Title 57

NRS 693A.650 Mutual insurance holding company: Production of records, books or other information and papers. The Commissioner may order the production of any records, books or other information and papers in the possession of a mutual insurance holding company or its affiliates a…

NRS 693A.655 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.550 to 693A.665, inclusive. (Added to NRS by 2001, 2247)

NRS 693A.660 Judicial review of final order of Commissioner. Any person aggrieved by a final order of the Commissioner issued pursuant to the provisions of NRS 693A.550 to 693A.665, inclusive, may petition for judicial review in the manner provided by chapter 233B of NRS. (Added …

NRS 693A.665 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.550 to 693A.665, inclusive, or of…

NRS 693B.010 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Acting Director” means an acting Director elected or appointed in accordance with this chapter. 2. “Acting officer” means an acting officer appointed in accordance with this chapter. 3. …

NRS 693B.020 Adoption of bylaws for emergency: Procedure; provisions; approval. 1. With the approval of the Commissioner, any domestic organization may at any time adopt, in the same manner as in the case of ordinary bylaws, emergency bylaws to become operative during a period of…

NRS 693B.030 Change of location of principal office; notice to Commissioner. Any domestic organization, without complying with any provision of law requiring approval, or application for approval, of a change of location of its principal office may from time to time change the lo…

NRS 693B.040 Board meetings: Call; notice. Notwithstanding any contrary provision of law or of its charter, if at any time during an acute emergency affecting any domestic organization, no person otherwise empowered to call meetings of its board is capable of acting, a meeting th…

NRS 693B.050 Emergency board of directors: Numbers; authorized action. If three or more directors or acting directors of any domestic organization are present at any meeting of its board duly convened during an acute emergency affecting such domestic organization, they shall cons…

NRS 693B.060 Emergency board of directors: Powers. The powers of an emergency board of directors shall include, but shall not be limited to, the following: 1. At any meeting to elect such acting directors as it may deem necessary, without regard to the number of directors which w…

NRS 693B.070 Commissioner required to be notified of meetings of emergency board of directors. As soon as practicable after each meeting of an emergency board of directors, the person who presided thereat shall notify the Commissioner in writing of the time and place of such meet…

NRS 693B.080 Acting directors: Qualifications; oaths not required. No person prohibited by law or by the charter of a domestic organization from serving as a member of its board shall be eligible to serve as an acting director except that no person shall be disqualified to serve …

NRS 693B.090 Acting directors: Powers; compensation. Acting directors elected pursuant to the provisions of NRS 693B.060, or appointed pursuant to the provisions of NRS 693B.110, shall be entitled to notice of and to vote at all meetings of an emergency board of directors equally…

NRS 693B.100 Acting officers: Powers, duties and compensation. Acting officers elected pursuant to NRS 693B.060 shall have such powers and duties and receive such compensation as may from time to time be determined by the board or emergency board of directors. Each acting officer…

NRS 693B.110 Designation of acting directors by Commissioner. If, at any time during an acute emergency, the number of directors or acting directors of a domestic organization who are capable of acting is less than three, the Commissioner may designate additional acting directors…

NRS 693B.120 Commissioner authorized to resolve controversy concerning actions of emergency board of directors. To resolve controversy as to the power of any group of persons purporting to act as an emergency board of directors so to act, the Commissioner may, upon a determinatio…

NRS 693B.130 Commissioner authorized to declare certain provisions of law operative and inoperative; powers of companies, officers and directors. 1. At any time after an attack, upon determination by the Commissioner that such action will tend to promote certainty as to the power…

NRS 693B.140 Commissioner authorized to take possession of business and property of organizations. Upon the Commissioner’s determination that, as a result of an acute emergency, the business and affairs of an organization cannot otherwise be conducted in a safe and sound manner, …

NRS 693B.150 Commissioner authorized to exercise powers only if court not available to make necessary orders; regulations, directives and orders of Commissioner. 1. The powers given the Commissioner by NRS 693B.120 and 693B.140 shall be exercised by the Commissioner only if there…

NRS 693B.160 Presumption of acute emergency; powers of board or emergency board of directors. 1. In any action or proceeding it shall be presumed that an acute emergency existing within any city or county within the state constitutes an acute emergency affecting every organizatio…

NRS 693B.170 Effect of chapter on organization’s power and on foreign and alien companies. Nothing in this chapter shall be construed to limit the powers of any organization, or to permit or require any organization which is not domiciled in this state, or any branch, office or a…

NRS 694A.010 “Equity security” defined. The term “equity security” when used in this chapter means: 1. Any stock or similar security; 2. Any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase suc…

NRS 694A.020 Beneficial owner, director or officer required to file statements concerning equity securities with Commissioner. Every person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security of a domestic stock insurer, …

