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2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.210 - Mutual insurers: Permit; bond or deposit.

1. Before soliciting applications for insurance as required under NRS 692B.200, the incorporators of the proposed insurer shall procure a solicitation permit as required by NRS 692B.040, and shall file with the Commissioner a corporate surety bond in the penal sum of $50,000 in favor of the State of Nevada and conditioned as follows:
(a) Upon due accounting for and deposit, as required under NRS 692B.230, of funds received as premiums upon applications for insurance; and
(b) If the corporation fails to complete its organization and secure a certificate of authority issued by the Commissioner within the period allowed therefor by the solicitation permit, all premiums collected from applicant members will be promptly returned to them, and all other indebtedness of the corporation, other than any compensation to directors, officers or solicitors of insurance applications, and costs incurred by the State of Nevada in any legal proceedings for the liquidation or dissolution of the corporation will be paid.
2. In lieu of such a bond, the incorporators may deposit with the Commissioner cash in the amount of $50,000, or securities of the United States Government or of the State of Nevada of a market value of at least $50,000, and the Commissioner shall hold such deposit in trust for the same purposes as apply to a bond under subsection 1.
3. If the corporation or an affiliate corporation proposes also to offer securities for initial financing of the proposed insurer, in addition to the securing of qualifying applications for insurance, the bond or deposit required by this section may be combined with that required under NRS 692B.150, with appropriate extension of the conditions of such bond or deposit to comply with the requirements of both sections, so that only one such bond or deposit of $50,000 shall be necessary for all such purposes.
4. The Commissioner shall release and discharge the bond or deposit or remaining portion thereof held under this section upon settlement of all liabilities, if any, against it.
(Added to NRS by 1971, 1794)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.220 - Mutual insurers: Qualifying applications for insurance.

1. Upon issuance of the required solicitation permit, the proposed insurer may commence solicitation of requisite applications for insurance policies and may receive deposits of premiums thereon.
2. All such applications shall be in writing signed by the applicant, covering subjects of insurance resident, located or to be performed in this state.
3. All such applications shall provide that:
(a) Issuance of the policy is contingent upon the insurer qualifying for and receiving a certificate of authority;
(b) No insurance is in effect unless and until the certificate of authority has been issued;
(c) The prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before expiration or other termination of the solicitation permit; and
(d) All qualifying premiums shall be paid in cash.
4. Solicitations for such qualifying applications for insurance shall be by licensed agents of the corporation; and the Commissioner shall upon the corporation’s request therefor and fulfillment of the requirements applicable under chapter 683A of NRS (agents, brokers and solicitors), license as agents of the corporation individuals qualified therefor under, and subject to, such sections.
(Added to NRS by 1971, 1795)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.230 - Mutual insurers: Deposit of premiums in escrow.

1. All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein must be deposited in escrow with a bank, credit union or trust company located in this state under a written agreement filed with and approved by the Commissioner. The terms of such an agreement must be consistent with those of the solicitation permit and of the applicable provisions of this section and NRS 692B.250.
2. Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which such applications were solicited, all money so held in escrow becomes the money of the insurer. Until the certificate of authority is issued, the money remains the property of the applicants for insurance as respectively entitled thereto.
(Added to NRS by 1971, 1795; A 1999, 1553)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.240 - Failure to complete or qualify.

1. The Commissioner shall withdraw all funds held in escrow under NRS 692B.170, and refund to securities subscribers or purchasers all sums paid in thereon under the solicitation permit, less that part allowed and used for organization, sales and promotion expenses, if:
(a) The permit holder has failed to complete its organization or financing, within the terms of the permit, or, if to be an insurer, it has failed to secure its certificate of authority, all before expiration of the permit; or
(b) The permit is revoked.
2. As to funds paid in on subscriptions by founders, promoters and incorporators and held on deposit in lieu of the bond under subsection 3 of NRS 692B.150, only such portion of such funds shall be refundable under this section as may remain after discharge of all liabilities against the deposit under NRS 692B.150 and the charging of such funds with a proportionate share of organization, sales and promotion expenses.
3. If a proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within the period allowed therefor by the solicitation permit, the corporation shall transact no further business, and the Commissioner shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums or fees held in escrow under NRS 692B.230.
(Added to NRS by 1971, 1795)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.250 - Voluntary dissolution.

