2001 REGULAR SESSION (71st) A SB252 176
ASSEMBLY ACTION Initial and Date |SENATE ACTION Initial and Date
Adopted Lost | Adopted Lost
Concurred In Not |Concurred In Not
Receded Not | Receded Not
Amend sec. 2, page 2, line 7, by deleting “3” and inserting “2.5”.
Amend the bill as a whole by adding a new section designated sec. 2.5, following sec. 2, to read as follows:
“Sec. 2.5. “Annuity” includes an agreement for allocated funding, a structured settlement annuity and an immediate or deferred annuity.”.
Amend sec. 21, page 6, line 33, by deleting “subsection” and inserting:
“[subsection] subsections 1 and 2”.
Amend sec. 22, page 7, line 33, by deleting “section” and inserting “chapter”.
Amend sec. 22, page 7, line 38, by deleting “subsection” and inserting:
“[subsection] subsections 1 and 2”.
Amend sec. 22, page 7, by deleting lines 41 through 43 and inserting “this chapter.”.
Amend sec. 23, page 8, by deleting line 4 and inserting:
“interest on which it is based [:], or the interest rate, crediting rate or similar factor determined by the use of an index or other external reference stated in the policy or contract employed in calculating returns or changes in value:”.
Amend sec. 23, page 9, after “(j)” by inserting:
“A portion of a policy or contract to the extent that it provides for interest or other changes in value which are determined by the use of an index or other external reference stated in the policy or contract, but which have not been credited to the policy or contract, or as to which the rights of the owner of the policy or contract are subject to forfeiture, determined on the date the member insurer becomes an impaired or insolvent insurer, whichever occurs first. If the interest or changes in value of a policy or contract are credited less frequently than annually, for the purpose of determining the values that have been credited and are not subject to forfeiture, the interest or change in value determined by using procedures stated in the policy or contract must be credited as if the contractual date for crediting interest or changing values was the date of the impairment or insolvency of the insured member, whichever occurs first and is not subject to forfeiture.
(k)”.
Amend sec. 24, page 9, line 13, by deleting “3” and inserting “2.5”.
Amend the bill as a whole by adding a new section designated sec. 27.5, following sec. 27, to read as follows:
“Sec. 27.5. NRS 686C.110 is hereby amended to read as follows:
686C.110 “Premiums” means amounts received in any calendar year on covered policies or contracts less premiums, considerations and deposits returned thereon, and less dividends and credits for experience thereon. The term does not include [any] :
1. Any amounts received for policies or contracts or for the portions of policies or contracts for which coverage is not provided under NRS 686C.030 except that the assessable premium is not reduced on account of paragraph (c) of subsection 1 of NRS 686C.035 relating to limitations on interest and subsection 2 or paragraph (b) of subsection 1 of NRS 686C.210 relating to limitations with respect to any one life.
2. Premiums for an unallocated annuity contract.
3. Premiums that exceed $5,000,000 for several nongroup policies of life insurance owned by one owner, regardless of:
(a) Whether the owner is a natural person, firm, corporation or other person;
(b) Whether any person insured under the policies is an officer, manager, employee or other person; or
(c) The number of policies or contracts held by the owner.”.
Amend sec. 33, page 12, by deleting lines 14 through 16 and inserting:
“impair the contractual obligations of the impaired insurer [,] and which are approved by the commissioner : [, and, except in cases of court-ordered conservation or rehabilitation, are approved by the impaired insurer:]”.
Amend the bill as a whole by adding a new section designated sec. 56.5, following sec. 56, to read as follows:
“Sec. 56.5. The amendatory provisions of this act:
1. Apply to the powers and duties of the Nevada Life and Health Insurance Guaranty Association relating to any member insurer that becomes an impaired or insolvent insurer on or after January 1, 2002;
2. Do not require the Nevada Life and Health Insurance Guaranty Association to recalculate the assessment bases for any year before January 1, 2002, and any assessments based on any such year must be authorized on the basis of the premium data previously collected from or reported by member insurers relating to those years; and
3. Must not be construed to affect any interpretation of any provision of chapter 686C of NRS that was in effect before January 1, 2002.”.
Amend the bill as a whole by adding a new section designated sec. 58, following sec. 57, to read as follows:
“Sec. 58. This act becomes effective on January 1, 2002.”.