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Nevada Revised Statutes Title 57. Insurance § 682A.546. Limitation on aggregate amount of investments held in mortgage loans and real estate

Current as of January 01, 2021 | Updated by FindLaw Staff

1. An insurer shall not acquire an investment in accordance with the provisions of NRS 682A.540 if, as a result of and after giving effect to the investment, the aggregate amount of all investments held by the insurer pursuant to that section would exceed:

(a) One percent of its admitted assets in mortgage loans covering any one secured location;

(b) One-quarter of one percent of its admitted assets in construction loans covering any one secured location; or

(c) One percent of its admitted assets in construction loans in the aggregate.

2. An insurer shall not acquire an investment under NRS 682A.542 if, as a result of and after giving effect to the investment and any outstanding guarantees made by the insurer in connection with the investment, the aggregate amount of investments held by the insurer under NRS 682A.542 plus the guarantees outstanding would exceed:

(a) One percent of its admitted assets in any one parcel or group of contiguous parcels of real estate, except that this limitation does not apply to that portion of real estate used for the direct provision of health care services by an insurer whose insurance premiums and required statutory reserves for accident and health insurance constitute at least 95 percent of total premium considerations or total statutory required reserves, respectively, including, without limitation, hospitals, medical clinics, medical professional buildings or other health facilities used for the purpose of providing health services; or

(b) The lesser of 10 percent of its admitted assets or 40 percent of its surplus as regards policyholders in the aggregate, except for an insurer whose insurance premiums and required statutory reserves for accident and health insurance constitute at least 95 percent of total premium considerations or total statutory required reserves, respectively, this limitation must be increased to 15 percent of its admitted assets in the aggregate.

3. An insurer shall not acquire an investment pursuant to NRS 682A.540 or 682A.542 if, as a result of and after giving effect to the investment and any guarantees it has made in connection with the investment, the aggregate amount of all investments held by the insurer in accordance with the provisions of those sections plus the guarantees outstanding would exceed 25 percent of the insurer's admitted assets.

4. The limitations of NRS 682A.512, 682A.514 and 682A.516 do not apply to an insurer's acquisition of real estate under NRS 682A.544. An insurer shall not acquire real estate under NRS 682A.544 if, as a result of and after giving effect to the acquisition, the aggregate amount of real estate held by the insurer in accordance with that section would exceed 10 percent of its admitted assets. With the permission of the Commissioner, additional amounts of real estate may be acquired under NRS 682A.544.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 682A.546. Limitation on aggregate amount of investments held in mortgage loans and real estate - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-682a-546/

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