NAC687B.050. Organizational requirements.

     1. Before advertising, marketing or offering a group long-term care insurance contract within this State, the insurer of an association shall file evidence with the Commissioner that it has complied with NAC 679B.036, and that the association has:

     (a) At the outset, at least 100 members;

     (b) Been organized and maintained in good faith for purposes other than that of obtaining insurance;

     (c) Been in active existence for at least 1 year; and

     (d) A constitution and bylaws which provide that:

          (1) The association holds regular meetings not less than annually to further the purposes of the members;

          (2) Except for credit unions, the association collects dues or solicits contributions from members; and

          (3) The members have voting privileges and are represented on the governing board and committees.

     2. Forty-five days after filing the evidence required by subsection 1, the association shall be deemed to satisfy those organizational requirements, unless the Commissioner finds otherwise.

     (Added to NAC by Comm’r of Insurance, eff. 11-21-88; A by R028-10, 12-16-2010, eff. 10-1-2011)