NRS 681B.230 Opinion required to be supported by memorandum; Commissioner authorized to cause independent actuary to review opinion under certain circumstances; regulations; applicability.
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NRS 681B.230 Opinion required to be supported by memorandum; Commissioner authorized to cause independent actuary to review opinion under certain circumstances; regulations; applicability.
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.
3. Except as otherwise provided in NRS 681B.310 , the provisions of this section apply only before the operative date of the Valuation Manual .