Title 57

NRS 692B.050 “Insurance holding corporation” defined; Massachusetts trusts. 1. As used in this Code, an insurance holding corporation is a corporation, whether or not incorporated under the laws of this state, owning or holding, or proposing to own or hold, a controlling stock in…

NRS 692B.060 Exemptions. NRS 692B.040 does not apply to: 1. Sales of securities not involving a public offering, and under a plan filed with and not disapproved by the Commissioner; that is, sales on which no commission or other compensation is payable resulting from offers priva…

NRS 692B.070 Application for solicitation permit. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for chil…

NRS 692B.080 Application for permit to solicit qualifying mutual applications. Written application for any permit required under NRS 692B.040 in connection with the formation of a domestic mutual insurer by the securing of qualifying applications for insurance as provided in NRS …

NRS 692B.090 Investigation; exception. 1. Upon completion of the application for a permit under NRS 692B.070 and 692B.080, the Commissioner shall promptly cause an investigation to be made of: (a) The identity, character, reputation, experience, financial standing and motives of …

NRS 692B.100 Granting or denial of permit. 1. The Commissioner shall expeditiously examine an application for a solicitation permit and complete the investigation as called for. Subject to subsection 2, if the Commissioner finds on such examination and investigation that: (a) The…

NRS 692B.110 Issuance and terms of permit; compliance. 1. Upon filing any bond (or making the deposit in lieu of bond) required under NRS 692B.150 or 692B.210, and upon filing with the Commissioner an executed copy of any required escrow agreement, the Commissioner shall issue a …

NRS 692B.120 Effect of granting permit; prohibited use as inducement; provision required to be placed on permit. 1. The granting of a solicitation permit is permissive only and shall not constitute an endorsement by the Commissioner of any person or thing related to any such insu…

NRS 692B.130 Prospectus required; contents of prospectus; other literature; filing of certain sales literature and visual sales material with Commissioner. 1. An offering of securities, or of insurance policies (in case of qualifying applications for insurance in the formation of…

NRS 692B.140 Modification or revocation of permit. The Commissioner may for cause modify a solicitation permit theretofore issued; and may after a hearing thereon revoke the permit for a violation of law or the terms of the permit, of any proper order of the Commissioner, or for …

NRS 692B.150 Bond; deposit in lieu of bond; waiver or release; exception. 1. Except as otherwise provided in this section, the Commissioner shall not issue a solicitation permit until the applicant has filed with the Commissioner a bond in favor of the State of Nevada, in the pen…

NRS 692B.160 Filing of articles of incorporation; rights under permit. Upon issuance to it by the Commissioner of its solicitation permit, a newly formed proposed domestic stock or mutual insurer shall file with the Commissioner a copy of its articles of incorporation as filed wi…

NRS 692B.170 Deposit of money in escrow. 1. The holder of the solicitation permit shall promptly deposit all money except as provided in paragraph (a) of subsection 2, received from an offering of securities in this state pursuant to the permit, other than advance premiums for in…

NRS 692B.180 Subscription contracts. 1. No form of subscription contract to sell securities under a solicitation permit shall be used unless the form has been filed with the Commissioner not less than 10 days prior to use and not disapproved by the Commissioner. The Commissioner …

NRS 692B.190 License to sell securities. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support…

NRS 692B.193 Payment of child support: Statement by applicant for permit or license; grounds for denial of permit or license; duty of Commissioner. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withhol…

NRS 692B.197 Suspension of permit or license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of permit or license. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures…

NRS 692B.200 Mutual insurers: Initial qualifications. 1. When newly organized, a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule contained in subsection 2. 2. When applying for an original certificate of authority, th…

NRS 692B.210 Mutual insurers: Permit; bond or deposit. 1. Before soliciting applications for insurance as required under NRS 692B.200, the incorporators of the proposed insurer shall procure a solicitation permit as required by NRS 692B.040, and shall file with the Commissioner a…

NRS 692B.220 Mutual insurers: Qualifying applications for insurance. 1. Upon issuance of the required solicitation permit, the proposed insurer may commence solicitation of requisite applications for insurance policies and may receive deposits of premiums thereon. 2. All such app…

NRS 692B.230 Mutual insurers: Deposit of premiums in escrow. 1. All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein must be deposited in escrow with a bank, credit union or trust company located in this state un…

NRS 692B.240 Failure to complete or qualify. 1. The Commissioner shall withdraw all funds held in escrow under NRS 692B.170, and refund to securities subscribers or purchasers all sums paid in thereon under the solicitation permit, less that part allowed and used for organization…

NRS 692B.250 Voluntary dissolution. 1. At any time prior to the issuance of a certificate of authority to a proposed domestic stock or mutual insurer, the incorporators may voluntarily surrender the articles of incorporation and the corporation may be voluntarily dissolved by wri…

NRS 692B.260 Subsequent financing: Solicitation permit required; penalty. 1. No person referred to in NRS 692B.040 (solicitation permit required), after receiving a certificate of authority, if an insurer, or after completing its original organization and financing, if other than…