Nevada § 686C.130 Creation of Association; membership; operation; accounts; supervision by Commissioner

Nevada Statutes

§ 686C.130 — Creation of Association; membership; operation; accounts; supervision by Commissioner

Nevada § 686C.130

Title 57INSURANCE

Ch. 686CNevada

ORGANIZATION; POWERS AND DUTIES

This text of Nevada § 686C.130 (Creation of Association; membership; operation; accounts; supervision by Commissioner) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 686C.130 (2026).

Text

1. There is hereby created a nonprofit legal entity to be known as the Nevada Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance or operate a health maintenance organization, as applicable, in this state. The Association shall perform its functions under the plan of operation established and approved pursuant to NRS 686C.290 and shall exercise its powers through a Board of Directors established pursuant to NRS 686C.140 . 2. For purposes of administration and assessment, the Association shall maintain two accounts:

(a)The Health Account; and

(b)The Life and Annuity Account, which consists of:

(1)The Subaccount for Life Insurance; and

(2)The Subaccount for Annuities, in

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1. There is hereby created a nonprofit legal entity to be known as the Nevada Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance or operate a health maintenance organization, as applicable, in this state. The Association shall perform its functions under the plan of operation established and approved pursuant to NRS 686C.290 and shall exercise its powers through a Board of Directors established pursuant to NRS 686C.140 .
2. For purposes of administration and assessment, the Association shall maintain two accounts:
(a) The Health Account; and
(b) The Life and Annuity Account, which consists of:
(1) The Subaccount for Life Insurance; and
(2) The Subaccount for Annuities, including annuities owned by a governmental retirement plan, or its trustees, established under section 401, 403(b) or 457 of the Internal Revenue Code, 26 U.S.C. §§ 401, 403(b) and 457.
3. The Association is under the immediate supervision of the Commissioner and is subject to the applicable provisions of the Nevada Insurance Code. Meetings or records of the Association may be opened to the public by majority vote of the Board of Directors.