1. At any time prior to the issuance of a certificate of authority to a proposed domestic stock or mutual insurer, the incorporators may voluntarily surrender the articles of incorporation and the corporation may be voluntarily dissolved by written agreement filed with the Commissioner. The agreement shall be signed and verified by a majority of the incorporators, and shall be signed (without verification) by at least two-thirds of all persons who theretofore have become subscribers to or purchasers of securities of the corporation and (in the case of a proposed mutual insurer) by at least two-thirds of all persons who theretofore have applied for policies in the proposed insurer.
2. The Commissioner shall approve the surrender of such articles of incorporation and dissolution if upon investigation the Commissioner finds that:
(a) No insurance business has been transacted by the corporation except (in the case of a proposed mutual insurer) for solicitation of qualifying applications for insurance;
(b) Arrangements satisfactory to the Commissioner have been made for the return to subscribers, purchasers and applicants of all funds paid by them upon subscription or purchase of securities, or upon applications for insurance, under the solicitation permit theretofore held by the corporation, less (as to securities subscriptions and purchases) the part thereof actually and lawfully used for expenses; and
(c) All obligations of the corporation have been paid or discharged.
3. The articles of incorporation so surrendered, together with the executed copy of the agreement, bearing thereon the endorsed approval of the Commissioner, shall be filed with the Secretary of State and thereupon the corporate existence of the corporation shall cease.
4. The provisions of NRS 696B.210 and 696B.220 (grounds for rehabilitation, liquidation of domestic insurer) do not apply to the voluntary dissolution of a proposed domestic insurer pursuant to this section.
(Added to NRS by 1971, 1796)
2023 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)
2023 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; 2021, 2986)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.0765 - "NAIC Liquidity Stress Test Framework" defined.

"NAIC Liquidity Stress Test Framework" means a separate NAIC publication which includes a history of the NAIC’s development of regulatory liquidity stress testing, the scope criteria applicable for a specific data year and the liquidity stress test instructions and reporting templates for a specific data year, with the scope criteria, instructions and reporting template being as adopted by the NAIC and as amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC.
(Added to NRS by 2021, 2983)
2023 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)
2023 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)
2023 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)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.085 - "Scope Criteria" defined.

"Scope Criteria" means, as detailed in the NAIC Liquidity Stress Test Framework, the designated exposure bases along with minimum magnitudes thereof for the specified data year, used to establish a preliminary list of insurers considered scoped into the NAIC Liquidity Stress Test Framework for that data year.
(Added to NRS by 2021, 2983)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.220 - Information required to be furnished to shareholders; expenses of mailing; filing of security for payment of expenses.

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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.254 - Form of notice; waiting period.

1. An acquisition to which the provisions of NRS 692C.252 apply is subject to an order issued pursuant to NRS 692C.258 unless:
(a) The acquiring person files a notice of acquisition pursuant to this section; and
(b) The waiting period specified in subsection 4 has expired.
2. The Commissioner shall prescribe the form of the notice required pursuant to subsection 1. A notice of acquisition filed pursuant to this section must include:
(a) The information required by the NAIC relating to any market that, pursuant to subsection 5 of NRS 692C.252, causes the acquisition not to be exempted from the provisions of this section; and
(b) Any other material or information required by the Commissioner to determine whether or not the proposed acquisition, if consummated, would violate the provisions of NRS 692C.256.
3. The information required pursuant to subsection 2 may include the opinion of an economist relating to the competitive effect of the acquisition on the business of insurance in this state if the opinion is accompanied by a summary of the education and experience of the economist and a statement indicating the ability of the economist to provide an informed opinion.
4. Except as otherwise provided in subsection 5, the waiting period for an acquisition required pursuant to subsection 1 begins on the date the Commissioner receives the notice filed pursuant to subsection 1 and ends on the expiration of 30 days after that date or on the expiration of a shorter period prescribed by the Commissioner, whichever is earlier.
5. Before the expiration of the waiting period specified in subsection 4, the Commissioner may, not more than once, require a person to submit additional information relating to the proposed acquisition. If the Commissioner requires the submission of additional information, the waiting period for the acquisition ends upon the expiration of 30 days after the Commissioner receives the additional information or upon the expiration of a shorter period prescribed by the Commissioner, whichever is earlier.
(Added to NRS by 2003, 3319; A 2015, 3496)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.260 - Registration required; person within insurance holding company system subject to registration required to provide information to insurer.

1. Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the Commissioner, except a foreign insurer subject to disclosure requirements and standards adopted by a statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in NRS 692C.260 to 692C.350, inclusive.
2. Any insurer which is subject to registration under NRS 692C.260 to 692C.350, inclusive, shall register not later than September 1, 1973, or 15 days after it becomes subject to registration, whichever is later, and annually thereafter by June 30 of each year for the immediately preceding calendar year, unless the Commissioner for good cause shown extends the time for registration. The Commissioner may require any authorized insurer which is a member of a holding company system which is not subject to registration under this section to furnish a copy of the registration statement or other information filed by the insurance company with the insurance regulatory authority of domiciliary jurisdiction.
3. Any person within an insurance holding company system subject to registration shall, upon request by an insurer, provide complete and accurate information to the insurer if the information is reasonably necessary to enable the insurer to comply with the provisions of this section.
(Added to NRS by 1973, 1044; A 2003, 3325; 2015, 3499)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.270 - Contents of registration statement; statement relating to corporate oversight; financial statements.

