Section 681B.500 - Action on plan or revised plan for risk-based capital1. Not later than 60 days after the date on which an insurer or health organization submits a plan for risk-based capital to the Commissioner pursuant to NAC 681B.495 or a revised plan for risk-based capital pursuant to this section, the Commissioner will notify the insurer or health organiztion as to whether the plan or revised plan for risk-based capital, as appropriate, may be carried out as proposed or whether the plan is unsatisfactory. If the Commissioner determines that the plan or revised plan for risk-based capital is unsatisfactory, the notification will set forth the reasons for that determination and may include proposed revisions which would make the plan or revised plan satisfactory.2. Upon receiving notification from the Commissioner that its plan or revised plan for risk-based capital is unsatisfactory, the insurer or health organization shall prepare a new revised plan, which may incorporate by reference any revision proposed by the Commissioner. The insurer or health organization shall submit the new revised plan to the Commissioner not later than 45 days after the date on which the insurer or health organization received the notification, except that if, pursuant to NAC 681B.580, the insurer or health organization challenges the determination by the Commissioner that the plan is unsatisfactory, the insurer or health organization shall submit the new revised plan to the Commissioner not later than 45 days after the date on which the insurernsurer or health organization is notified that the Commissioner has, after a hearing, rejected the challenge of the insurer or health organization.3. Subject to the right of the insurer or health organization to a hearing pursuant to NAC 681B.580, the Commissioner will, if he or she deems it to be necessary, specify in the notification to an insurer or health organization that the plan or revised plan for risk-based capital is unsatisfactory and that the notification constitutes an event which requires regulatory action.Nev. Admin. Code § 681B.500
Added to NAC by Comm'r of Insurance by R088-97, eff. 3-19-98; A by R132-13, eff. 10/1/2014