Statute 687a 032

'Assumed 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. (Added to NRS by 2015, 3476)