Nevada Administrative Code
Chapter 681A - Kinds of Insurance; Reinsurance
Section 681A.Sec. 12 - NEW
Universal Citation: NV Admin Code 681A.Sec. 12
Current through September 16, 2024
1. "Primary security" means:
(a) Cash;
(b) Except as otherwise provided in
subsection 2, securities listed by the Securities Valuation Office of the
National Association of Insurance Commissioners; and
(c) For security held in connection with
funds withheld and modified coinsurance reinsurance treaties:
(1) Commercial loans in good standing of
commercial mortgage category CM3 quality or higher;
(2) Policy loans; and
(3) Derivatives acquired in the normal course
of business and used to support and hedge liabilities pertaining to the actual
risks in the policies ceded pursuant to the reinsurance treaty.
2. "Primary security" does not include synthetic letters of credit, contingent notes, credit-linked notes or other similar security that operates in a manner similar to a letter of credit and any securities issued by the ceding insurer or any of its affiliates.
Added to NAC by Comm'r of Insurance by R187-22A, eff. 12/14/2022
NRS 679B.130, 681A.130, 681A.145
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