Assumed claims transaction defined.
Nev. Rev. Stat. § 687A.032
in effectAssumed claims transaction includes:
1. A policy obligation that has been assumed by an insolvent insurer, before the entry of a final order of liquidation, through a merger between the insolvent insurer and another entity obligated under the policy.
2. An assumption reinsurance transaction in which:
(a) The insolvent insurer assumed, before the entry of a final order of liquidation, the claim or policy obligations of another insurer or entity obligated under a claim or policy;
(b) The assumption of the claim or policy obligations has been approved by the Commissioner, if such approval is required; and
(c) As a result of the assumption, the claim or policy obligation became the direct obligation of the insolvent insurer through a novation of the claim or policy.
Source: NV Statutes (Official Site)URL: https://www.leg.state.nv.us/nrs/NRS-687A.htmlFetched: 10/4/2026