NRS 681B.145 Reserves for plan of life insurance; applicability.
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NRS 681B.145 Reserves for plan of life insurance; applicability.
1. For any plan of life insurance which provides for the determination of a future premium, the amounts of which are to be determined by the insurer based on estimates of future experience, or for any plan of life insurance or annuity which is of such a nature that the minimum reserves cannot be determined by the methods described in NRS 681B.130 and 681B.150 , the reserves which are held under the plan must be:
(a)Appropriate in relation to the benefits and the pattern of premiums for the plan; and
(b)Computed by a method which is consistent with the principles of standard valuation contained in this chapter.
2. The minimum standard for the valuation of policies and contracts issued before January 1, 1972, must be that provided by the laws in effect immediately preceding that date.
3. Except as otherwise provided in NRS 681B.310 , the provisions of this section apply only to, or in connection with, policies and contracts issued on or after January 1, 1972, and before the operative date of the Valuation Manual .