Nev. Rev. Stat. § 687A.010
Short title
This chapter shall be known and may be cited as the Nevada Insurance Guaranty Association Act.
Nevada Revised Statutes Chapter 687A — Nevada Insurance Guaranty Association
Nevada · statute · Nev. Rev. Stat. ch. 687A · 29 active provisions
Nev. Rev. Stat. § 687A.020
Applicability
Except as otherwise provided in subsection 5 of NRS 695E.200, this chapter applies to all direct insurance, except: 1. Life, annuity, health or disability insurance; 2. Mortgage guaranty, financial guaranty or other forms of insurance offering protection against investment risks; 3. Fidelity or surety bonds or any othe…
Nev. Rev. Stat. § 687A.030
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 687A.031 to 687A.0395, inclusive, have the meanings ascribed to them in those sections.
Nev. Rev. Stat. § 687A.031
“Association” defined
“Association” means the Nevada Insurance Guaranty Association created pursuant to NRS 687A.040.
Nev. Rev. Stat. § 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 insolven…
Nev. Rev. Stat. § 687A.033
“Covered claim” defined
1. “Covered claim” means an unpaid claim or judgment, including a claim for unearned premiums, which arises out of and is within the coverage of an insurance policy to which this chapter applies if the insurer becomes an insolvent insurer, the policy was issued by the insurer or assumed by the insurer in an assumed cla…
Nev. Rev. Stat. § 687A.035
“Insolvent insurer” defined
“Insolvent insurer” means an insurer which has been issued a certificate of authority by the Commissioner to transact insurance in this state, either at the time the policy was issued or when the insured event occurred: 1. Against which a final order of liquidation with a finding of insolvency has been entered by a cou…
Nev. Rev. Stat. § 687A.037
“Member insurer” defined
“Member insurer” means any person, except a fraternal or nonprofit service corporation which: 1. Writes any kind of insurance to which this chapter applies, including the exchange of reciprocal or interinsurance agreements of indemnity. 2. Is authorized to transact insurance in this state.
Nev. Rev. Stat. § 687A.039
“Net direct written premiums” defined
“Net direct written premiums” means direct gross premiums written in this state on insurance policies to which this chapter applies, less return premiums and dividends paid or credited to policyholders on such direct business. The term does not include premiums on contracts between insurers or reinsurers.
Nev. Rev. Stat. § 687A.0393
“Person” defined
“Person” means any individual or legal entity, including, without limitation, a governmental entity.
Nev. Rev. Stat. § 687A.0395
“Self-insurer” defined
“Self-insurer” means a person that covers its liability through a qualified individual or group self-insurance program or any other formal program created for the specific purpose of covering liabilities typically covered by insurance.
Nev. Rev. Stat. § 687A.040
Creation; membership; operation
There is hereby created a nonprofit unincorporated legal entity to be known as the Nevada Insurance Guaranty Association. All member insurers must be members of the Association as a condition of their authority to transact insurance in this state. The Association shall perform its functions under a plan of operation es…
Nev. Rev. Stat. § 687A.050
Board of Directors: Members; vacancies; reimbursement of expenses
1. The Board of Directors of the Association shall consist of not fewer than five nor more than nine persons. The members of the Board shall be appointed by the Commissioner and shall serve at the discretion of the Commissioner. Vacancies on the Board shall be filled in the same manner as initial appointments. 2. A maj…
Nev. Rev. Stat. § 687A.060
Obligations, rights, powers and duties of Association; actions involving Association
1. The Association: (a) Except as otherwise provided in paragraph (b), is obligated to the extent of the covered claims existing before the determination of insolvency and arising within 30 days after the determination of insolvency, or before the expiration date of the policy if that date is less than 30 days after th…
Nev. Rev. Stat. § 687A.070
Plan of operation: Submission; amendments; approval by Commissioner; compliance; contents; delegation of duties or powers
1. The Association shall submit a plan of operation to the Commissioner, together with any amendments necessary or suitable to assure the fair, reasonable and equitable administration of the Association. The plan of operation and any amendments become effective upon approval in writing by the Commissioner. If the Assoc…
Nev. Rev. Stat. § 687A.080
Powers and duties of Commissioner
1. The Commissioner shall: (a) Notify the Association of the existence of an insolvent insurer not later than 3 days after the Commissioner receives notice of the determination of insolvency by a court or makes a determination of insolvency pursuant to NRS 687A.107, whichever is earlier. (b) Provide the Association wit…
Nev. Rev. Stat. § 687A.090
Subrogation; exceptions
1. Any person recovering under this chapter shall be deemed to have assigned his or her rights under the policy to the Association to the extent of the person’s recovery from the Association. Every insured or claimant seeking the protection of this chapter shall cooperate with the Association to the same extent as the…
Nev. Rev. Stat. § 687A.095
Claim against person insured by insolvent insurer which is not covered claim
A claim asserted against a person insured by an insurer which has become insolvent which, if it were not a claim by or for the benefit of a reinsurer, insurer, insurance pool, underwriting association, health maintenance organization, hospital plan corporation, professional health service corporation or self-insurer, w…
Nev. Rev. Stat. § 687A.097
Limitations on certain claims against person insured by insolvent insurer
With regard to a claim for an amount described in paragraph (d) of subsection 2 of NRS 687A.033, no such claim for any amount due any reinsurer, insurer, insurance pool, underwriting association, health maintenance organization, hospital plan corporation, professional health service corporation or self-insurer may be a…
Nev. Rev. Stat. § 687A.100
Exhaustion of remedies of insured
1. Any person having a claim under an insurance policy, whether or not the insurance policy is a policy issued by a member insurer, and the claim under such other policy arises from the same facts, injury or loss that gave rise to the covered claim against the Association, is required first to exhaust all coverage prov…
Nev. Rev. Stat. § 687A.103
Reimbursement of Association by insolvent insurer
If the Association pays any claims on behalf of an insurer which is an insolvent insurer within the meaning of subsection 2 of NRS 687A.035, the insurer may not accept any new business in this state until it has reimbursed the Association for the payment of the claims, including the administrative expenses incurred by…
Nev. Rev. Stat. § 687A.107
Hearing to determine whether insurer is insolvent: Notice; conduct; determination; regulations
1. The Commissioner may conduct a hearing to determine whether an insurer is an insolvent insurer within the meaning of subsection 2 of NRS 687A.035. The Commissioner shall notify the insurer which is the subject of the hearing not less than 3 days before the hearing. The Commissioner may consider any evidence at the h…
Nev. Rev. Stat. § 687A.110
Detection and prevention of insolvency: Powers of Board of Directors
To aid in the detection and prevention of insurer insolvencies: 1. The Board of Directors may, upon majority vote, make recommendations to the Commissioner upon any matter generally related to improving or enhancing regulation for solvency. 2. The Board of Directors may, upon majority vote, make recommendations to the…
Nev. Rev. Stat. § 687A.115
Detection and prevention of insolvency: Powers of Commissioner
To aid in the detection and prevention of insurer insolvencies: 1. The Commissioner may: (a) Notify the insurance commissioners of the other states and territories of the United States and of the District of Columbia when the Commissioner revokes or suspends a license, or when the Commissioner makes any formal order th…
Nev. Rev. Stat. § 687A.120
Examination of Association; annual financial report
The Association is subject to examination and regulation by the Commissioner. The Board of Directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner.
Page 1 of 2Next →