Title 57

NRS 693A.050 Books, records, documents, accounts and vouchers. 1. Every domestic insurer shall keep at its principal place of business its books, records, documents, accounts and vouchers in such a manner that its financial condition can be ascertained and that its financial stat…

NRS 693A.060 Assets to be kept in State; exception. 1. Every domestic insurer shall keep its assets within the State of Nevada, except where requisite for the normal transaction of its business. 2. This section does not apply to: (a) Assets maintained at the insurer’s principal p…

NRS 693A.070 Removal or concealment of records or assets; penalty. 1. A person shall not remove all or any material part of the records or assets of a domestic insurer from this State except pursuant to a plan of merger, consolidation or bulk reinsurance approved by the Commissio…

NRS 693A.080 Information to stockholders and regulation of proxies: Scope of provisions; rules and regulations. 1. This section and NRS 693A.090 and 693A.100 apply to all domestic stock insurers except: (a) A domestic stock insurer having of record less than 100 holders of any cl…

NRS 693A.090 Information to stockholders and regulation of proxies: Information in advance of meetings. Every insurer to which this section and NRS 693A.080 and 693A.100 apply shall seasonably furnish to its stockholders, in advance of stockholder meetings, information in writing…

NRS 693A.100 Information to stockholders and regulation of proxies: Solicitation and form of proxies. 1. No person shall solicit a proxy, consent or authorization in respect of any stock or other voting security of such an insurer unless he or she furnishes the person so solicite…

NRS 693A.110 Management and agency contracts; regulations. 1. After January 1, 1972, a domestic insurer shall not make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the material exclusion of its board of directors or to have th…

NRS 693A.120 Prohibited pecuniary interest of officers; regulations. 1. Any officer or director, or any member of any committee or an employee of a domestic insurer, having the duty or power of investing or handling the insurer’s funds, shall not: (a) Deposit or invest such funds…

NRS 693A.130 Liability of officers and others for paying taxes, licenses and fees. No director, trustee, officer or agent of any insurer shall be subject to personal liability by reason of any payment or any determination not to contest or seek recovery of any payment made subseq…

NRS 693A.140 Dividends to stockholders. 1. A domestic stock insurer shall not pay any cash dividend to stockholders except out of that part of its available and accumulated surplus money otherwise unrestricted and derived from realized net operating profits and realized and unrea…

NRS 693A.150 Participating policies. 1. If provided for in its articles of incorporation or charter, a stock insurer or mutual insurer may: (a) Issue any or all of its policies or contracts with or without participation in profits, savings, unabsorbed portions of premiums or surp…

NRS 693A.160 Dividends to policyholders. 1. The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds which represents net realized savings, net realized earnings and net realiz…

NRS 693A.170 Purchase of own shares by stock insurer. A domestic insurer shall have the right to purchase or acquire shares of its own stock only as follows: 1. For elimination of fractional shares. 2. Incidental to the enforcement of rights of the insurer with respect to lawful …

NRS 693A.180 Borrowing. 1. A domestic stock or mutual insurer may without pledge of assets borrow money to defray expenses of its organization, provide surplus funds or for any purpose of its business, upon a written agreement that such money is required to be repaid only out of …

NRS 693A.190 Mutual insurers: Additional kinds of insurance. A domestic mutual insurer after being authorized to transact one kind of insurance may be authorized to transact such additional kinds of insurance as are permitted under NRS 680A.120, if otherwise complying with this C…

NRS 693A.200 Mutual insurers: Membership. 1. Each policyholder of a domestic mutual insurer, other than a policyholder of a reinsurance contract, is a member of the insurer during the period of the insurance with all the rights and obligations of such membership, and the policy s…

NRS 693A.210 Mutual insurers: Bylaws. Every domestic mutual insurer shall promptly file with the Commissioner a copy, certified by the insurer’s secretary, of its bylaws and of every modification thereof or addition thereto. The bylaws and modifications thereof shall be subject t…

NRS 693A.220 Mutual insurers: Contingent liability of members. 1. Except as otherwise provided in NRS 693A.250 with respect to nonassessable policies, each member of a domestic mutual insurer shall have a contingent liability, pro rata and not one for another, for the discharge o…

NRS 693A.230 Mutual insurers: Levy of contingent liability. 1. If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it under this Code for authority to transact the kinds of insurance b…

NRS 693A.240 Mutual insurers: Enforcement of contingent liability. 1. The insurer shall notify each member of the amount of the assessment to be paid by written notice mailed to the address of the member last of record with the insurer. Failure of the member to receive the notice…

NRS 693A.250 Mutual insurers: Nonassessable policies; revocation of authority. 1. A domestic mutual insurer, by depositing through the Commissioner and thereafter maintaining unimpaired surplus funds not less in amount than the minimum paid-in capital stock and surplus required o…

NRS 693A.260 Impairment of capital, surplus or assets: Notice; time to cure; restrictions. 1. If at any time the amount of assets of a domestic stock or mutual insurer are less than the sum of its liabilities plus its paid-in capital stock and minimum surplus required to be maint…

NRS 693A.270 Impairment of capital, surplus or assets: Curing deficiency; failure to cure. 1. A deficiency referred to in NRS 693A.260 may be made good in whole or in part in cash or in assets eligible under chapter 682A of NRS (investments) for investment of the insurer’s funds,…

