reglab/housing_qa huggingface dataset:
NV Rev Stat § 692B.260 (2021)
2021 Nevada Revised Statutes|Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies|NRS 692B.260 - Subsequent financing: Solicitation permit required; penalty.

  1. No person referred to in NRS 692B.040 (solicitation permit required), after receiving a certificate of authority, if an insurer, or after completing its original organization and financing, if other than an insurer, shall in this state solicit or receive funds in exchange for or grant options with respect to its securities until it has applied to the Commissioner for, and has been granted, a solicitation permit. This section is subject to the same exemptions as are provided by NRS 692B.060 (exemptions).  2. The Commissioner shall issue such a permit unless the Commissioner finds that:  (a) The funds proposed to be secured are inadequate or excessive in amount for the purposes intended;  (b) The proposed securities or the manner of their distribution would be unfair or inequitable to existing or proposed security holders or policyholders of the issuer; or  (c) Other reasonable objections exist as to the proposed financing.  3. Any such permit granted by the Commissioner shall be for such duration, and shall contain such terms and be issued upon such conditions, as the Commissioner may reasonably require for the protection of existing or proposed investors. In the Commissioner’s discretion escrow of funds, or a bond or deposit in lieu thereof, need not be required, and other terms and conditions of the permit may be substantially the same as or materially different from requirements made under this chapter as to solicitation permits for initial financing; but no such permit shall allow sales or promotion expense, for the sale of the securities in excess of the amount reasonably required therefor, and in no event to exceed 15 percent of the proceeds of such sales if and as such funds are actually received.  4. Every person who violates the provisions of subsection 1 is subject to the same penalties prescribed by NRS 692B.040 (solicitation permit required; penalty).  (Added to NRS by 1971, 1797)
NV Rev Stat § 692C.010 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.010 - Short title.

This chapter may be cited as the Insurance Holding Company Law.  (Added to NRS by 1973, 1037)
NV Rev Stat § 692C.020 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.020 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 692C.025 to 692C.110, inclusive, have the meanings ascribed to them in those sections.  (Added to NRS by 1973, 1037; A 2003, 3322; 2013, 3359; 2015, 3491)
NV Rev Stat § 692C.025 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.025 - "Acquisition" defined.

Acquisition means any agreement, arrangement or activity, the consummation of which results in a person directly or indirectly acquiring the control of another person. The term includes, but is not limited to:  1. The acquiring of a voting security;  2. The acquiring of any asset;  3. Bulk reinsurance; and  4. A merger.  (Added to NRS by 2003, 3318)
NV Rev Stat § 692C.030 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.030 - "Affiliate" defined.

Affiliate means a person who directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with another designated person.  (Added to NRS by 1973, 1037)
NV Rev Stat § 692C.040 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.040 - "Commissioner" defined.

Commissioner means the Commissioner of Insurance, the deputies of the Commissioner, or the Division, as appropriate.  (Added to NRS by 1973, 1037; A 1991, 1633)
NV Rev Stat § 692C.050 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.050 - "Control" defined.

  1. "Control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services or otherwise, unless the power is the result of an official position with or corporate office held by the person.  2. Control shall be presumed to exist if any person directly or indirectly owns, controls, holds with the power to vote or holds proxies representing 10 percent or more of the voting securities of any other person. This presumption may be rebutted by a showing made in the manner provided by NRS 692C.330 that control does not exist in fact.  3. The Commissioner may determine, after furnishing all persons in interest notice and opportunity to be heard and making specific findings of fact to support such determination, that control exists in fact, notwithstanding the absence of a presumption to that effect.  (Added to NRS by 1973, 1038, 1039)
NV Rev Stat § 692C.055 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.055 - "Enterprise risk" defined.

Enterprise risk means any activity, circumstance, event or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect on the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including, without limitation, any activity, circumstance, event or series of events that may cause:  1. The risk-based capital of the insurer to fall below the minimum amount of risk-based capital required by regulations adopted pursuant to NRS 681B.290; or  2. The insurer to be in a hazardous financial condition as set forth in regulations adopted pursuant to NRS 680A.205.  (Added to NRS by 2013, 3357)
NV Rev Stat § 692C.057 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.057 - "Insurance group" defined.

