-contractual claim” defined 686C.087“Health maintenance organization” defined 686C.090“Impaired insurer” defined 686C.095“Insolvent insurer” defined 686C.100“Member insurer” defined 686C.104“Owner” defined 686C.108“Person” defined 686C.110“Premiums” defined 686C.115“Principal place of business” defined 686C.120“Resident” defined 686C.123“State” defined 686C.124“Structured settlement annuity” defined 686C.125“Supplemental contract” defined 686C.127“Unallocated annuity contract” defined 686C.128Document describing general purposes and current limitations of chapter: Preparation; distribution and revision; disclaimer; related duties by member insurer 686C.130Creation of Association; membership; operation; accounts; supervision by Commissioner 686C.140Board of Directors: Members; vacancies; initial selection; reimbursement of expenses 686C.150Powers regarding impaired insurers 686C.152Duties regarding insolvent insurers 686C.153Provision of substitute benefits and coverage with respect to covered policies or contracts 686C.154Alternative policies or contracts: Adoption; approval; contents; premium; coverage 686C.155Ensuring of payment or credit of guaranteed minimum interest rate 686C.156Issuance of substitute coverage for policy or contract that uses external reference for calculating returns or changes in value 686C.158Payment of premiums; liability for unearned premiums 686C.160Imposition of restraints on insurers 686C.170Liability for guaranty provided by laws of another state or jurisdiction 686C.175Receipt and disposition of deposit held pursuant to law or required by Commissioner for benefit of creditors 686C.180Provision of assistance to Commissioner 686C.190Legal standing 686C.200Subrogation 686C.210Limitations on obligations 686C.220General powers 686C.221Determination of means to provide benefits; limitation on entitlement to benefits 686C.222Requests for information from member insurers 686C.223Election to succeed to rights and obligations of member insurer; transfer of obligations to another insurer 686C.224Assumption of reinsurance contracts: Authority; duties and responsibilities of ceding member insurers and Association 686C.2241Assumption of reinsurance contracts: Suspension of rights and obligations for period after order of liquidation 686C.2243Assumption of reinsurance contracts: Contracts not assumed by Association 686C.2245Assumption of reinsurance contracts: Transfer of contracts by Association 686C.2247Assumption of reinsurance contracts: Applicability of other provisions 686C.2249Assumption of reinsurance contracts: Terms and conditions of contract not affected; exceptions 686C.225Termination of obligations: Replacement of coverage under policy or contract 686C.226Termination of obligations: Failure to pay premiums 686C.230Imposition; classes 686C.240Computation; necessity; notification 686C.250Abatement or deferment; maximum amount; effect of insufficiency; allocation of funds among claims 686C.260Refund to member insurers 686C.270Rates and dividends may reflect assessments 686C.280Issuance, effect and use of certificate of contribution; offset against liability for premium tax; recoupment of assessments; payment and deposit of refund 686C.285Protest by member insurer: Procedure 686C.290Plan of operation: Submission; amendments; approval by Commissioner; compliance; contents; delegation of duties or powers 686C.300Additional powers and duties of Commissioner; suspension or revocation of certificate of authority or levy of forfeiture; appeals to Commissioner; judicial review; notification of effect of chapter 686C.303Action by Commissioner upon failure to act by Association 686C.306Notice to other insurance commissioners of certain actions by Commissioner; reports by Commissioner of certain information to Board of Directors 686C.310Provision of information and advice by Board of Directors relating to financial condition of insurers 686C.330Impaired or insolvent insurers: Liability for unpaid assessments of insureds; maintenance and disclosure of records of Association; status of Association as creditor; distribution of ownership by court 686C.333Recovery of distributions made before petition for liquidation or rehabilitation of insurer 686C.340Impaired or insolvent insurers: Stay of proceedings; reopening of default judgments 686C.350Examination and regulation of Association by Commissioner; annual financial report 686C.360Exemption of Association from payment of fees and taxes; exceptions 686C.370Immunity from liability 686C.380Actions arising under chapter: Venue; appeal bond not required of Association 686C.390Unlawful advertisement using existence of Association for sale, solicitation or inducement to purchase; exception