Title 57

NRS 696B.060 “Delinquency proceeding” defined. “Delinquency proceeding” means: 1. Any proceeding commenced against an insurer pursuant to this chapter for the purpose of conserving, rehabilitating, reorganizing or liquidating the insurer; or 2. The summary proceedings authorized …

NRS 696B.070 “Domiciliary state” defined. “Domiciliary state” means the state in which an insurer is incorporated or organized or, as to an alien insurer, the state in which at the commencement of delinquency proceedings the larger amount of the insurer’s assets are held in trust…

NRS 696B.080 “Foreign country” defined. “Foreign country” means territory not in any state. (Added to NRS by 1971, 1884)

NRS 696B.090 “General assets” defined. 1. “General assets” means all property, real, personal or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbered for the security or benefit of specified persons or a limited class or classes of persons, and as to …

NRS 696B.100 “Impairment” defined. “Impairment” exists as to: 1. A stock insurer when the insurer’s assets do not at least equal the sum of its liabilities, including also its paid-in capital stock account and the minimum surplus required to be maintained under this Code for auth…

NRS 696B.110 “Insolvency” defined. “Insolvency” exists: 1. When the insurer fails to meet its obligations as they mature; 2. When a stock insurer’s assets are less than the sum of its liabilities and its paid-in capital stock account; 3. When a mutual insurer’s assets are less th…

NRS 696B.120 “Insurer” defined. “Insurer,” in addition to persons so defined under NRS 679A.100, includes also persons purporting to be insurers, or organizing or holding themselves out as organizing in this state for the purpose of becoming insurers. (Added to NRS by 1971, 1885)

NRS 696B.130 “Preferred claim” defined. “Preferred claim” means any claim accorded priority of payment from the insurer’s general assets under applicable law. (Added to NRS by 1971, 1885)

NRS 696B.140 “Receiver” defined. “Receiver” means a receiver, liquidator, rehabilitator or conservator, as the context requires. (Added to NRS by 1971, 1885)

NRS 696B.150 “Reciprocal state” defined. “Reciprocal state” means any state other than this state in which in substance and effect the provisions of the Uniform Insurers Liquidation Act or the Insurer Receivership Model Act are in force, including provisions requiring that the co…

NRS 696B.160 “Secured claim” defined. 1. “Secured claim” means any claim secured by mortgage, trust deed, pledge, deposit as security, escrow or otherwise, but not including special deposit claims or claims against general assets. 2. “Secured claim” includes claims which have bec…

NRS 696B.170 “Special deposit claim” defined. “Special deposit claim” means any claim secured by a deposit made under a statute for the security or benefit of a limited class or classes of persons, but not including any general assets. (Added to NRS by 1971, 1886)

NRS 696B.180 “State” defined. “State” has the meaning ascribed to it in NRS 679A.120. (Added to NRS by 1971, 1886)

NRS 696B.190 Jurisdiction of delinquency proceedings; Nevada Rules of Civil Procedure do not govern commencement of delinquency proceeding; venue; exclusiveness of remedy; appeal. 1. The district court has original jurisdiction of delinquency proceedings under NRS 696B.010 to 696…

NRS 696B.200 Jurisdiction over related persons and transactions; service of process. 1. A court of this state in which an order of rehabilitation or liquidation has been entered in delinquency proceedings against a domestic insurer or alien insurer domiciled in this state, has ju…

NRS 696B.210 Grounds for conservation or rehabilitation of domestic insurer or domiciled alien insurer. The Commissioner may petition for an order directing the Commissioner to conserve the assets of or to rehabilitate a domestic insurer or an alien insurer domiciled in this stat…

NRS 696B.220 Grounds for liquidation of domestic insurer or domiciled alien insurer. The Commissioner may apply to the court for an order appointing the Commissioner as receiver (if his or her appointment as receiver is not then in effect) and directing the Commissioner to liquid…

NRS 696B.230 Grounds for conservation: Foreign and alien insurers. The Commissioner may apply to the court for an order appointing the Commissioner as receiver or ancillary receiver, and directing the Commissioner to conserve the assets within this state, of a foreign or alien in…

NRS 696B.240 Grounds for ancillary liquidation: Foreign and alien insurers. The Commissioner may apply to the court for an order appointing the Commissioner as ancillary receiver of and directing the Commissioner to liquidate the business of a foreign or alien insurer having asse…

NRS 696B.250 Commencement of delinquency proceeding: Petition; order to show cause. 1. The Commissioner shall commence a delinquency proceeding authorized under this chapter, the Attorney General representing the Commissioner, by filing a petition in a court of proper jurisdictio…

NRS 696B.255 Commissioner as receiver, rehabilitator or liquidator authorized to appoint advisory committee; payment of costs. 1. The Commissioner, as receiver, rehabilitator or liquidator, may, with the approval of the court, appoint an advisory committee of policyholders, claim…

NRS 696B.260 Service of process. A certified copy of any order to show cause issued under NRS 696B.250, and a copy of the petition upon which the order is made, must be served upon the insurer by delivering the same to its president, vice president, secretary, treasurer, director…

