Nev. Admin. Code § 688A.350

Current through June 11, 2024

Section 688A.350 - Adoption by reference of Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation

1. For the purposes of NRS 681B.120 and 688A.325 and NAC 681B.161 and 688A.320 to 688A.363, inclusive, and section 1 of this regulation, and except as otherwise provided in this section, the Commissioner hereby adopts by reference the Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation as adopted by the National Association of Insurance Commissioners on December 8, 2002. The Commissioner will periodically review the publication adopted by reference in this subsection and any changes thereto and determine within 30 days after the review whether a change made to the publication is appropriate for application in this State. If the Commissioner does not disapprove a change to the publication within 30 days after the review, the change is deemed to be approved by the Commissioner.

2. Any reference in the Model Regulation to:

(a) "Section 4A(c) of the Standard Valuation Law" shall be deemed a reference to "subparagraph (3) of paragraph (a) of subsection 2 of NRS 681B.120."

(b) "Section 5cH(6) of the Standard Nonforfeiture Law for Life Insurance" shall be deemed a reference to "paragraph (f) of subsection 8 of NRS 688A.325."

(c) The "Valuation of Life Insurance Policies Model Regulation" or "Valuation of Life Insurance Model Regulation" shall be deemed a reference to "NAC 681B.161."

(d) "Section 8 of the NAIC Model Standard Valuation Law" shall be deemed a reference to "NRS 681B.150."

(e) "Section 5A of the Actuarial Opinion and Memorandum Regulation" shall be deemed a reference to "NAC 681B.175."

(f) An "unfair trade practices statute" shall be deemed a reference to "NRS 686A.100."

3. A copy of the Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation may be obtained from the National Association of Insurance Commissioners, 1100 Walnut Street, Suite 1500, Kansas City, Missouri 64106-2197, by telephone at (816) 783-8300 or on the Internet at www.naic.org, at no charge.

Nev. Admin. Code § 688A.350

Added to NAC by Comm'r of Insurance by R113-04, 11-24-2004, eff. 1-1-2005; A by R031-08, 8-26-2008; A by R093-14, eff. 6/28/2016

NRS 679B.130, 681B.120, 688A.325