Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1
Section 687A.032 - "Assumed claims transaction" defined "Assumed claims transaction" includes:
1. A policy obligation that has been assumed by an insolvent insurer, before the entry of a final order of liquidation, through a merger between the insolvent insurer and another entity obligated under the policy.2. An assumption reinsurance transaction in which:(a) The insolvent insurer assumed, before the entry of a final order of liquidation, the claim or policy obligations of another insurer or entity obligated under a claim or policy;(b) The assumption of the claim or policy obligations has been approved by the Commissioner, if such approval is required; and(c) As a result of the assumption, the claim or policy obligation became the direct obligation of the insolvent insurer through a novation of the claim or policy.Added to NRS by 2015, 3476Added by 2015, Ch. 522,§254, eff. 7/1/2015.