"Premiums" means amounts received in any calendar year on covered policies or contracts less premiums, considerations and deposits returned thereon, and less dividends and credits for experience thereon. The term does not include:
1. Any amounts received for policies or contracts or for the portions of policies or contracts for which coverage is not provided under NRS 686C.030 except that the assessable premium is not reduced on account of paragraph (c) of subsection 1 of NRS 686C.035 relating to limitations on interest and subsection 2 or paragraph (b) of subsection 1 of NRS 686C.210 relating to limitations with respect to any one life.
2. Premiums for an unallocated annuity contract, except those issued in accordance with the provisions of a governmental retirement plan, established under section 401, 403(b) or 457 of the Internal Revenue Code, 26 U.S.C. §§ 401, 403(b) and 457, respectively, or the trustees of such a plan.
3. Premiums that exceed $5,000,000 for several nongroup policies of life insurance owned by one owner, regardless of:
(a) Whether the owner is a natural person, firm, corporation or other person;
(b) Whether any person insured under the policies is an officer, manager, employee or other person; or
(c) The number of policies or contracts held by the owner.
(Added to NRS by 1973, 303; A 1991, 870; 2001, 1033; 2015, 3475)