NRS 696B.270 Injunctions. 1. Upon application by the Commissioner for such an order to show cause, or at any time thereafter, the court may without notice issue an injunction restraining the insurer, its officers, directors, stockholders, members, subscribers, agents and all othe…

NRS 696B.280 Uniform Insurers Liquidation Act and Insurer Receivership Model Act: Composition; severability; interpretation. 1. This section, NRS 696B.030 to 696B.180, inclusive, (definitions) and NRS 696B.290 to 696B.340, inclusive, comprise the Uniform Insurers Liquidation Act …

NRS 696B.290 Conduct of delinquency proceedings against domestic insurers and certain alien insurers; appointment and payment of costs of special deputy commissioners and other persons. 1. Whenever under this chapter a receiver is to be appointed in delinquency proceedings for an…

NRS 696B.300 Conduct of delinquency proceedings against foreign insurers. 1. Whenever under this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this State, the court shall appoint the Commissioner as ancillary receiver.…

NRS 696B.310 Claims of nonresidents against domestic insurers. 1. In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with t…

NRS 696B.320 Claims of residents against foreign insurers. 1. In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer who reside within this state may file claims either with the ancillary receiver, if any, appo…

NRS 696B.330 Claims: Form; date for filing; approval or denial by receiver; notice and report regarding determinations; objections; hearing; order. 1. All claims against an insurer against which delinquency proceedings have commenced must be filed in the manner and form establish…

NRS 696B.332 Reporting and filing requirements of receiver; extension or modification of time. 1. Not later than 1 year after the date of entry of an order appointing a receiver in delinquency proceedings for an insurer pursuant to this chapter, and not less frequently than annua…

NRS 696B.334 Reporting and filing requirements of guaranty association; extension or modification of time. 1. Not later than 1 year after the date of entry of an order appointing a receiver in delinquency proceedings for an insurer pursuant to this chapter, and at such intervals …

NRS 696B.340 Attachment and garnishment of or execution on insurer or assets prohibited during pendency of delinquency proceedings. During the pendency of delinquency proceedings in this or any reciprocal state, no action or proceeding in the nature of an attachment, garnishment …

NRS 696B.350 Limitations on enjoining, restraining or interfering with insurer’s business or appointment of receiver; action by judgment creditor. 1. Except as provided in subsection 2, no order, judgment or decree enjoining, restraining or interfering with the prosecution of the…

NRS 696B.360 Deposit of money. 1. Except as otherwise provided in this section: (a) The money collected by the Commissioner in a proceeding under this chapter must be from time to time deposited in one or more state or national banks, savings banks, credit unions or trust compani…

NRS 696B.370 Exemption of Commissioner from fees. The Commissioner shall not be required to pay any fee to any public officer in this state for service of process, or for filing, recording, issuing a transcript or certificate or authenticating any paper or instrument pertaining t…

NRS 696B.380 Borrowing on pledge of assets. 1. For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to NRS 696B.010 to 696B.565, inclusive, the Commissioner may, subject to the approval of the court, borrow money and …

NRS 696B.390 Termination of conservation or rehabilitation. If at any time the court finds, after a hearing in open court, upon petition of the Commissioner or of the insurer or of its own motion, that the objectives of an order to conserve or rehabilitate a domestic insurer or a…

NRS 696B.400 Date rights fixed on liquidation. The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members, subscribers and all other persons interested in its estate shall, unless otherwise directed by the court, be fixed as of the date o…

NRS 696B.410 Prohibited and voidable transfers and liens. 1. No insurer shall make any transfer of or create any lien upon any of its property with the intent of giving to or enabling any creditor or policyholder to obtain a greater percentage of his or her debt than any other cr…

NRS 696B.412 Recovery by receiver of certain distributions on capital stock and payments to directors, officers and employees; scope of liability. 1. Except as otherwise provided in subsections 2 and 4, if an order for liquidation or rehabilitation of a domestic insurer has been …

NRS 696B.415 Disbursements to insurance guaranty associations; administrative expenses; claims for unearned premiums. 1. Upon the issuance of an order of liquidation with a finding of insolvency against a domestic insurer, the Commissioner shall apply to the district court for au…

NRS 696B.420 Order of distribution of claims from estate of insurer on liquidation. 1. The order of distribution of claims from the estate of the insurer on liquidation of the insurer must be as set forth in this section. Each claim in each class must be paid in full or adequate …

NRS 696B.430 Subordination of claims for failure to cooperate. If an ancillary receiver in another state or foreign country, by whatever name called, fails to transfer to the domiciliary liquidator in this state any assets within the control of the ancillary receiver other than s…

NRS 696B.440 Offsets. 1. Except as provided in subsection 2, in all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be setoff and the balance only shall be …

NRS 696B.450 Allowance of certain claims. 1. No contingent and unliquidated claim shall share in a distribution of the assets of an insurer which has been adjudicated to be insolvent by an order made pursuant to this chapter, except that such claim shall be considered, if properl…