682A.020 - Eligible investments.
682A.020 Eligible investments.
1. Insurers may invest in or lend their funds on the security of, and may hold as invested assets, only eligible investments as prescribed in this chapter.
2. Any particular investment held by an insurer on January 1, 1972, which was a legal investment at the time it was made, and which the insurer was legally entitled to possess immediately before January 1, 1972, shall be deemed to be an eligible investment.
3. Any particular investment held by a successor organization to the State Industrial Insurance System that was established by section 79 of chapter 642, Statutes of Nevada 1981, at page 1449, which was a legal investment of the System made before January 1, 2000, and which the successor organization is legally entitled to possess on or after January 1, 2000, shall be deemed to be an eligible investment of the successor organization.
4. Eligibility of an investment must be determined as of the date of its making or acquisition, except as stated in subsections 2 and 3.
5. Any investment limitation based upon the amount of the insurer’s assets or particular funds must relate to such assets or funds as shown by the insurer’s annual statement as of December 31 next preceding the date of acquisition of the investment by the insurer, or as shown by a current financial statement resulting from merger of another insurer, bulk reinsurance or change in capitalization.
6. No insurer may pay any commission or brokerage for the purchase or sale of property in excess of that usual and customary at the time and in the locality where such purchases or sales are made, and complete information regarding all payments of commission and brokerage must be reported in the next annual statement.
(Added to NRS by 1971, 1617; A 1999, 1832)