reglab/housing_qa huggingface dataset:
NV Rev Stat § 693A.440 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 must be approved by a vote of not less than two-thirds of the members of the board.  2. The plan of conversion must:  (a) Require the distribution of consideration equal to not less than the fair market value of the surplus of the converting mutual to the eligible members in exchange for the extinguishment of their membership interests in the converting mutual.  (b) Describe the manner in which the fair market value of the converting mutual and its surplus has been or will be determined.  (c) Require the distribution of consideration to the eligible members upon extinguishment of their membership interests in the converting mutual.  (d) Provide that membership interests in the converting mutual are extinguished as of the effective date of conversion.  (e) Specify the structure and form of the proposed consideration, including, without limitation, the projected range of the number of shares of capital stock to be:  (1) Issued to policyholders by the new stock insurer or the holding company of the new stock insurer; and   (2) Sold or reserved for sale to investors by the new stock insurer or the holding company of the new stock insurer, or to the trust established pursuant to this section.  (f) If the distribution of consideration will not be made immediately following the final order of the Commissioner approving the conversion, provide for the establishment of a trust for the exclusive benefit of policyholders into which shares of the capital stock of the new stock insurer or the holding company of the new stock insurer must be placed pending distribution to the policyholders. The terms of the trust are subject to the approval of the Commissioner. Such a trust may exist only for a period of 6 months after the final approval of the conversion, during which time the distribution of consideration to eligible policyholders and other persons must be completed.  (g) Provide for the determination of the reasonable dividend expectations of eligible members and other policyholders of policies that provide for distribution of policy dividends and the preservation of such expectations through the establishment of a closed block of assets.  (h) Provide for such other proposed conditions and provisions as the board of directors of the converting mutual determines are necessary and are not inconsistent with the provisions of NRS 693A.400 to 693A.540, inclusive.  (Added to NRS by 2001, 2232)
NV Rev Stat § 693A.450 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 at the public hearing. The Commissioner may continue the hearing for a reasonable period, not to exceed 60 days. The converting mutual shall give such reasonable notice of the hearing as the Commissioner requires. The hearing must be conducted pursuant to NRS 679B.320 to 679B.370, inclusive.  (Added to NRS by 2001, 2235)
NV Rev Stat § 693A.455 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 the Commissioner finds that the:  (a) Plan of conversion is fair and equitable to the policyholders;  (b) Plan of conversion does not deprive the policyholders of their property rights or due process of law;  (c) New stock insurer meets the minimum requirements for a certificate of authority to transact the business of insurance in this state; and   (d) Continued operation of the new stock insurer is not hazardous to future policyholders and the public.  3. For the purposes of this section, the Commissioner may consider any relevant factor, including, without limitation:  (a) The capital requirements of the new stock insurer;  (b) Whether a sufficient portion of the surplus of the converting mutual was contributed by persons or entities whose policies or contracts were not in force on the date on which the plan of conversion was initially approved by the board of directors of the converting mutual to require the reduction of the consideration to policyholders to an amount equal to less than the surplus;  (c) Whether the plan of conversion includes preemptive rights for policyholders to purchase securities offered in the initial sale of securities by the new stock insurer;  (d) Whether the plan of conversion includes establishment of a preference account from which the payment of any shareholder dividends, including a regular, special or liquidation dividend, would be prohibited for such a reasonable period as the Commissioner may require;  (e) The suitability of the trustees of any trust created to effect the conversion; and  (f) Whether the utilization of a trust, if included in the plan of conversion, has a material adverse effect on policyholders, other than delaying the receipt of shares of capital stock.  4. If the Commissioner makes a determination to disapprove the application, the Commissioner shall issue a final order setting forth specific findings for the disapproval.  (Added to NRS by 2001, 2235)