Insurance group means, for the purpose of conducting an ORSA or submitting a corporate governance annual disclosure, those insurers and affiliates included within an insurance holding company system.  (Added to NRS by 2015, 3486; A 2017, 72)
NV Rev Stat § 692C.060 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.060 - "Insurance holding company system" defined.

Insurance holding company system means a combination of two or more affiliated persons, one or more of which is an insurer. The term does not include a domestic insurer or domestic holding company system authorized and doing business solely in this State which is not affiliated with a foreign or alien insurer.  (Added to NRS by 1973, 1038; A 2017, 72)
NV Rev Stat § 692C.070 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.070 - "Insurer" defined.

Insurer has the meaning ascribed in NRS 679A.100. It does not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or any state or political subdivision of a state.  (Added to NRS by 1973, 1038)
NV Rev Stat § 692C.075 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.075 - "Involved insurer" defined.

Involved insurer includes an insurer that:  1. Acquires a person or is acquired by a person;  2. Is affiliated with an insurer that acquires a person or is acquired by a person; or  3. Is the result of a merger.  (Added to NRS by 2003, 3318)
NV Rev Stat § 692C.076 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.076 - "NAIC" defined.

NAIC means the National Association of Insurance Commissioners.  (Added to NRS by 2015, 3486)
NV Rev Stat § 692C.077 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.077 - "ORSA Guidance Manual" defined.

ORSA Guidance Manual means the current version of the NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual developed and adopted by the NAIC, as amended. A change in the ORSA Guidance Manual is effective on the first day of January following the calendar year in which the changes were adopted by the NAIC.  (Added to NRS by 2015, 3486)
NV Rev Stat § 692C.078 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.078 - "ORSA Summary Report" defined.

ORSA Summary Report means a confidential high-level summary of an ORSA.  (Added to NRS by 2015, 3486)
NV Rev Stat § 692C.079 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.079 - "Own Risk and Solvency Assessment" and "ORSA" defined.

Own Risk and Solvency Assessment or "ORSA" means a confidential internal assessment, appropriate to the nature, scale and complexity of an insurer or insurance group, conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group’s current business plan, and the sufficiency of capital resources to support those risks.  (Added to NRS by 2015, 3486)
NV Rev Stat § 692C.080 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.080 - "Person" defined.

Person includes an individual, corporation, limited-liability company, partnership, association, joint stock company, trust, unincorporated organization or any similar entity, or any combination thereof acting in concert. The term does not include:  1. Any joint venture partnership that is exclusively engaged in owning, managing, leasing or developing any real or tangible personal property; or  2. Any securities broker performing no more than the usual and customary broker’s function.  (Added to NRS by 1973, 1038; A 1985, 538; 2003, 3322)
NV Rev Stat § 692C.090 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.090 - "Security holder" defined.

Security holder means one who owns any security of a designated person, including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing.  (Added to NRS by 1973, 1038)
NV Rev Stat § 692C.100 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.100 - "Subsidiary" defined.

Subsidiary means an affiliate of a designated person who is controlled by such person directly or indirectly through one or more intermediaries.  (Added to NRS by 1973, 1038)
NV Rev Stat § 692C.110 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.110 - "Voting security" defined.

Voting security includes any security convertible into or evidencing a right to acquire a voting security.  (Added to NRS by 1973, 1038)
NV Rev Stat § 692C.120 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.120 - Rules, regulations and orders.

The Commissioner may, pursuant to NRS 679B.130, issue such rules, regulations and orders as shall be necessary to carry out the provisions of this chapter.  (Added to NRS by 1973, 1048)
NV Rev Stat § 692C.130 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.130 - Organization and acquisition of subsidiaries authorized.

Any domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. Such subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reason of the fact that they are subsidiaries of a domestic insurer.  (Added to NRS by 1973, 1038)
NV Rev Stat § 692C.140 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.140 - Authorized investments in securities of subsidiaries.

