If valuation is based on an appraisal more than 3 years old, the Commissioner may, at his discretion, call for and require a new appraisal in order to determine fair value. (Added to NRS by 1971, 1617; A 1995, 1772) NRS 681B.190 Valuation of purchase money mortgages. Purchase money mortgages on real property referred to in subsection 1 of NRS 681B.180 shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of such real property, whichever is less. (Added to NRS by 1971, 1617) NRS 681B.200 Life insurance: “Qualified actuary” defined. As used in NRS 681B.200 to 681B.260, inclusive, “qualified actuary” means a member in good standing of the American Academy of Actuaries, or a successor organization approved by the Commissioner who meets the requirements set forth in the organization’s regulations. (Added to NRS by 1995, 1768) NRS 681B.210 Life insurance: Insurer to submit annual opinion of qualified actuary as to computation of reserves and related actuarial items. Every insurer offering life insurance doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Commissioner by regulation are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state. The Commissioner by regulation may further define or enlarge the scope of this opinion. (Added to NRS by 1995, 1768) NRS 681B.220 Life insurance: Insurer to submit annual opinion of qualified actuary as to sufficiency of reserves and related actuarial items. 1. Every such insurer, unless exempted by or pursuant to regulation, shall also annually submit an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Commissioner by regulation, when considered in light of the assets held by the insurer with respect to the reserves and related actuarial items, including the earnings on the assets invested and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the insurer’s obligations under the policies and contracts, including the benefits under and expenses associated with the policies and contracts. 2. The Commissioner may provide by regulation for a period of transition for establishing any higher reserves which the qualified actuary may deem necessary in order to render the opinion required by this section and NRS 681B.210. 3. The holding of additional reserves determined by a qualified actuary to be necessary to render the opinion required by this section or NRS 681B.210, shall not be deemed to be the adoption of a higher standard of valuation for the purposes of NRS 681B.120 or 681B.140. (Added to NRS by 1995, 1768) NRS 681B.230 Life insurance: Opinion of actuary to be supported by memorandum; Commissioner may cause independent actuary to review opinion under certain circumstances. 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 him, he 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. (Added to NRS by 1995, 1769) NRS 681B.240 Life insurance: Requirements for opinion of actuary. 1. Every opinion must: (a) Be submitted with the annual statement reflecting the valuation of reserve liabilities for each year ending on or after December 31, 1996. (b) Apply to all business in force including, without limitation, individual and group health insurance plans, in form and substance acceptable to the Commissioner as specified by regulation. (c) Be based on standards adopted from time to time by the Actuarial Standards Board or a successor organization approved by the Commissioner and on such additional standards as the Commissioner may by regulation prescribe. 2. In the case of an opinion required to be submitted by a foreign or alien company, the Commissioner may accept the opinion filed by that company with the commissioner of insurance of another state if he determines that the opinion reasonably meets the requirements applicable to an insurer domiciled in this state. (Added to NRS by 1995, 1769; A 1997, 1623, 3024; 1999, 468) NRS 681B.250 Life insurance: Liability of qualified actuary; disciplinary action. 1. Except in a case of fraud or willful misconduct, a qualified actuary is not liable for damages to any person other than an affected insurer or the Commissioner for any act, error, omission, decision or conduct with respect to the actuary’s opinion. 2. Disciplinary action by the Commissioner against an actuary must be prescribed by regulation by the Commissioner. (Added to NRS by 1995, 1769) NRS 681B.260 Life insurance: Confidentiality of material provided by insurer to Commissioner. 1. Except as otherwise provided in this section, an opinion, and any other material provided by an insurer to the Commissioner in connection therewith, must be kept confidential by the Commissioner, is not open to the public, and is not subject to subpoena, except for the purpose of defending an action seeking damages from any person by reason of any action required by NRS 681B.200 to 681B.260, inclusive, or by regulation adopted under those sections. 2. A memorandum or other material may be released by the Commissioner with the written consent of the insurer or to the American Academy of Actuaries or its successor organization upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the Commissioner for preserving the confidentiality of the memorandum or other material. 3. If any portion of a confidential memorandum is cited by the insurer in its marketing or is cited before any governmental agency other than a state commissioner of insurance or is released by an insurer to the public, all portions of the memorandum are no longer confidential. (Added to NRS by 1995, 1769) NRS 681B.270 Regulations regarding standards for valuation of reserves of insurers. The Commissioner shall adopt by regulation minimum standards for the valuation of reserves of other insurers offering health insurance of any kind, corporations for hospital, medical and dental service, health maintenance organizations and plans for dental care. (Added to NRS by 1995, 1770) NRS 681B.280 Insurers to report material acquisition or disposition of assets; regulations. Each insurer shall report to the Commissioner every material acquisition or disposition of assets within 15 days after the end of the month in which the transaction occurs. The Commissioner shall define by regulation what transactions are material, prescribe what information must be reported and specify any person to whom a copy must be sent. Such a report is confidential and is not subject to subpoena. (Added to NRS by 1995, 1770) NRS 681B.290 Insurer to report its level of risk-based capital; regulations; exemption. 1. Except as otherwise provided in subsection 3, on or before March 1 of each year, each domestic insurer, and each foreign insurer domiciled in a state

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