NRS 692C.292 Authorized use of and prohibited statements regarding group capital calculations, liquidity stress tests and related information.

367 words·~2 min read·/nv/chapter-692c-holding-companies/692c-292·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. The group capital calculation and resulting group capital ratio required under subsection 3 of NRS 692C.290 and the liquidity stress test along with its results and supporting disclosures required under subsection 7 of NRS 692C.290 may be used as regulatory tools for assessing group risks and capital adequacy and group liquidity risks, respectively, and must not be used to rank insurers or insurance holding company systems generally.

2. Except as authorized by subsection 3 or as otherwise required in this chapter, a person shall not engage in the making, publishing, disseminating, circulating or placing before the public, or causing directly or indirectly to be made, published, disseminated, circulated or placed before the public, in a newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster, or over any radio or television station or any electronic means of communication available to the public, or in any other way, an advertisement, announcement or statement containing a representation or statement with regard to the group capital calculation, group capital ratio, liquidity stress test results or supporting disclosures for the liquidity stress test of any insurer or any insurer group, or any component derived in the calculation by any insurer, broker or other person engaged in any manner in the insurance business, and any such action shall be deemed by the Commissioner to be misleading.

3. If any materially false statement with respect to the group capital calculation, resulting group capital ratio, liquidity stress test result or supporting disclosures for the liquidity stress test or an inappropriate comparison of any amount to an insurer’s or insurance group’s group capital calculation, resulting group capital ratio, liquidity stress test result or supporting disclosures is published in any written publication and the insurer is able to demonstrate to the Commissioner with substantial proof the falsity of such a statement or the inappropriateness of such a comparison, as the case may be, then the insurer may publish announcements in a written publication if the sole purpose of the announcement is to rebut the materially false statement or inappropriate comparison.