Nevada Revised Statutes 687A.032 – ‘Assumed claims transaction’ defined
‘Assumed claims transaction’ includes:
Terms Used In Nevada Revised Statutes 687A.032
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
1. A policy obligation that has been assumed by an insolvent insurer, before the entry of a final order of liquidation, through a merger between the insolvent insurer and another entity obligated under the policy.
2. An assumption reinsurance transaction in which:
(a) The insolvent insurer assumed, before the entry of a final order of liquidation, the claim or policy obligations of another insurer or entity obligated under a claim or policy;
(b) The assumption of the claim or policy obligations has been approved by the Commissioner, if such approval is required; and
(c) As a result of the assumption, the claim or policy obligation became the direct obligation of the insolvent insurer through a novation of the claim or policy.