Nev. Rev. Stat. § 687A.032
“Assumed claims transaction” defined
Nevada · Nevada Revised Statutes Chapter 687A — Nevada Insurance Guaranty Association · Status: effective
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- Nev. Rev. Stat. § 687A.032, “Assumed claims transaction” defined, Nevada, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2146831
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“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.