Section 687B.050 - Organizational requirements1. Before advertising, marketing or offering a group long-term care insurance contract within this State, the insurer of an association shall file evidence with the Commissioner that it has complied with NAC 679B.036, and that the association has:(a) At the outset, at least 100 members;(b) Been organized and maintained in good faith for purposes other than that of obtaining insurance;(c) Been in active existence for at least 1 year; and(d) A constitution and bylaws which provide that:(1) The association holds regular meetings not less than annually to further the purposes of the members;(2) Except for credit unions, the association collects dues or solicits contributions from members; and(3) The members have voting privileges and are represented on the governing board and committees.2. Forty-five days after filing the evidence required by subsection 1, the association shall be deemed to satisfy those organizational requirements, unless the Commissioner finds otherwise.Nev. Admin. Code § 687B.050
Added to NAC by Comm'r of Insurance, eff. 11-21-88; A by R028-10, 12-16-2010, eff. 10-1-2011