reglab/housing_qa huggingface dataset:
NV Rev Stat § 693A.270 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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, or by amendment of the insurer’s certificate of authority to cover only such kind or kinds of insurance thereafter for which the insurer has sufficient paid-in capital stock and surplus (if a stock insurer) or surplus (if a mutual insurer) under this Code, or, if a stock insurer, by reduction of its capital stock to an amount of authorized and unimpaired paid-in capital stock not below the minimum thereof required for the kinds of insurance thereafter to be transacted.  2. If the deficiency is not made good and proof thereof filed with the Commissioner within the period required under NRS 693A.260, the insurer shall be deemed insolvent and the Commissioner shall institute delinquency proceedings against it under chapter 696B of NRS.  (Added to NRS by 1971, 1809)
NV Rev Stat § 693A.280 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|NRS 693A.280 - Impairment of capital, surplus or assets: Violation of restrictions; 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 requirement placed upon the insurer and its operation by the Commissioner pursuant to NRS 693A.260, he or she shall be punished by a fine of not less than $500 nor more than $5,000 for each offense.  (Added to NRS by 1971, 1809)
NV Rev Stat § 693A.290 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 mutualization unless:  (a) It is equitable to stockholders and policyholders;  (b) It is subject to approval by the holders of not less than two-thirds of the insurer’s outstanding capital stock having voting rights, and by not less than two-thirds of the insurer’s policyholders who vote on the plan in person, by proxy or by mail pursuant to such notice and procedure as may be approved by the Commissioner;  (c) If a life insurer, the right to vote thereon is limited to holders of policies other than term or group policies, whose policies have been in force for more than 1 year;  (d) Mutualization will result in retirement of shares of the insurer’s capital stock at a price not in excess of the fair market value thereof as determined under a fair and reasonable formula approved by the Commissioner or, if so ordered, by an examination of the insurer and all of its controlled affiliates or by an appraisal committee, consisting of at least three qualified persons, to be appointed by the Commissioner;  (e) The plan provides for the purchase of the shares of any nonconsenting stockholder in the same manner and subject to the same applicable conditions as provided by the general corporation law of the state as to rights of nonconsenting stockholders, with respect to consolidation or merger of private corporations;  (f) The plan provides for definite conditions to be fulfilled by a designated early date upon which such mutualization will become effective; and  (g) The mutualization leaves the insurer with a surplus reasonably adequate for the security of its policyholders and to enable it to continue successfully in business in the states in which it is then authorized to transact insurance, and for the kinds of insurance included in its certificates of authority in such states.  3. No director, officer, agent or employee of the insurer, or any other person, may receive any fee, commission or other valuable consideration whatsoever, other than his or her customary salary or other regular compensation, for in any manner aiding, promoting or assisting in the mutualization, except as set forth in the plan of mutualization as approved by the Commissioner.  4. This section does not apply to mutualization under an order of court pursuant to rehabilitation or reorganization of an insurer under chapter 696B of NRS.  (Added to NRS by 1971, 1809; A 2001, 2247)
NV Rev Stat § 693A.300 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 corporation.  (b) The insurer must bulk reinsure all of its insurance in force, if any, with another authorized insurer under a bulk reinsurance agreement approved by the Commissioner as provided in NRS 693A.370. The agreement of bulk reinsurance may be made contingent upon approval of the stockholders as provided in paragraph (d).  (c) The insurer must set aside in a special reserve funds in such amount and subject to such administration as may be found by the Commissioner to be adequate and reasonable for the purpose, for payment of all obligations, if any, of the insurer incurred by it under its insurance contracts prior to the effective date of such bulk reinsurance, and remaining unpaid, or make other reasonable disposition satisfactory to the Commissioner for such payment.  (d) The proposed conversion must be approved by an affirmative vote of not less than two-thirds of each class of the outstanding securities of the insurer having voting rights, at a special meeting of holders of such securities called for the purpose, and at such meeting and by a like vote the articles of incorporation of the corporation must be amended to remove therefrom the power to transact an insurance business as an insurer and to provide for such new powers and purposes as may be consistent with the purposes for which the corporation is thereafter to exist.  (e) Security holders of the corporation who dissent from such proposed conversion shall have the same applicable rights as exist under the general corporation laws of this state with respect to a dissent from a proposed merger of the corporation.  (f) Upon compliance with paragraphs (a) to (d), inclusive, and upon filing of the amendment of the articles of incorporation as required by law, the conversion shall thereupon become effective.  2. An insurer which has once converted to an ordinary business corporation shall not have the power thereafter to convert to an insurer.  (Added to NRS by 1971, 1810)
