NAC681B.180. Application of opinion to business in force on date of annual statement; determination of need for additional reserves; release of additional reserves.

     1. An opinion of a qualified actuary must apply to all business in force on the date of the annual statement regardless of when or where issued, including reserves included in Exhibits 5, 6 and 7 of the annual statement, claim liabilities listed in Part I of Exhibit 8 of the annual statement and equivalent items in the separate account statement or statements submitted with the annual statement.

     2. If the appointed actuary determines from the asset adequacy analysis that a reserve should be held in addition to the aggregate reserve held by the insurer and calculated in accordance with the methods set forth in NRS 681B.130 and 681B.150, the insurer shall establish the additional reserve.

     3. Additional reserves established under subsection 2 which are determined by a qualified actuary to be not necessary in subsequent years may be released. All amounts released must be disclosed in the opinion of a qualified actuary for the applicable year. The release of such reserves shall not be deemed an adoption of a lower standard of valuation.

     (Added to NAC by Comm’r of Insurance, eff. 5-23-96; A by R146-12, 10-4-2013)