Section 681A.212 - Practice of prompt payment of claims required to be maintained by assuming insurer; criteria evidencing lack of prompt payment The assuming insurer must maintain a practice of prompt payment of claims under reinsurance agreements. The lack of prompt payment will be evidenced if any of the following criteria is met:
1. More than 15 percent of the reinsurance recoverables from the assuming insurer are overdue and in dispute as reported to the Commissioner;2. More than 15 percent of the assuming insurer's ceding insurers or reinsurers have overdue reinsurance recoverable on paid losses of 90 days or more which are not in dispute and which exceed for each ceding insurer $100,000, unless otherwise specified in an applicable covered agreement; or3. The aggregate amount of reinsurance recoverable on paid losses which are not in dispute, but are overdue by 90 days or more, exceeds $50,000,000, unless otherwise specified in an applicable covered agreement.Added to NRS by 2021, 2951Added by 2021, Ch. 478,§6.35, eff. 10/1/2021.