Title 57

NRS 692C.050 “Control” defined. 1. “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for go…

NRS 692C.055 “Enterprise risk” defined. “Enterprise risk” means any activity, circumstance, event or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect on the financial condition or liquidity…

NRS 692C.056 “Group Capital Calculation instructions” defined. “Group Capital Calculation instructions” means the applicable instructions for group capital calculations as adopted by the NAIC and as amended by the NAIC from time to time in accordance with the procedures adopted b…

NRS 692C.057 “Insurance group” defined. “Insurance group” means, for the purpose of conducting an ORSA or submitting a corporate governance annual disclosure, those insurers and affiliates included within an insurance holding company system. (Added to NRS by 2015, 3486; A 2017, 7…

NRS 692C.060 “Insurance holding company system” defined. “Insurance holding company system” means a combination of two or more affiliated persons, one or more of which is an insurer. The term does not include a domestic insurer or domestic holding company system authorized and do…

NRS 692C.070 “Insurer” defined. “Insurer” has the meaning ascribed in NRS 679A.100. It does not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or any state or pol…

NRS 692C.075 “Involved insurer” defined. “Involved insurer” includes an insurer that: 1. Acquires a person or is acquired by a person; 2. Is affiliated with an insurer that acquires a person or is acquired by a person; or 3. Is the result of a merger. (Added to NRS by 2003, 3318)

NRS 692C.076 “NAIC” defined. “NAIC” means the National Association of Insurance Commissioners. (Added to NRS by 2015, 3486)

NRS 692C.0765 “NAIC Liquidity Stress Test Framework” defined. “NAIC Liquidity Stress Test Framework” means a separate NAIC publication which includes a history of the NAIC’s development of regulatory liquidity stress testing, the scope criteria applicable for a specific data year…

NRS 692C.077 “ORSA Guidance Manual” defined. “ORSA Guidance Manual” means the current version of the NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual developed and adopted by the NAIC, as amended. A change in the ORSA Guidance Manual is effective on the first day of J…

NRS 692C.078 “ORSA Summary Report” defined. “ORSA Summary Report” means a confidential high-level summary of an ORSA. (Added to NRS by 2015, 3486)

NRS 692C.079 “Own Risk and Solvency Assessment” and “ORSA” defined. “Own Risk and Solvency Assessment” or “ORSA” means a confidential internal assessment, appropriate to the nature, scale and complexity of an insurer or insurance group, conducted by that insurer or insurance grou…

NRS 692C.080 “Person” defined. “Person” includes an individual, corporation, limited-liability company, partnership, association, joint stock company, trust, unincorporated organization or any similar entity, or any combination thereof acting in concert. The term does not include…

NRS 692C.085 “Scope Criteria” defined. “Scope Criteria” means, as detailed in the NAIC Liquidity Stress Test Framework, the designated exposure bases along with minimum magnitudes thereof for the specified data year, used to establish a preliminary list of insurers considered sco…

NRS 692C.090 “Security holder” defined. “Security holder” means one who owns any security of a designated person, including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing. (Added to …

NRS 692C.100 “Subsidiary” defined. “Subsidiary” means an affiliate of a designated person who is controlled by such person directly or indirectly through one or more intermediaries. (Added to NRS by 1973, 1038)

NRS 692C.110 “Voting security” defined. “Voting security” includes any security convertible into or evidencing a right to acquire a voting security. (Added to NRS by 1973, 1038)

NRS 692C.120 Rules, regulations and orders. The Commissioner may, pursuant to NRS 679B.130, issue such rules, regulations and orders as shall be necessary to carry out the provisions of this chapter. (Added to NRS by 1973, 1048) FORMATION AND ACQUISITION OF SUBSIDIARIES; MERGERS

NRS 692C.130 Organization and acquisition of subsidiaries authorized. Any domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. Such subsidiaries may conduct any kind of business or businesses and their au…

NRS 692C.140 Authorized investments in securities of subsidiaries. In addition to making investments in common stock, preferred stock, debt obligations and other securities permitted under chapter 682A of NRS, a domestic insurer may invest: 1. In common stock, preferred stock, de…

NRS 692C.150 Exemption from restrictions on investments. Investments in common stock, preferred stock, debt obligations or other securities of subsidiaries made pursuant to NRS 692C.140 shall not be subject to any of the otherwise applicable restrictions or prohibitions contained…

NRS 692C.160 Determination of qualification of investment. Whether or not any investment made pursuant to NRS 692C.140 meets the applicable requirements thereof is to be determined before such investment is made by calculating the applicable investment limitations as though the i…

NRS 692C.170 Cessation of control: Disposal of investment required; exception. If an insurer ceases to control a subsidiary, it shall dispose of any investment therein made pursuant to NRS 692C.140 within 3 years from the time of the cessation of control or within such further ti…