NV Rev Stat § 693A.460 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 policyholders at a reasonable time and place to vote upon the plan of conversion.  2. The converting mutual shall give notice not less than 30 days before the meeting, by first-class mail to the last known address of each policyholder, that the plan of conversion will be voted upon at a regular or special meeting of the policyholders. The notice must include, without limitation, a:  (a) Brief description of the plan of conversion;  (b) Statement that the Commissioner has initially approved the plan of conversion; and  (c) Written proxy permitting the policyholder to vote for or against the plan of conversion.  3. The Commissioner shall supervise and direct the conducting of the vote on the plan of conversion as necessary to ensure that the vote is fair and consistent with the requirements of this section. Each policyholder is entitled to only one vote regardless of the number of policies owned by the policyholder.  4. A plan of conversion is approved only if not less than two-thirds of the policyholders voting in person or by proxy at the meeting vote in favor of the plan of conversion.  5. For the purposes of notice and voting, the policyholder of a policy of group insurance is the entity to which the group policy is issued and not any person covered under the group policy.  (Added to NRS by 2001, 2235)
NV Rev Stat § 693A.465 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 authority by the Commissioner pursuant to NRS 693A.470. Upon abandonment, all rights and obligations arising out of the plan of conversion terminate and the converting mutual shall continue to conduct its business as a domestic mutual insurer or a mutual insurance holding company as though no plan of conversion had ever been adopted.  (Added to NRS by 2001, 2236)
NV Rev Stat § 693A.470 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 from the converting mutual setting forth the vote and certifying that the plan of conversion was approved by not less than two-thirds of the policyholders voting in person or by proxy on the plan of conversion; and  (b) Publish notification of the issuance of the final order in a newspaper of general circulation in Carson City and in the county of domicile of the converting mutual if different from Carson City.  2. Except as otherwise provided in NRS 693A.465, the Commissioner shall issue a certificate of authority to the new stock insurer when the converting mutual files a certificate with the Commissioner stating that all the conditions set forth in the plan of conversion have been satisfied.  3. The conversion is effective upon the issuance of the certificate of authority by the Commissioner.  4. Upon issuance of the certificate of authority, the articles of incorporation of the insurer shall be deemed to be amended in compliance with NRS 692B.030.  (Added to NRS by 2001, 2236)
NV Rev Stat § 693A.475 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 development of a plan of conversion, the Commissioner may engage the services of experts. All reasonable costs related to the review of a plan of conversion or such other matters, including those costs attributable to the use of experts, must be paid by the converting mutual filing the application or initiating discussions with the Commissioner about such matters.  (Added to NRS by 2001, 2237)
NV Rev Stat § 693A.480 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 and processing an application of a converting mutual, other than information and documents distributed to policyholders in connection with the meeting of policyholders pursuant to NRS 693A.460 or filed or submitted as evidence in connection with the public hearing pursuant to NRS 693A.450, are confidential and not subject to subpoena, and must not be made public by the Commissioner, the National Association of Insurance Commissioners or any other person, except to insurance departments of other states, without the prior written consent of the insurer to which such information and documents pertain.  2. If the Commissioner, after giving the insurer and its affiliates who would be affected notice and opportunity to be heard, determines that the interests of policyholders, shareholders or the public will be best served by the publication of such information and documents, the Commissioner may publish all or any part thereof in such a manner as the Commissioner determines appropriate.  (Added to NRS by 2001, 2237; A 2007, 2160)
NV Rev Stat § 693A.485 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 to have been organized on the date the converting mutual was originally organized.  (Added to NRS by 2001, 2237)
NV Rev Stat § 693A.490 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 agents of the new stock insurer, and persons acting as trustees of employee stock ownership plans or other employee benefit plans may be entitled to purchase for cash capital stock of the new stock insurer at the same price initially issued by the new stock insurer under the plan of conversion, except that no such purchase may be made while any shares of capital stock are held in a trust established pursuant to the plan of conversion.  (Added to NRS by 2001, 2237)
NV Rev Stat § 693A.495 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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, other than his or her usual regular salary and compensation, for aiding, promoting or assisting in a plan of conversion except as set forth in the plan of conversion approved by the Commissioner.  2. Subsection 1 does not prohibit a management or employee incentive compensation program that is contained in the plan of conversion and approved by the Commissioner to be adopted upon conversion to the new stock insurer or prohibit such a program to be adopted later by the new stock insurer.  3. Subsection 1 does not prohibit the payment of reasonable fees and compensation to attorneys, accountants, actuaries and investment bankers for services performed in the independent practice of their professions if the person is also a member of the board of directors of the converting mutual.  (Added to NRS by 2001, 2238; A 2003, 3330)
