Section 681B.224 - Opinion of qualified actuary submitted by a foreign insurer: Requirements1. The Commissioner may accept the opinion of a qualified actuary submitted by a foreign insurer that is based on the laws and regulations of the state in which the insurer is domiciled if: (a) The Commissioner determines that the opinion satisfies the requirements of NRS 681B.240; or(b) The opinion includes a statement that the reserves and related actuarial items meet the requirements of the laws and regulations of the state in which the insurer is domiciled and are at least as great as the minimum aggregate amounts required by the laws and regulations of this State or an alternative statement approved by the Commissioner. Upon request, the Commissioner will provide guidelines for language that will satisfy the provisions of this subsection.2. The Commissioner may reject the opinion of a qualified actuary submitted by a foreign insurer pursuant to subsection 1 or NRS 681B.240 and require the insurer to submit the opinion of a qualified actuary that is based on the laws and regulations of this State.3. If a foreign insurer required to submit the opinion of a qualified actuary pursuant to subsection 2 is unable to provide the opinion within 60 days after the request, or such other period determined by the Commissioner after consultation with the insurer, the Commissioner may engage an independent actuary at the expense of the insurer to prepare and submit the opinion.Nev. Admin. Code § 681B.224
Added to NAC by Comm'r of Insurance by R146-12, eff. 10-4-2013NRS 679B.130, 681B.110, 681B.210, 681B.220, 681B.240