NV Rev Stat § 693A.310 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 submitted the plan for such acquisition and exchange to the Commissioner and the Commissioner has approved the same.  2. The Commissioner shall not so approve unless the Commissioner finds the plan for such acquisition and the terms and conditions thereof to be fair and equitable to all parties concerned therein, after a hearing at which all persons to whom it is proposed to issue securities in such exchange shall have the right to appear.  3. Notice and conduct of such hearing shall be as provided in NRS 679B.310 to 679B.370, inclusive.  (Added to NRS by 1971, 1811)
NV Rev Stat § 693A.330 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 the merger or consolidation of stock corporations formed for profit. A domestic stock insurer shall not merge or consolidate with any corporation not formed for the purpose of transacting insurance as an insurer.  2. No such merger or consolidation shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with the Commissioner and approved in writing by the Commissioner after a hearing thereon after notice to the stockholders of each insurer involved. The Commissioner shall give such approval within a reasonable time after such filing unless the Commissioner finds such plan or agreement:  (a) Is contrary to law;  (b) Unfair or inequitable to the stockholders of any insurer involved;  (c) Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this state or elsewhere;  (d) Would materially tend to lessen competition in the insurance business in this state or elsewhere as to the kinds of insurance involved, or would materially tend to create a monopoly as to such business; or  (e) Is subject to other material and reasonable objections.  3. No director, officer, agent or employee of any insurer party to such merger or consolidation shall receive any fee, commission, special compensation or other valuable consideration whatsoever for in any manner aiding, promoting or assisting therein except as set forth in such plan or agreement.  4. If the Commissioner does not approve any such plan or agreement, the Commissioner shall so notify the insurer in writing specifying the reasons therefor.  (Added to NRS by 1971, 1812)
NV Rev Stat § 693A.340 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|NRS 693A.340 - Preservation of old 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 Nevada corporation shall for all purposes be deemed to be a continuation of the corporate existence of the foreign corporation, with Nevada as the adoptive state of domicile and with date of corporate origin the same as the original date of incorporation of the foreign insurer in its original domiciliary state or country, subject to the following conditions:  (a) The plan and agreement for merger or consolidation shall provide for such continuation of corporate existence through designation of Nevada as the state of domicile of the foreign corporation by adoption, and shall specify the original date of incorporation of the foreign corporation in its original domiciliary state or country as being the date of incorporation of the Nevada corporation pursuant to this section.  (b) The articles of incorporation of the Nevada corporation shall provide, or be amended to provide, that the corporation is a continuance of the corporate existence, through adoption of the State of Nevada as the corporate domicile, of the foreign corporation, and shall specify the original date of incorporation of the foreign corporation in its original domiciliary state or country as being the date of incorporation of the Nevada corporation pursuant to this section.  2. The continuing Nevada corporation shall have all the rights and obligations of, and be given recognition in all respects as, a corporation formed under the laws of this state as of the date of incorporation of the foreign corporation in its original domiciliary state or country. This provision shall not be deemed to impose upon the continuing Nevada corporation any liability or obligation with respect to filings, fees, taxes or otherwise which might have accrued prior to the effective date of the merger or consolidation.  3. This section shall not be deemed in any manner to preserve, after the effective date of such merger or consolidation, the corporate existence of such foreign corporation as a corporation of its original domiciliary state or country.  (Added to NRS by 1971, 1812)