NV Rev Stat § 693A.505 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 any regulation or order of the Commissioner may be voted at any shareholders’ meeting or may be counted for quorum purposes, and any action of the shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding, but no action taken at any such meeting may be invalidated by the voting of such securities unless:  (a) The action would materially affect control of the new stock insurer or an institution that owns a majority of the voting securities of the new stock insurer; or  (b) A court of competent jurisdiction has so ordered.  2. If a new stock insurer or the Commissioner has reason to believe that any security of the new stock insurer or an institution that owns a majority of the voting securities of the new stock insurer has been or is about to be acquired in contravention of NRS 693A.400 to 693A.540, inclusive, or of any regulation or order of the Commissioner, the new stock insurer or the Commissioner may apply to the First Judicial District Court in and for Carson City for an order to enjoin any offer or acquisition made in contravention of NRS 693A.500 or any regulation or order of the Commissioner to enjoin the voting of any security so acquired, to void any vote of such a security already cast at any shareholders’ meeting, and for such other equitable relief as the nature of the case and the interest of the policyholders, creditors and shareholders of the new stock insurer, or the public, may require.  (Added to NRS by 2001, 2239)
NV Rev Stat § 693A.510 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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, the First Judicial District Court in and for Carson City may, upon the application of the Commissioner or the new stock insurer, and on such notice as the court determines appropriate, seize or sequester any voting securities of the new stock insurer or an institution that owns a majority of the voting securities of the new stock insurer owned directly or indirectly by such a person and issue any order with respect thereto as the court determines appropriate to effectuate the provisions of NRS 693A.400 to 693A.540, inclusive. Notwithstanding any other provision of law, for the purposes of NRS 693A.400 to 693A.540, inclusive, the situs of the ownership of such securities shall be deemed to be in this state.  (Added to NRS by 2001, 2240)
NV Rev Stat § 693A.515 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 administrative penalty of $100 for each day that the person remains in violation, except that the aggregate penalty pursuant to this section may not exceed $10,000.  (Added to NRS by 2001, 2240)
NV Rev Stat § 693A.520 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 the requirements of NRS 693A.500 may be required by the Commissioner, after notice and hearing, to pay, in his or her individual capacity, an administrative penalty of not more than $5,000 per violation. In determining the amount of the penalty, the Commissioner shall take into account the appropriateness of the penalty with respect to the gravity of the violation, the history of previous violations, and such other matters as the Commissioner determines are required in the interest of justice.  (Added to NRS by 2001, 2240)
NV Rev Stat § 693A.525 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 person to cease and desist immediately from engaging in any further such conduct. The order is permanent unless the person, not later than 20 days after receipt of the order, files a written request for a hearing with the Commissioner.  2. If, after a hearing pursuant to subsection 1, the Commissioner determines that such action is in the best interest of the policyholders, the creditors or the public, the Commissioner may also order the person to void any contract entered into in violation of NRS 693A.500.  3. An order of the Commissioner pursuant to this section is a final decision in a contested case for the purpose of judicial review pursuant to chapter 233B of NRS.  (Added to NRS by 2001, 2240)
NV Rev Stat § 693A.530 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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)
NV Rev Stat § 693A.535 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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, 2237)
NV Rev Stat § 693A.540 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 any regulation or order of the Commissioner relating thereto, the Commissioner may apply to the First Judicial District Court in and for Carson City for an order enjoining the person, director, officer, employee or agent from violating or continuing to violate any provision of NRS 693A.400 to 693A.540, inclusive, or any such regulation or order, and for such other equitable relief as the nature of the case and the interest of the policyholders, creditors and shareholders of the insurer, or the public, may require.  (Added to NRS by 2001, 2237)
NV Rev Stat § 693A.550 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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)
NV Rev Stat § 693A.555 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 reorganized stock insurer.  (Added to NRS by 2001, 2241)
NV Rev Stat § 693A.560 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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 holding company exists, which owns a majority of the voting securities of a reorganized stock insurer.  (Added to NRS by 2001, 2241)
NV Rev Stat § 693A.565 (2021)
2021 Nevada Revised Statutes|Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers|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)