In addition to making investments in common stock, preferred stock, debt obligations and other securities permitted under chapter 682A of NRS, a domestic insurer may invest:  1. In common stock, preferred stock, debt obligations and other securities of one or more subsidiaries, amounts which do not exceed the lesser of 10 percent of the insurer’s assets or 50 percent of its surplus as regards policyholders, if the insurer’s surplus as regards policyholders remains at a reasonable level in relation to the insurer’s outstanding liabilities and adequate to its financial needs. In calculating the amount of such investments:  (a) Any investment in a domestic or foreign insurance subsidiary or health maintenance organization must be excluded.  (b) The following must be included:  (1) Total net money or other consideration expended and obligations assumed in the acquisition or formation of a subsidiary, including all organizational expenses and contributions to capital and surplus of the subsidiary whether or not represented by the purchase of capital stock or issuance of other securities; and  (2) All amounts expended in acquiring additional common stock, preferred stock, debt obligations and other securities and all contributions to the capital or surplus of a subsidiary after its acquisition or formation.  2. Any amount in common stock, preferred stock, debt obligations and other securities of one or more subsidiaries that are engaged exclusively in or organized to engage exclusively in the ownership and management of assets which are authorized as investments of the domestic insurer, if each subsidiary agrees to limit its investments in any asset so that those investments will not cause the amount of the total investment of the insurer to exceed any of the investment limitations specified in subsection 1 or in chapter 682A of NRS. For the purpose of this subsection, "total investment of the insurer" includes any direct investment by the insurer in an asset and the insurer’s proportionate share of any investment in an asset by any subsidiary of the insurer, which must be calculated by multiplying the amount of the subsidiary’s investment by the percentage of the insurer’s ownership of the subsidiary.  3. Any amount in common stock, preferred stock, debt obligations or other securities of one or more subsidiaries, with the approval of the Commissioner, if the insurer’s surplus as regards policyholders remains at a reasonable level in relation to the insurer’s outstanding liabilities and adequate to its financial needs.  (Added to NRS by 1973, 1038; A 2001, 2229; 2003, 3322; 2013, 3360)
NV Rev Stat § 692C.150 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.150 - Exemption from restrictions on investments.

Investments in common stock, preferred stock, debt obligations or other securities of subsidiaries made pursuant to NRS 692C.140 shall not be subject to any of the otherwise applicable restrictions or prohibitions contained in this chapter which are applicable to such investments.  (Added to NRS by 1973, 1039)
NV Rev Stat § 692C.160 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.160 - Determination of qualification of investment.

Whether or not any investment made pursuant to NRS 692C.140 meets the applicable requirements thereof is to be determined before such investment is made by calculating the applicable investment limitations as though the investment has already been made, taking into account the then outstanding principal balance on all previous investments in debt obligations, the value of all previous investments in equity securities as of the date they were made and the net of any return of capital invested, not including dividends.  (Added to NRS by 1973, 1039; A 2013, 3360)
NV Rev Stat § 692C.170 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.170 - Cessation of control: Disposal of investment required; exception.

If an insurer ceases to control a subsidiary, it shall dispose of any investment therein made pursuant to NRS 692C.140 within 3 years from the time of the cessation of control or within such further time as the Commissioner may prescribe, unless any such investment shall have met the requirements for investment under any other section of this chapter, and the insurer has notified the Commissioner thereof.  (Added to NRS by 1973, 1040)
NV Rev Stat § 692C.200 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.200 - Acquisition or merger: Use of alternative documents.

If any offer, request, invitation, agreement or acquisition referred to in subsection 1 of NRS 692C.180 is proposed to be made by means of a registration statement under the Securities Act of 1933, 15 U.S.C. §§ 77a to 77aa, inclusive, or in circumstances requiring the disclosure of similar information under the Securities Exchange Act of 1934, 15 U.S.C. §§ 78a et seq., or under any state law requiring similar registration or disclosure, the person required to file the pre-acquisition statement referred to in subsection 1 of NRS 692C.180 may utilize such documents in furnishing the information called for by that statement.  (Added to NRS by 1973, 1042; A 2013, 3363; 2015, 3494)
NV Rev Stat § 692C.220 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.220 - Information to be furnished to shareholders.

All statements, amendments or other material filed pursuant to NRS 692C.180 and 692C.190 and all notices of public hearings held pursuant to NRS 692C.210 shall be mailed by the insurer to its shareholders within 5 business days after the insurer has received such statements, amendments, other material or notices. The expenses of mailing shall be borne by the person making the filing. As security for the payment of such expenses, such person shall file with the Commissioner an acceptable bond or other deposit in an amount to be determined by the Commissioner.  (Added to NRS by 1973, 1043)
NV Rev Stat § 692C.230 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.230 - Exemptions.

