Nev. Rev. Stat. § 682A.554

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 682A.554 - Additional foreign investment and foreign currency allowance for insurers authorized to do business in foreign jurisdiction and holding foreign contracts

In addition to investments allowed under NRS 682A.550 and 682A.552, an insurer that is authorized to do business in a foreign jurisdiction, and that has outstanding insurance, annuity or reinsurance contracts on lives or risks resident or located in that foreign jurisdiction and denominated in foreign currency of that jurisdiction, may acquire foreign investments respecting that foreign jurisdiction, and may acquire investments denominated in the currency of that jurisdiction, subject to the limitations of NRS 682A.512, 682A.514 and 682A.516. Investments made in accordance with this section in obligations of foreign governments, their political subdivisions and government-sponsored enterprises are not subject to the limitations of NRS 682A.512, 682A.514 and 682A.516 if those investments carry an SVO rating of 1 or 2. The aggregate amount of investments acquired by the insurer in accordance with this section must not exceed the greater of:

1. The amount the insurer is required by law to invest in the foreign jurisdiction; or

2. One hundred twenty-five percent of the amount of the insurer's reserves, net of reinsurance and other obligations under the contracts.

NRS 682A.554

Added to NRS by 2015, 3461

Added by 2015, Ch. 522,§221, eff. 7/1/2015.