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 Nevada Revised Statutes (Last Updated: December 24, 2014)
 TITLE57 INSURANCE
 CHAPTER689C. Health Insurance for Small Employers
  HEALTH BENEFIT PLANS

  NRS689C.283. Election to operate as risk-assuming carrier or reinsuring carrier: Notice to Commissioner; effective date; change in status. [Effective through December 31, 2013.]  

Latest version.

  •       1.  Within 30 days after the date on which a plan of operation is approved by the Commissioner pursuant to NRS 689C.770, or for a new carrier within 30 days after the date on which it enters the small employer market, each carrier shall elect to operate as either a risk-assuming carrier or a reinsuring carrier and shall notify the Commissioner of its election.

          2.  The initial election of a carrier to act as a risk-assuming or reinsuring carrier is effective on the carrier for 2 years after the date on which it notifies the Commissioner pursuant to subsection 1. After the initial 2-year period, such an election is effective for 5 years. The Commissioner may allow a carrier to modify its election at any time for good cause shown. The Commissioner may waive or modify the period during which the election of a carrier to operate as a risk-assuming or reinsuring carrier is effective.

          3.  A carrier may apply to the Commissioner, in a manner prescribed by the Commissioner by regulation, to change its status as a risk-assuming or reinsuring carrier.

          4.  A reinsuring carrier that elects or is subsequently authorized by the Commissioner to operate as a risk-assuming carrier:

          (a) Shall not continue to reinsure any small employer health benefit plan with the Program of Reinsurance.

          (b) Shall pay a prorated assessment based upon business issued as a reinsuring carrier for any portion of the year that the business was reinsured.

          5.  As used in this section:

          (a) “Plan of operation” means the plan of operation of the Program of Reinsurance established pursuant to NRS 689C.610 to 689C.980, inclusive.

          (b) “Reinsuring carrier” means a carrier participating in the Program of Reinsurance established pursuant to NRS 689C.610 to 689C.980, inclusive.

      (Added to NRS by 1997, 2922; R 2013, 3661, effective January 1, 2014)