Nev. Admin. Code § 695D.270 - Determination of financial condition: Assets considered

The Division will consider the following assets owned by an organization in determining its financial condition:

1. Cash in the possession of the organization or in transit under its control, including the true balance of any deposit in a solvent bank, trust company or savings and loan association.

2. Any investment or security acquired or held as provided in NAC 695D.250.

3. Any asset acquired through the exercise of its powers contained in paragraphs (a) and (b) of subsection 1 of NAC 695D.160 and approved pursuant to subsections 2 and 3 of that section.

4. Any interest due or accrued on:

(a) Any bond that is not in default and is not valued on a basis that includes accrued interest.

(b) Cash deposited in a solvent bank, trust company or savings and loan association.

5. The unaccrued portion of any tax paid before the date it is due.

6. Any premium in collection, less any commission payable on the premium. Except for a premium payable directly or indirectly by the Federal Government or by any of its instrumentalities, a premium in collection will not be considered for the purposes of this section if it is more than 60 days past due.

7. The full amount of reinsurance recoverable by an organization from a solvent reinsurer.

8. The cost of any machine and related equipment used for a data processing, recordkeeping or accounting system, if:

(a) That cost is not less than $5,000 per system;

(b) The cost is amortized in full over a period of not more than 5 years; and

(c) The aggregate amount invested in all such systems does not exceed 5 percent of the assets of the organization.

9. Any property acquired through the exercise of its powers contained in NAC 695D.160.

10. To the extent consistent with the provisions of this chapter and at such value as the Commissioner may determine, any other asset deemed by the Commissioner to be available for the payment of claims.

Notes

Nev. Admin. Code § 695D.270

Added to NAC by Comm'r of Insurance, eff. 12-2-88; A 5-27-92

NRS 679B.130, 695D.100