NRS689C.790. Program deemed to have powers and authority of insurance companies and health maintenance organizations; exceptions; powers. [Effective through December 31, 2013.]

  Notwithstanding any provision of this title to the contrary, the Program of Reinsurance shall be deemed to have the general powers and authority granted under the laws of this state to insurance companies and health maintenance organizations licensed to transact business in this state, except that the Program of Reinsurance shall not issue any health benefit plans directly to small employers or individuals, or both. The Program of Reinsurance may:

      1.  With the approval of the Commissioner, enter into such contracts as are necessary to carry out the provisions of this chapter and NRS 689A.470 to 689A.740, inclusive, including entering into contracts with similar programs of reinsurance of other states for the joint performance of common functions, or with persons or other organizations for the performance of administrative functions, relating to programs of reinsurance.

      2.  Take any legal action necessary or proper to recover assessments and penalties for or on behalf of the Program of Reinsurance, or to avoid the payment of improper claims against the Program of Reinsurance.

      3.  Sue or be sued by a reinsuring carrier or an individual reinsuring carrier relating to the carrier’s participation in the Program of Reinsurance.

      4.  Define the health benefit plans for which reinsurance will be provided and issue reinsurance policies, in accordance with the requirements of this chapter and NRS 689A.470 to 689A.740, inclusive.

      5.  Establish rules, conditions and procedures for reinsuring risks under the Program of Reinsurance.

      6.  Establish actuarial functions as appropriate for the operation of the Program of Reinsurance.

      7.  Make assessments in accordance with the provisions of NRS 689C.840, 689C.850 and 689C.870 and make advance interim assessments as may be reasonable and necessary to pay for any organizational and interim operating expenses. Any interim assessment must be credited as an offset against any assessments due after the close of the fiscal year.

      8.  Appoint appropriate legal, actuarial and other committees as necessary to provide technical assistance in the operation of the Program of Reinsurance, design of policies and other similar contract of insurance, and any other function within the authority of the Program of Reinsurance.

      9.  Borrow money to effect the purposes of the Program of Reinsurance. Any note or other evidence of indebtedness of the Program of Reinsurance not in default shall be deemed to be legal investments for carriers and may be carried as admitted assets.

      (Added to NRS by 1997, 2931; R 2013, 3661, effective January 1, 2014)