Section 688A.353 - Policies issued on or after January 1, 20081. Except as otherwise provided in subsection 3 and section 1 of this regulation, at the election of the insurer, for each calendar year of issue and for any one or more specified plans of insurance, an insurer who satisfies the requirements of NAC 688A.355 to 688A.363, inclusive, may use the 2001 CSO Preferred Class Structure Mortality Table in lieu of the smoker and nonsmoker mortality tables in the 2001 CSO Mortality Table as the minimum valuation standard for policies of life insurance issued on or after January 1, 2008.2. For policies of life insurance issued on or after January 1, 2005, and before January 1, 2008, with the consent of the Commissioner and subject to the conditions of NAC 688A.355, 688A.357 and section 1 of this regulation, an insurer may use the 2001 CSO Preferred Class Structure Mortality Table in lieu of the smoker and nonsmoker mortality tables in the 2001 CSO Mortality Table as the minimum valuation standard for the policies. In determining such consent, the Commissioner may rely on the consent of the insurance commissioner of the insurer's state of domicile.3. An insurer may make the election described in subsection 1 only if the insurer provides proof satisfactory to the Commissioner that 20 percent or more of the business to be valued pursuant to the 2001 CSO Preferred Class Structure Mortality Table is in one or more of the preferred classes.4. A mortality table used pursuant to this section shall be deemed to be part of the 2001 CSO Mortality Table only for purposes of reserve valuation pursuant to the Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation adopted by reference pursuant to NAC 688A.350.Nev. Admin. Code § 688A.353
Added to NAC by Comm'r of Insurance by R031-08, eff. 8-26-2008; A by R093-14, eff. 6/28/2016NRS 679B.130, 681B.120, 688A.325