Title 57

NRS 682B.040 Deposits through Commissioner required; exceptions; Account for the Division of Insurance; responsibilities of State. 1. Except as otherwise provided in NRS 682B.050 and 682B.055, deposits made in this state pursuant to this Code must be made through the Commissioner…

NRS 682B.050 Custodial arrangements. 1. In lieu of a deposit made as provided in NRS 682B.040, the Commissioner in his or her discretion may, upon written request of the insurer and where of greater convenience to the insurer, permit such deposit to be made with and held by the t…

NRS 682B.055 Use of securities as deposit without delivery to Commissioner. The Commissioner: 1. May allow an insurer to use securities as a deposit or as a part of a deposit without delivering the securities to the Commissioner under the conditions specified in regulations adopt…

NRS 682B.060 Assignment, transfer and conveyance of assets; release. 1. Except as provided in NRS 682B.055, an insurer shall assign to the Commissioner and the successors in office of the Commissioner in trust all securities being deposited with or through the Commissioner under …

NRS 682B.070 Appraisal. The Commissioner may, in his or her discretion, prior to acceptance for deposit of any particular asset or security, or at any time thereafter while so deposited, have the same appraised or valued by competent appraisers. The reasonable costs of any such a…

NRS 682B.080 Excess deposits. 1. If assets deposited by an insurer under NRS 682B.010 to 682B.120, inclusive, are subject to material fluctuations in market value, the Commissioner may, in his or her discretion, require the insurer to deposit and maintain on deposit additional as…

NRS 682B.090 Rights of insurer during solvency. So long as the insurer remains solvent and is in compliance with this Code it may: 1. Demand, receive, sue for and recover the income from the assets deposited; 2. Exchange and substitute assets of equivalent or greater fair market …

NRS 682B.100 Levy upon deposit. No judgment creditor or other claimant of an insurer shall have the right to levy upon any of the assets or securities held in this state as a deposit for the protection of the insurer’s policyholders or policyholders and creditors. Levy upon depos…

NRS 682B.110 Deficiency of deposit. If for any reason the market value of assets of an insurer held on deposit in this state falls below the amount required under this Code, the insurer shall promptly deposit other or additional assets eligible for deposit sufficient to cure the …

NRS 682B.120 Duration and release of deposit. 1. Every deposit made in this state by an insurer pursuant to this Code shall be held as long as there is outstanding any liability of the insurer as to which the deposit was so required; or, if the deposit is required under NRS 680A.…

NRS 682B.130 Deposit of assets in trust. 1. An alien insurer may use Nevada as a state of entry to transact insurance in the United States of America by making and maintaining in this state a deposit of assets in trust with a bank, credit union or trust company approved by the Co…

NRS 682B.140 Purpose and duration. The deposit provided for in NRS 682B.130 shall be for the benefit, security and protection of the policyholders, or policyholders and creditors, of the insurer in the United States of America, and shall be maintained as long as there is outstand…

NRS 682B.150 Trust agreement: Approval. 1. The deposit referred to in NRS 682B.130 shall be made and maintained under a written trust agreement between the insurer and the trustee, consistent with the requirements of NRS 682B.130 to 682B.250, inclusive, and shall be authenticated…

NRS 682B.160 Trust agreement: Amendment. A trust agreement may be amended, but the amendment shall not be effective until filed with and approved in writing by the Commissioner as being in compliance with NRS 682B.130 to 682B.250, inclusive. (Added to NRS by 1971, 1633)

NRS 682B.170 Withdrawal of approval. The Commissioner may withdraw approval of any trust agreement or of any amendment thereof if the Commissioner finds upon hearing, after notice thereof to the insurer and the trustee, that the requisites for such approval, as provided in NRS 68…

NRS 682B.180 Title to assets. Title to the trusteed assets is vested in the trustee and its successors for the purposes of the trust deposit, and the trust agreement shall so provide. (Added to NRS by 1971, 1634)

NRS 682B.190 Assets kept separate. The trustee shall keep the trusteed assets separate from other assets and shall maintain a record thereof sufficient to identify trusteed assets at all times. (Added to NRS by 1971, 1634)

NRS 682B.200 Statement of trustee: Filing; disciplinary action for failure to file timely. 1. The trustee of trusteed assets shall from time to time file with the Commissioner statements, in such forms as the Commissioner may designate and request in writing, certifying the chara…

NRS 682B.210 Examination of assets. The Commissioner may examine trusteed assets at any time in accordance with the same conditions and procedures as govern examination of insurers in general under this Code. (Added to NRS by 1971, 1634)

NRS 682B.220 Withdrawal of assets. 1. The trust agreement shall provide, in substance, that no withdrawal of trusteed assets shall be made by the insurer or permitted by the trustee without the written authorization or approval of the Commissioner in advance thereof, except as fo…

NRS 682B.230 Substitution of trustee. A new trustee or new trustees may be substituted for the original trustee of trusteed assets for any proper cause. Any such substitution shall be subject to the Commissioner’s approval. (Added to NRS by 1971, 1635)

NRS 682B.240 Mexican and Canadian insurers. The provisions of NRS 682B.130 to 682B.250, inclusive, applicable to a United States manager shall, in the case of insurers domiciled in Mexico or Canada, be deemed to refer to the president, vice president, secretary, treasurer or othe…

NRS 682B.250 Applicability of other provisions. NRS 682B.070 (appraisal) and 682B.100 (levy upon deposit) shall also apply to trusteed assets of an alien insurer. (Added to NRS by 1971, 1635)