Title 57

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 …

NRS 693A.455 Action by Commissioner on application. 1. The Commissioner shall issue an order making an initial determination of approval or disapproval of the application not later than 30 days after the public hearing. 2. The Commissioner shall not approve the application unless…

NRS 693A.460 Meeting and vote of policyholders; notice. 1. Unless the Commissioner for good cause establishes a different time, the converting mutual shall, not less than 45 days after the date of the initial determination of approval by the Commissioner, hold a meeting of its po…

NRS 693A.465 Abandonment of plan of conversion. A converting mutual may, by not less than a two-thirds vote of the members of its board of directors and with the approval of the Commissioner, abandon the plan of conversion at any time before the issuance of the certificate of aut…

NRS 693A.470 Issuance and notice of final order approving application; issuance and effect of certificate of authority. 1. The Commissioner shall: (a) Enter a final order approving the application to convert to a stock insurer within 10 days after receiving a valid certification …

NRS 693A.475 Authority of Commissioner to engage services of experts; payment of costs to review plan of conversion. In determining whether a plan of conversion meets the requirements of NRS 693A.400 to 693A.540, inclusive, or with regard to any other matters relating to the deve…

NRS 693A.480 Confidentiality and publication of pertinent information and documents. 1. Except as otherwise provided in subsection 2 and NRS 239.0115, all information and documents obtained by or disclosed to the Commissioner or any other person in the course of preparing, filing…

NRS 693A.485 Continuation of corporate existence of converting mutual. The corporate existence of a converting mutual pursuant to NRS 693A.400 to 693A.540, inclusive, does not terminate, and the new stock insurer shall be deemed to be a continuation of the converting mutual and t…

NRS 693A.490 Purchase of stock by directors, officers, employees, agents or trustees. The provisions of NRS 693A.400 to 693A.540, inclusive, do not prohibit the inclusion in the plan of conversion of provisions under which members of the board of directors, officers, employees or…

NRS 693A.495 Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of conversion. 1. No director, officer, employee or agent of the converting mutual, or any other person, may receive any fee, commission or other valuable consideration, othe…

NRS 693A.500 Offers to acquire and acquisition of voting securities of new stock insurer or institution that owns majority of voting securities of new stock insurer. 1. Except as otherwise specifically provided in the plan of conversion, before and for a period of 5 years after t…

NRS 693A.505 Unlawful acquisition of securities: Voting of securities prohibited; injunctive and other relief. 1. No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of NRS 693A.500 or of…

NRS 693A.510 Unlawful acquisition of securities: Seizure or sequestration of securities. In any case where a person has acquired or is proposing to acquire any voting securities in violation of NRS 693A.400 to 693A.540, inclusive, or any regulation or order of the Commissioner, t…

NRS 693A.515 Unlawful acquisition of securities: Imposition of administrative penalty for violation. A person who offers to acquire or acquires a security in violation of subsection 1 of NRS 693A.500 may be required by the Commissioner, after notice and hearing, to pay an adminis…

NRS 693A.520 Unlawful acquisition of securities: Imposition of administrative penalty against director, officer or agent. Any director or officer of a person, or an agent of the person, who knowingly violates or assents to or permits any officer or agent of the person to violate …

NRS 693A.525 Unlawful acquisition of securities: Orders by Commissioner. 1. If the Commissioner has reason to believe that any person or any director, officer, employee or agent of the person is engaged in any conduct in violation of NRS 693A.500, the Commissioner may order the p…

NRS 693A.530 Regulations and orders of Commissioner. The Commissioner may adopt such regulations and issue such orders as the Commissioner determines are necessary to carry out the provisions of NRS 693A.400 to 693A.540, inclusive. (Added to NRS by 2001, 2241)

NRS 693A.535 Judicial review of final order of Commissioner. Any person aggrieved by a final order of the Commissioner issued pursuant to NRS 693A.400 to 693A.540, inclusive, may petition for judicial review in the manner provided by chapter 233B of NRS. (Added to NRS by 2001, 22…