NRS 694A.030 Profits realized from certain transactions recoverable by insurer; actions, limitations and exceptions. 1. For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason of his or her r…

NRS 694A.040 Unlawful sales of equity securities. It is unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of such insurer if the person selling the security or the principal of the person: 1. Does not own the security…

NRS 694A.050 Investment accounts and transactions. 1. The provisions of NRS 694A.030 do not apply to any purchase and sale, or sale and purchase, and the provisions of NRS 694A.040 do not apply to any sale, of an equity security of a domestic stock insurer not then or theretofore…

NRS 694A.060 Foreign or domestic arbitrage transactions. The provisions of NRS 694A.020, 694A.030 and 694A.040 do not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the Commissioner may adopt in order to carry out…

NRS 694A.070 Inapplicability of provisions to stock insurers. The provisions of NRS 694A.020, 694A.030 and 694A.040 do not apply to equity securities of a domestic stock insurer if: 1. Such securities are registered, or are required to be registered, pursuant to section 12 of the…

NRS 694A.080 Regulations; classification of insurers and securities; acts done or omitted in good faith. 1. The Commissioner shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in the Commissioner by NRS 694A.010 t…

NRS 694B.010 “Reciprocal” insurance defined. As used in this Code, “reciprocal” insurance is that resulting from an interchange among persons, known as “subscribers,” of reciprocal agreements of indemnity, the interchange being effectuated through an attorney-in-fact common to al…

NRS 694B.020 Scope. 1. All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocals. 2. After January 1, 1972, existing authorized reciprocal insurers shall comply with the provisions of this chapter,…

NRS 694B.030 Powers of reciprocal insurers. 1. A reciprocal insurer may, upon qualifying therefor as provided for by this Code, transact any kind or kinds of insurance defined by this Code other than life or title insurances. 2. Such an insurer may purchase reinsurance upon the r…

NRS 694B.035 Reciprocal insurer authorized to affect title to real property for purposes of insurer. A reciprocal insurer may purchase, sell, mortgage, encumber, lease or otherwise affect the title to real property for the purposes and objects of the reciprocal insurer. All deeds…

NRS 694B.040 Name; suits. A reciprocal insurer shall: 1. Have and use a business name. The name shall include the word “reciprocal,” or “interinsurer,” or “interinsurance,” or “exchange,” or “underwriters,” or “underwriting,” or “association.” 2. Sue and be sued in its own name. …

NRS 694B.050 Attorney. 1. “Attorney,” as used in this chapter, refers to the attorney-in-fact of a reciprocal insurer. The attorney may be an individual, firm or corporation. 2. The attorney of a foreign reciprocal insurer, which insurer is duly authorized to transact insurance i…

NRS 694B.060 Organization of reciprocal insurer. 1. Twenty-five or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the Commissioner for a certificate of authority to transact insurance. 2. The proposed attorney shall fulfill…

NRS 694B.070 Certificate of authority; disciplinary action for noncompliance. 1. The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer. 2. The Commissioner may refuse, suspend or revoke the certificate of authority, in add…

NRS 694B.080 Power of attorney. 1. The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers. 2. The power of attorney must set forth: (a) The powers of the attorney; (b) If a domestic insurer, that the…

NRS 694B.090 Modifications. Modifications of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers’ advisory committee. No such modification shall be effective retroactively, …

NRS 694B.100 Attorney’s bond. 1. Concurrently with the filing of the declaration provided for in NRS 694B.060, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach…

NRS 694B.110 Deposit in lieu of bond. In lieu of the bond required under NRS 694B.100, the attorney may maintain on deposit through the Commissioner, a like amount in cash or in market value of United States Government bonds, subject to the same conditions as the bond. (Added to …

NRS 694B.120 Action on bond. An action on the attorney’s bond or to recover against any such deposit made in lieu thereof may be brought by one or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recover…

NRS 694B.130 Service of process; judgment. 1. Legal process shall be served upon a domestic reciprocal insurer by serving the insurer’s attorney at his or her principal offices or by serving the Commissioner as the insurer’s process agent under NRS 680A.250 and 680A.260. 2. Any j…

NRS 694B.135 Unearned premium reserve. 1. Except as otherwise provided in subsection 2, a reciprocal insurer shall at all times maintain an unearned premium reserve equal to not less than 50 percent of the net written premiums of the subscribers on policies that have 1 year or le…

NRS 694B.140 Contributions to insurer. 1. The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms such funds as it may require from time to time in its operations. Sums so advanced shall not be treated as a liability of the insurer, and, e…

NRS 694B.150 Financial condition: Method of determining. In determining the financial condition of a reciprocal insurer the Commissioner shall apply the following rules: 1. The Commissioner shall charge as liabilities the same reserves as are required of incorporated insurers iss…