The provisions of NRS 692C.180 to 692C.250, inclusive, do not apply to:  1. A transaction which is subject to the provisions of NRS 693A.290 to 693A.370, inclusive, dealing with the merger or consolidation of two or more insurers.  2. Any offer, request, invitation, agreement or acquisition which the Commissioner by order exempts therefrom as not having been made or entered into for the purpose and not having the effect of changing or influencing the control of a domestic insurer, or as otherwise not comprehended within the purposes of NRS 692C.180 to 692C.250, inclusive.  (Added to NRS by 1973, 1043; A 1995, 1776)
NV Rev Stat § 692C.240 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.240 - Violations.

The following shall be violations of NRS 692C.180 to 692C.250, inclusive:  1. The failure to file any statement, amendment or other material required to be filed pursuant to NRS 692C.180 or 692C.190; or  2. The effectuation or any attempt to effectuate an acquisition of control of, or merger with, a domestic insurer unless the Commissioner has given approval thereto.  (Added to NRS by 1973, 1044)
NV Rev Stat § 692C.250 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.250 - Jurisdiction of court; consent to service of process.

  1. The courts of this state are hereby vested with jurisdiction over every person not resident, domiciled or authorized to do business in this state who files a statement with the Commissioner under NRS 692C.180 to 692C.250, inclusive, and over all actions involving such person arising out of violations of such sections.  2. Each such person shall be deemed to have performed acts equivalent to and constituting an appointment by such a person of the Commissioner to be his or her true and lawful attorney upon whom may be served all lawful process in any action, suit or proceeding arising out of violations of NRS 692C.180 to 692C.250, inclusive. Copies of all such lawful process shall be served on the Commissioner and transmitted by registered or certified mail by the Commissioner to such person at his or her last known address.  (Added to NRS by 1973, 1044)
NV Rev Stat § 692C.252 (2021)
2021 Nevada Revised Statutes|Chapter 692C - Holding Companies|NRS 692C.252 - Applicability.

The provisions of this chapter apply to any acquisition in which a change in control of an insurer who is authorized to do business in this state occurs, except:  1. An acquisition that is subject to approval or disapproval by the Commissioner pursuant to NRS 692C.180 to 692C.250, inclusive.  2. A purchase of securities solely for investment purposes if the securities are not used for voting or not otherwise used to cause or attempt to cause a substantial lessening of competition in any insurance market in this state, except that, if a purchase of securities creates a presumption of control of the insurer pursuant to subsection 2 of NRS 692C.050, the purchase is not solely for investment purposes unless the commissioner of insurance of the insurer’s state of domicile:  (a) Accepts a disclaimer of control or affirmatively finds that control does not exist; and  (b) Submits the accepted disclaimer or a statement setting forth the affirmative finding to the Commissioner.  3. An acquisition of a person by another person if:  (a) Each of those persons is not directly or through an affiliate primarily engaged in the business of insurance; and  (b) At least 30 days before the effective date of the acquisition, a notice is filed with the Commissioner in accordance with NRS 692C.254, if required.  4. An acquisition by a person of an affiliate of that person.  5. An acquisition that does not immediately cause:  (a) The combined market share of the involved insurers to exceed 5 percent of the total market;  (b) An increase in any market share; or  (c) For any market:  (1) The combined market share of the involved insurers to exceed 12 percent of the total market; and  (2) The market share to increase by more than 2 percent of the total market.  As used in this subsection, "market" means direct written premiums in this state for a line of authority set forth in the annual statement required to be filed by insurers authorized to do business in this state.  6. An acquisition for which, solely because of the effect of the acquisition on ocean marine insurance, a notification is required pursuant to this section.  7. An acquisition of an insurer whose domiciliary commissioner of insurance:  (a) Determines that:  (1) The insurer is in a failing condition;  (2) A feasible alternative for improving that condition does not exist; and  (3) The public benefit received from improving that condition through the acquisition of the insurer outweighs the public benefit received from increasing competition; and  (b) Submits a determination by the domiciliary commissioner of insurance made pursuant to paragraph (a) to the Commissioner.  (Added to NRS by 2003, 3318)