NRS 693A.540 Enforcement of provisions by Commissioner. Whenever it appears to the Commissioner that any person or any director, officer, employee or agent of the person has committed or is about to commit a violation of any provision of NRS 693A.400 to 693A.540, inclusive, or of…

NRS 693A.550 Definitions. As used in NRS 693A.550 to 693A.665, inclusive, unless the context otherwise requires, the words and terms defined in NRS 693A.555 to 693A.570, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2001, 2241)

NRS 693A.555 “Intermediate stock holding company” defined. “Intermediate stock holding company” means a holding company of which at least a majority of the voting securities are owned by a mutual insurance holding company and which directly owns all the voting securities of a reo…

NRS 693A.560 “Mutual insurance holding company” defined. “Mutual insurance holding company” means a holding company based on a mutual plan which at all times owns a majority of the voting securities of a single intermediate stock holding company or, if no such intermediate stock …

NRS 693A.565 “Reorganized stock insurer” defined. “Reorganized stock insurer” means a stock insurer subsidiary that results from a reorganization of a domestic mutual insurer pursuant to NRS 693A.550 to 693A.665, inclusive. (Added to NRS by 2001, 2241)

NRS 693A.570 “Voting securities” defined. “Voting securities” means securities of any class or any ownership interest having voting power for the election of directors, trustees or management, other than securities having voting power only because of the occurrence of a contingen…

NRS 693A.575 Procedure for reorganization. A domestic mutual insurer may, by complying with NRS 693A.550 to 693A.665, inclusive, and obtaining the approval of the Commissioner, reorganize by: 1. Merging the membership interests of its policyholders into: (a) A mutual insurance ho…

NRS 693A.580 Proposed plan of reorganization: Filing and contents; filing fee. A domestic mutual insurer shall file with the Commissioner for review and approval a proposed plan of reorganization that has been approved by a vote of not less than two-thirds of the members of the b…

NRS 693A.585 Public hearing on proposed plan. Unless the Commissioner, for good cause, extends the time, the Commissioner shall conduct a public hearing regarding a proposed plan of reorganization not later than 120 days after the date on which the completed proposed plan of reor…

NRS 693A.590 Action by Commissioner on proposed plan; notice and expiration of approval. 1. The Commissioner shall issue an order approving or disapproving a proposed plan of reorganization not later than 30 days after the public hearing required by NRS 693A.585. 2. The Commissio…

NRS 693A.595 Meeting and vote of policyholders; notice. 1. Within 45 days after the date of the Commissioner’s approval of a plan of reorganization pursuant to NRS 693A.590, unless extended by the Commissioner for good cause, the mutual insurer shall hold a meeting of its policyh…

NRS 693A.600 Abandonment of plan of reorganization. A mutual insurer may, by not less than a two-thirds vote of the members of its board of directors and with the approval of the Commissioner, abandon a plan of reorganization at any time before the issuance of the certificate of …

NRS 693A.605 Issuance and effect of certificate of authority. 1. The Commissioner shall issue a certificate of authority to a reorganized stock insurer when the mutual insurer files with the Commissioner a: (a) Certificate stating that all the conditions set forth in the plan of …

NRS 693A.610 Authority of Commissioner to engage services of experts; payment of costs to review plan of reorganization. In determining whether a plan of reorganization meets the requirements of the provisions of NRS 693A.550 to 693A.665, inclusive, or with regard to any other ma…

NRS 693A.615 Confidentiality and publication of pertinent information and documents. 1. Except as otherwise provided in subsection 2 and NRS 239.0115, all information and documents obtained by or disclosed to the Commissioner or any other person in the course of preparing, filing…

NRS 693A.620 Continuation of corporate existence of mutual insurer. The corporate existence of a mutual insurer reorganizing pursuant to NRS 693A.550 to 693A.665, inclusive, does not terminate, and the reorganized stock insurer shall be deemed to be a continuation of the mutual i…

NRS 693A.625 Issuance of initial shares of capital stock; identity and rights of policyholders; status, rights, duties and assets of holding company. 1. All the initial shares of the capital stock of a reorganized stock insurer must be issued to the mutual insurance holding compa…