Nevada Revised Statutes
Chapter 686C - Nevada Life and Health Insurance Guaranty Association
NRS 686C.152 - Duties regarding insolvent insurers.

If a member insurer is an insolvent insurer, the Association shall:
1. Guarantee, assume, reissue or reinsure, or cause to be guaranteed, assumed, reissued or reinsured, the policies or contracts of the insolvent insurer; or
2. Ensure payment of the contractual obligations of the insolvent insurer and:
(a) Provide such money, pledges, loans, notes, guarantees or other means as are reasonably necessary to discharge its duties; or
(b) Provide benefits and coverages in accordance with NRS 686C.153 and 686C.154.
(Added to NRS by 1991, 865; A 2001, 1036; 2019, 1090)

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Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 686C - Nevada Life and Health Insurance Guaranty Association

NRS 686C.010 - Short title.

NRS 686C.020 - Purpose of chapter.

NRS 686C.030 - Scope of chapter: Coverage provided.

NRS 686C.035 - Scope of chapter: Coverage not provided.

NRS 686C.038 - Applicability of chapter to riders for long-term care.

NRS 686C.040 - Definitions.

NRS 686C.045 - "Account" defined.

NRS 686C.048 - "Annuity" defined.

NRS 686C.050 - "Association" defined.

NRS 686C.055 - "Authorized assessment" defined.

NRS 686C.061 - "Benefit plan" defined.

NRS 686C.065 - "Called assessment" defined.

NRS 686C.070 - "Contractual obligation" defined.

NRS 686C.080 - "Covered policy or contract" defined.

NRS 686C.084 - "Extra-contractual claim" defined.

NRS 686C.087 - "Health maintenance organization" defined.

NRS 686C.090 - "Impaired insurer" defined.

NRS 686C.095 - "Insolvent insurer" defined.

NRS 686C.100 - "Member insurer" defined.

NRS 686C.104 - "Owner" defined.

NRS 686C.108 - "Person" defined.

NRS 686C.110 - "Premiums" defined.

NRS 686C.115 - "Principal place of business" defined.

NRS 686C.120 - "Resident" defined.

NRS 686C.123 - "State" defined.

NRS 686C.124 - "Structured settlement annuity" defined.

NRS 686C.125 - "Supplemental contract" defined.

NRS 686C.127 - "Unallocated annuity contract" defined.

NRS 686C.128 - Document describing general purposes and current limitations of chapter: Preparation; distribution and revision; disclaimer; related duties by member insurer.

NRS 686C.130 - Creation of Association; membership; operation; accounts; supervision by Commissioner.

NRS 686C.140 - Board of Directors: Members; vacancies; initial selection; reimbursement of expenses.

NRS 686C.150 - Powers regarding impaired insurers.

NRS 686C.152 - Duties regarding insolvent insurers.

NRS 686C.153 - Provision of substitute benefits and coverage with respect to covered policies or contracts.

NRS 686C.154 - Alternative policies or contracts: Adoption; approval; contents; premium; coverage.

NRS 686C.155 - Ensuring of payment or credit of guaranteed minimum interest rate.

NRS 686C.156 - Issuance of substitute coverage for policy or contract that uses external reference for calculating returns or changes in value.

NRS 686C.158 - Payment of premiums; liability for unearned premiums.

NRS 686C.160 - Imposition of restraints on insurers.

NRS 686C.170 - Liability for guaranty provided by laws of another state or jurisdiction.

NRS 686C.175 - Receipt and disposition of deposit held pursuant to law or required by Commissioner for benefit of creditors.

NRS 686C.180 - Provision of assistance to Commissioner.

NRS 686C.190 - Legal standing.

NRS 686C.200 - Subrogation.

NRS 686C.210 - Limitations on obligations.

NRS 686C.220 - General powers.

NRS 686C.221 - Determination of means to provide benefits; limitation on entitlement to benefits.

NRS 686C.222 - Requests for information from member insurers.

NRS 686C.223 - Election to succeed to rights and obligations of member insurer; transfer of obligations to another insurer.

NRS 686C.224 - Assumption of reinsurance contracts: Authority; duties and responsibilities of ceding member insurers and Association.

NRS 686C.2241 - Assumption of reinsurance contracts: Suspension of rights and obligations for period after order of liquidation.

NRS 686C.2243 - Assumption of reinsurance contracts: Contracts not assumed by Association.

NRS 686C.2245 - Assumption of reinsurance contracts: Transfer of contracts by Association.

NRS 686C.2247 - Assumption of reinsurance contracts: Applicability of other provisions.

NRS 686C.2249 - Assumption of reinsurance contracts: Terms and conditions of contract not affected; exceptions.

NRS 686C.225 - Termination of obligations: Replacement of coverage under policy or contract.

NRS 686C.226 - Termination of obligations: Failure to pay premiums.

NRS 686C.230 - Imposition; classes.

NRS 686C.240 - Computation; necessity; notification.

NRS 686C.250 - Abatement or deferment; maximum amount; effect of insufficiency; allocation of funds among claims.

NRS 686C.260 - Refund to member insurers.

NRS 686C.270 - Rates and dividends may reflect assessments.

NRS 686C.280 - Issuance, effect and use of certificate of contribution; offset against liability for premium tax; recoupment of assessments; payment and deposit of refund.

NRS 686C.285 - Protest by member insurer: Procedure.

NRS 686C.290 - Plan of operation: Submission; amendments; approval by Commissioner; compliance; contents; delegation of duties or powers.

NRS 686C.300 - Additional powers and duties of Commissioner; suspension or revocation of certificate of authority or levy of forfeiture; appeals to Commissioner; judicial review; notification of effect of chapter.

NRS 686C.303 - Action by Commissioner upon failure to act by Association.

NRS 686C.306 - Notice to other insurance commissioners of certain actions by Commissioner; reports by Commissioner of certain information to Board of Directors.

NRS 686C.310 - Provision of information and advice by Board of Directors relating to financial condition of insurers.

NRS 686C.330 - Impaired or insolvent insurers: Liability for unpaid assessments of insureds; maintenance and disclosure of records of Association; status of Association as creditor; distribution of ownership by court.

NRS 686C.333 - Recovery of distributions made before petition for liquidation or rehabilitation of insurer.

NRS 686C.340 - Impaired or insolvent insurers: Stay of proceedings; reopening of default judgments.

NRS 686C.350 - Examination and regulation of Association by Commissioner; annual financial report.

NRS 686C.360 - Exemption of Association from payment of fees and taxes; exceptions.

NRS 686C.370 - Immunity from liability.

NRS 686C.380 - Actions arising under chapter: Venue; appeal bond not required of Association.

NRS 686C.390 - Unlawful advertisement using existence of Association for sale, solicitation or inducement to purchase; exception.