NRS 693A.280 Impairment of capital, surplus or assets: Violation of restrictions or requirements; penalty. If, while any such deficiency exists any officer, director, representative or employee of the insurer knowingly violates or fails to comply with any restriction or requireme…

NRS 693A.290 Mutualization of stock insurer. 1. A stock insurer other than a title insurer may become a mutual insurer under such plan and procedure as may be approved by the Commissioner after a hearing thereon. 2. The Commissioner shall not approve any such plan, procedure or m…

NRS 693A.300 Conversion to ordinary business corporation. 1. A domestic stock insurer may convert to a Nevada ordinary business corporation through the following procedures: (a) The insurer must give the Commissioner written notice of its intent to convert to an ordinary business…

NRS 693A.310 Affiliation of stock insurers. 1. A domestic stock insurer shall not acquire a controlling interest in the shares of another stock insurer by an exchange of securities or partly in exchange for securities and partly for cash or property, unless the insurer has first …

NRS 693A.320 Acquisition of controlling stock. 1. Any person proposing to acquire the controlling capital stock of any domestic stock insurer and thereby to change the control of the insurer, other than through merger or consolidation or affiliation as provided for in NRS 693A.31…

NRS 693A.330 Merger or consolidation of stock insurers. 1. Subject to subsections 2 and 3, a domestic stock insurer may merge or consolidate with one or more domestic or foreign stock insurers, by complying with the applicable provisions of the statutes of this state governing th…

NRS 693A.340 Preservation of original charter in merger or consolidation. 1. In any merger or consolidation of a foreign stock or mutual insurer into or with a domestic insurer under NRS 693A.330 or 693A.350, and if so provided in accordance with this section, the continuing Neva…

NRS 693A.350 Merger or consolidation of mutual insurers. 1. A domestic mutual insurer shall not merge or consolidate with a stock insurer. 2. Except as provided in this section, a domestic mutual insurer may merge or consolidate with another mutual insurer under the applicable pr…

NRS 693A.365 Assumption of reinsurance: Limitations; application of provisions. 1. A domestic property or casualty insurer with less than $3,000,000 in surplus as regards policyholders shall not, without the written approval of the Commissioner, assume reinsurance on any risk tha…

NRS 693A.370 Bulk reinsurance: Limitation; approval by Commissioner and members. 1. A domestic insurer shall not reinsure with another insurer all or substantially all of its business in force, or of a major class thereof, or during a period of 6 consecutive months reinsure with …

NRS 693A.380 Bulk reinsurance: Certificate of fees and commissions; restrictions upon payment; penalty. 1. At the time of filing the agreement of bulk reinsurance with the Commissioner as provided in NRS 693A.370, the parties shall also file with the Commissioner a certificate or…

NRS 693A.390 Member’s share of assets on liquidation. 1. Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration shall be …

NRS 693A.400 Definitions. As used in NRS 693A.400 to 693A.540, inclusive, unless the context otherwise requires, the words and terms defined in NRS 693A.405 to 693A.430, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2001, 2232)

NRS 693A.405 “Closed block” defined. “Closed block” means an allocation of assets of the converting mutual sufficient to maintain payments of guaranteed benefits and the continuation of the current dividends for eligible members. (Added to NRS by 2001, 2232)

NRS 693A.410 “Consideration” defined. “Consideration” means cash, stock or other valuable compensation approved by the Commissioner. (Added to NRS by 2001, 2232)

NRS 693A.415 “Converting mutual” defined. “Converting mutual” means a domestic mutual insurance company or a mutual insurance holding company that has adopted a plan of conversion to a domestic stock insurance company pursuant to NRS 693A.400 to 693A.540, inclusive. (Added to NRS…

NRS 693A.420 “Eligible member” defined. “Eligible member” means a person who has a membership interest in the converting mutual on the date on which the board of directors of the converting mutual adopts a resolution proposing a plan of conversion and an amendment to its articles…

NRS 693A.425 “New stock insurer” defined. “New stock insurer” means the domestic stock insurer that is created when the Commissioner issues a certificate of authority to a converting mutual pursuant to NRS 693A.470. (Added to NRS by 2001, 2232)

NRS 693A.430 “Policyholder” defined. “Policyholder” means a person who holds a policy issued by the converting mutual on the day on which the plan of conversion is initially approved by the board of directors of the converting mutual. (Added to NRS by 2001, 2232)

NRS 693A.435 Procedure for conversion. A domestic mutual insurer or a mutual insurance holding company may amend its articles of incorporation to become a domestic stock insurer by complying with NRS 693A.400 to 693A.540, inclusive, and obtaining a certificate of authority from t…

NRS 693A.440 Resolution by board of directors; plan of conversion. 1. The board of directors of a domestic mutual insurer or a mutual insurance holding company may adopt a resolution proposing a plan of conversion and an amendment to its articles of incorporation. The resolution …

NRS 693A.445 Application for conversion: Filing and contents; filing fee. A converting mutual shall file with the Commissioner an application to convert to a domestic stock insurer. The application must be accompanied by a nonrefundable fee of $2,450. The application must include…

NRS 693A.450 Public hearing on application. The Commissioner shall conduct a public hearing not later than 120 days after the date on which the application is filed unless, for good cause, the Commissioner extends this time. Any interested person may appear or otherwise be heard …