2019 Nevada Revised Statutes
Chapter 686C - Nevada Life and Health Insurance Guaranty Association
NRS 686C.220 - General powers. [Effective January 1, 2020.]

The Association may:

1. Enter into such contracts as are necessary or proper to carry out the provisions and purposes of this chapter.

2. Sue or be sued, including the taking of any legal action necessary or proper for recovery of any unpaid assessments under NRS 686C.230 or to settle claims or potential claims against it.

3. Borrow money to effect the purposes of this chapter. Any notes or other evidence of indebtedness of the Association not in default are legal investments for domestic insurers and may be carried as admitted assets.

4. Employ or retain such persons as are necessary or appropriate to handle the financial transactions of the Association, and to perform such other functions as become necessary or proper under this chapter.

5. Take such legal action as may be necessary or appropriate to avoid or recover payment of improper claims.

6. Exercise, for the purposes of this chapter and to the extent approved by the Commissioner, the powers of a domestic life or health insurer or health maintenance organization, but in no case may the Association issue insurance policies or annuities other than those issued to perform its contractual obligations under this chapter.

7. Join an organization of one or more other state associations having similar purposes, to further the purposes and administer the powers and duties of the Association.

8. Organize itself as a corporation or in other legal form permitted by the laws of this state.

9. Request information from a person seeking coverage from the Association to aid the Association in determining its obligations under this chapter with respect to the person, and the person shall promptly comply with the request.

10. Except where otherwise provided by law, in accordance with the terms and conditions of the applicable policy or contract, file for actuarially justified rate or premium increases for any policy for which the Association provides coverage under the provisions of this chapter.

11. Take other necessary or appropriate action to perform its duties and discharge its obligations under this chapter or to exercise its power under this chapter.

(Added to NRS by 1973, 306; A 1991, 874; 2001, 1040; 2019, 1095, effective January 1, 2020)