NRS 692C.180 Acquisition or merger: Filing requirements; approval by Commissioner; regulations. 1. No person other than the issuer may make a tender for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire or acquire i…

NRS 692C.190 Acquisition or merger: Contents of pre-acquisition statement. The pre-acquisition statement to be filed with the Commissioner hereunder shall be made under oath or affirmation and shall contain the following: 1. The name and address of each person (hereinafter called…

NRS 692C.200 Acquisition or merger: Use of alternative documents. If any offer, request, invitation, agreement or acquisition referred to in subsection 1 of NRS 692C.180 is proposed to be made by means of a registration statement under the Securities Act of 1933, 15 U.S.C. §§ 77a…

NRS 692C.210 Acquisition or merger: Prerequisites for approval; hearing and notice; powers and duties of Commissioner; period for infusion of capital. 1. Except as otherwise provided in subsections 5 and 7, the Commissioner shall approve any merger or other acquisition of control…

NRS 692C.220 Information required to be furnished to shareholders; expenses of mailing; filing of security for payment of expenses. All statements, amendments or other material filed pursuant to NRS 692C.180 and 692C.190 and all notices of public hearings held pursuant to NRS 692…

NRS 692C.230 Exemptions. The provisions of NRS 692C.180 to 692C.250, inclusive, do not apply to: 1. A transaction which is subject to the provisions of NRS 693A.290 to 693A.370, inclusive, dealing with the merger or consolidation of two or more insurers. 2. Any offer, request, in…

NRS 692C.240 Violations. The following shall be violations of NRS 692C.180 to 692C.250, inclusive: 1. The failure to file any statement, amendment or other material required to be filed pursuant to NRS 692C.180 or 692C.190; or 2. The effectuation or any attempt to effectuate an a…

NRS 692C.250 Jurisdiction of court; consent to service of process. 1. The courts of this state are hereby vested with jurisdiction over every person not resident, domiciled or authorized to do business in this state who files a statement with the Commissioner under NRS 692C.180 t…

NRS 692C.252 Applicability. The provisions of this chapter apply to any acquisition in which a change in control of an insurer who is authorized to do business in this state occurs, except: 1. An acquisition that is subject to approval or disapproval by the Commissioner pursuant …

NRS 692C.254 Form of notice; waiting period. 1. An acquisition to which the provisions of NRS 692C.252 apply is subject to an order issued pursuant to NRS 692C.258 unless: (a) The acquiring person files a notice of acquisition pursuant to this section; and (b) The waiting period …

NRS 692C.256 Order of Commissioner relating to acquisition: Issuance; competitive standard. 1. The Commissioner may issue an order pursuant to NRS 692C.258 relating to an acquisition if: (a) The effect of the acquisition may substantially lessen competition in any line of insuran…

NRS 692C.258 Order of Commissioner relating to acquisition: Hearing; written decision; effective date; plan to remedy conditions that caused order to be issued; applicability; penalty. 1. Except as otherwise provided in this section, if the Commissioner determines that an acquisi…

NRS 692C.260 Registration required; person within insurance holding company system subject to registration required to provide information to insurer. 1. Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system sh…

NRS 692C.270 Contents of registration statement; statement relating to corporate oversight; financial statements. Every insurer subject to registration shall file: 1. A registration statement with the Commissioner, on a form and in a format prescribed by the Commissioner, which m…

NRS 692C.280 Registration statement: Exempt information. No information need be disclosed on the registration statement filed pursuant to NRS 692C.270 if such information is not material for the purposes of NRS 692C.260 to 692C.350, inclusive. Unless the Commissioner by rule, reg…

NRS 692C.290 Registration statement: Amendment; report of distributions to shareholders; report of enterprise risk; filing of annual group capital calculation; filing of results of liquidity stress test; action by Commissioner for certain violations. 1. Each registered insurer sh…

NRS 692C.292 Authorized use of and prohibited statements regarding group capital calculations, liquidity stress tests and related information. 1. The group capital calculation and resulting group capital ratio required under subsection 3 of NRS 692C.290 and the liquidity stress t…

NRS 692C.294 Group capital calculation: Exemptions from filing requirements; grounds for termination of exemption. 1. When an insurance holding company system has previously filed the annual group capital calculation at least once, the lead state commissioner has the discretion t…

NRS 692C.296 Group capital calculation: Recognition and acceptance. 1. A non-United States jurisdiction is considered to recognize and accept the group capital calculation if it satisfies the following criteria: (a) With respect to paragraph (d) of subsection 3 of NRS 692C.290: (…

NRS 692C.300 Termination of registration. The Commissioner shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system. (Added to NRS by 1973, 1045)

NRS 692C.310 Consolidated registration. The Commissioner may require or allow two or more affiliated insurers subject to registration hereunder to file a consolidated registration statement or consolidated reports amending their consolidated registration statement or their indivi…

NRS 692C.320 Registration on behalf of affiliated insurer. The Commissioner may allow an insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register…