681B.230 - Life insurance: Opinion of actuary to be supported by memorandum; Commissioner may cause independent actuary to review opinion under certain circumstances.
681B.230 Life insurance: Opinion of actuary to be supported by memorandum; Commissioner may cause independent actuary to review opinion under certain circumstances.
1. Each opinion required by NRS 681B.220 must be supported by memorandum, in form and substance acceptable to the Commissioner as specified by regulation.
2. If an insurer fails to provide a supporting memorandum at the request of the Commissioner within a period specified by regulation, or the Commissioner determines that the supporting memorandum provided by the insurer fails to meet the standards prescribed by the regulations or is otherwise unacceptable to the Commissioner, the Commissioner may engage a qualified actuary at the expense of the insurer to review the opinion and the basis for the opinion and prepare such supporting memorandum as is required by the Commissioner.
(Added to NRS by 1995, 1769)