Nev. Admin. Code § 681A.Sec. 12 - NEW
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.
Notes
NRS 679B.130, 681A.130, 681A.145
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