Nevada § 687A.032 “Assumed claims transaction” defined

Nevada Statutes

§ 687A.032 — “Assumed claims transaction” defined

Nevada § 687A.032

Title 57INSURANCE

Ch. 687ANevada

This text of Nevada § 687A.032 (“Assumed claims transaction” defined) 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. § 687A.032 (2026).

Text

“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.

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“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.