NV Rev Stat § 693A.350 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 procedures prescribed by the laws of this State governing ordinary business corporations.  3. If the insurer is then unimpaired, the plan and agreement for merger or consolidation must be submitted to and approved by at least two-thirds of the members of each mutual insurer voting thereon at meetings called for the purpose pursuant to reasonable notice and procedure. The plan and agreement may provide for giving that notice to members by publishing the notice once a week for 2 successive weeks in any two of the four cities of greatest population in each state in which the insurer is authorized, or by depositing the notice in the United States mail, postage prepaid, addressed to the member at his or her address last of record with the insurer, or by personal delivery. For a life insurer, the right to vote may be limited to members whose policies are other than term and group policies, and have been in effect for more than 1 year.  4. No such merger or consolidation may be effectuated unless in advance thereof the plan and agreement therefor have been filed with the Commissioner and approved by the Commissioner in writing. If the insurer is not then impaired the Commissioner shall not act upon the plan and agreement until after a hearing thereon. The Commissioner shall give approval within a reasonable time after the filing unless the Commissioner finds the plan or agreement:  (a) Inequitable to the policyholders of any domestic insurer involved;  (b) Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this State and elsewhere;  (c) Would materially tend to lessen competition in the insurance business in this State or elsewhere as to the kinds of insurance involved, or would materially tend to create any monopoly as to that business; or  (d) Is subject to other material and reasonable objections.  5. If the Commissioner does not approve the plan or agreement the Commissioner shall so notify the insurers in writing specifying the reasons therefor.  6. No director, officer, agent or employee of any insurer party to such merger or consolidation, or any other person, shall receive any fee, commission or other special valuable consideration whatsoever for in any manner aiding, promoting or assisting therein except as set forth in the plan and agreement approved by the Commissioner.  (Added to NRS by 1971, 1813; A 1979, 557)
NV Rev Stat § 693A.365 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 that it otherwise is permitted to assume, except if the reinsurance is required by law or regulation.  2. The provisions of this section are applicable to a contract of reinsurance executed or renewed on or after October 1, 1991.  3. The provisions of this section do not invalidate any reinsurance contract between the parties to the contract.  (Added to NRS by 1991, 2034)
NV Rev Stat § 693A.380 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 certificates under oath of a principal officer of each insurer involved, as to fees, commissions and other valuable considerations paid or to be paid to any person directly or indirectly in connection with the agreement or the proposed bulk reinsurance. This subsection does not apply to fees of attorneys, accountants, actuaries and other independently contracting persons rendering similar technical services in connection with the bulk reinsurance, or to regular salaried compensation received or to be received by employees in the ordinary course of business.  2. No director or officer of any insurer party to such bulk reinsurance shall, except as fully expressed in the bulk reinsurance agreement, receive any fee, commission or other special or valuable consideration whatever, directly or indirectly, for in any manner aiding, promoting or assisting in the negotiation or effectuation of such reinsurance.  3. Any person violating the provisions of subsection 2 is guilty of a gross misdemeanor.  (Added to NRS by 1971, 1817)
NV Rev Stat § 693A.390 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 distributed to currently existing persons who had been members of the insurer for at least 1 year and who were its members at any time within 36 months next preceding the date such liquidation was authorized or ordered, or the date of the last termination of the insurer’s certificate of authority whichever date is the earlier; but if the Commissioner has reason to believe that those in charge of the management of the insurer have caused or encouraged the reduction of the number of members of the insurer in anticipation of liquidation and for the purpose of reducing thereby the number of persons who may be entitled to share in the distribution of the insurer’s assets, the Commissioner may enlarge the 36-month qualification period as the Commissioner may deem to be reasonable.  2. The insurer shall make a reasonable classification of its policies so held by such members, and a formula based upon such classification for determining the equitable distributive share of each such member. Such classification and formula shall be subject to the approval of the Commissioner.  (Added to NRS by 1971, 1817)
NV Rev Stat § 693A.400 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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)
NV Rev Stat § 693A.405 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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)
NV Rev Stat § 693A.410 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|NRS 693A.410 - "Consideration" defined.

Consideration means cash, stock or other valuable compensation approved by the Commissioner.  (Added to NRS by 2001, 2232)
NV Rev Stat § 693A.415 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 by 2001, 2232)
NV Rev Stat § 693A.420 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 of incorporation.  (Added to NRS by 2001, 2232)
NV Rev Stat § 693A.425 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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)
NV Rev Stat § 693A.430 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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)
NV Rev Stat § 693A.435 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 the Commissioner.  (Added to NRS by 2001, 2232)