Nevada Administrative Code
Chapter 683A - Persons Involved in Sale or Administration of Insurance
ADMINISTRATORS
Section 683A.119 - Determination of whether administrator or applicant is financially unsound
Current through September 16, 2024
The Commissioner will consider the following to determine whether an administrator or an applicant for a certificate of registration as an administrator is financially unsound pursuant to NRS 683A.08524 or 683A.0892:
1. The administrator or applicant:
2. The administrator loses more than 50 percent of its contracts to act as an administrator within a fiscal year.
3. Adverse findings reported in examinations concerning the financial condition of the administrator or applicant that the Commissioner determines to be material.
4. Information and reports concerning the administrator or applicant from the Insurance Regulatory Information System of the National Association of Insurance Commissioners.
5. Whether the portfolio of assets of the administrator or applicant, when considered in light of the current economic conditions, is of sufficient value, liquidity or diversity to ensure the ability of the administrator or applicant to meet its outstanding obligations as those obligations mature.
6. An opinion issued by an independent certified public accountant that the administrator or applicant is unable to operate as a going concern.
Added to NAC by Comm'r of Insurance by R171-03, eff. 12-16-2003; A by R087-17AP, eff. 6/26/2018
NRS 679B.130, 683A.08524 and 683A.0892