Every insurer subject to registration shall file:
1. A registration statement with the Commissioner, on a form and in a format prescribed by the Commissioner, which must contain current information about:
(a) The capital structure, general financial condition, ownership and management of the insurer and any person controlling the insurer.
(b) The identity of every member of the insurance holding company system.
(c) The following agreements in force, relationships subsisting and transactions currently outstanding between the insurer and its affiliates:
(1) Loans, other investments or purchases, sales or exchanges of securities of the affiliates by the insurer or of the insurer by its affiliates.
(2) Purchases, sales or exchanges of assets.
(3) Transactions not in the ordinary course of business.
(4) Guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurer’s assets to liability, other than insurance contracts entered into in the ordinary course of the insurer’s business.
(5) All management and service contracts and all cost-sharing arrangements, other than cost allocation arrangements based upon generally accepted accounting principles.
(6) Reinsurance agreements covering all or substantially all of one or more lines of insurance of the ceding company.
(7) Any dividend or other distribution made to a shareholder.
(8) Any consolidated agreement to allocate taxes.
(d) Any pledge of the insurer’s stock, including the stock of any subsidiary or controlling affiliate of the insurer, for a loan made to any member of the insurance holding company system.
(e) Any other matters concerning transactions between registered insurers and any affiliates as may be included from time to time in any registration forms adopted or approved by the Commissioner.
2. A statement verifying that:
(a) The board of directors of the insurer oversees the corporate governance and internal controls of the insurer; and
(b) Officers or senior management of the insurer have approved, implemented and continue to maintain and monitor the corporate governance and internal controls of the insurer.
3. Financial statements of the insurance holding company system and all affiliates, if requested by the Commissioner. This requirement may be satisfied by providing the most recent statement filed with the United States Securities and Exchange Commissioner pursuant to the Securities Act of 1933, 15 U.S.C. §§ 78a et seq., by the insurance holding company system or its parent corporation.
(Added to NRS by 1973, 1044; A 2003, 3325; 2013, 3366; 2015, 3499)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.280 - Registration statement: Exempt information.

No information need be disclosed on the registration statement filed pursuant to NRS 692C.270 if such information is not material for the purposes of NRS 692C.260 to 692C.350, inclusive. Unless the Commissioner by rule, regulation or order provides otherwise, sales, purchases, exchanges, loans or extensions of credit, or investments involving one-half of 1 percent or less of an insurer’s admitted assets as of the 31st day of December next preceding, shall not be deemed material for purposes of NRS 692C.260 to 692C.350, inclusive. The specifications for materiality provided in this section do not apply for the purpose of a group capital calculation or the liquidity stress test framework.
(Added to NRS by 1973, 1045; A 2021, 2986)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.292 - Authorized use of and prohibited statements regarding group capital calculations, liquidity stress tests and related information.

1. The group capital calculation and resulting group capital ratio required under subsection 3 of NRS 692C.290 and the liquidity stress test along with its results and supporting disclosures required under subsection 7 of NRS 692C.290 may be used as regulatory tools for assessing group risks and capital adequacy and group liquidity risks, respectively, and must not be used to rank insurers or insurance holding company systems generally.
2. Except as authorized by subsection 3 or as otherwise required in this chapter, a person shall not engage in the making, publishing, disseminating, circulating or placing before the public, or causing directly or indirectly to be made, published, disseminated, circulated or placed before the public, in a newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster, or over any radio or television station or any electronic means of communication available to the public, or in any other way, an advertisement, announcement or statement containing a representation or statement with regard to the group capital calculation, group capital ratio, liquidity stress test results or supporting disclosures for the liquidity stress test of any insurer or any insurer group, or any component derived in the calculation by any insurer, broker or other person engaged in any manner in the insurance business, and any such action shall be deemed by the Commissioner to be misleading.
3. If any materially false statement with respect to the group capital calculation, resulting group capital ratio, liquidity stress test result or supporting disclosures for the liquidity stress test or an inappropriate comparison of any amount to an insurer’s or insurance group’s group capital calculation, resulting group capital ratio, liquidity stress test result or supporting disclosures is published in any written publication and the insurer is able to demonstrate to the Commissioner with substantial proof the falsity of such a statement or the inappropriateness of such a comparison, as the case may be, then the insurer may publish announcements in a written publication if the sole purpose of the announcement is to rebut the materially false statement or inappropriate comparison.
(Added to NRS by 2021, 2983)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.320 - Registration on behalf of affiliated insurer.

The Commissioner may allow an insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under NRS 692C.260, and to file all information and material required to be filed under NRS 692C.260 to 692C.350, inclusive.
(Added to NRS by 1973, 1045)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.330 - Disclaimer of affiliation or request for termination of registration; granting or disallowance.

1. Any person may file with the Commissioner:
(a) A disclaimer of affiliation with any authorized insurer specified in the disclaimer; or
(b) A request for a termination of registration on the basis that the person does not, or will not after taking an action specified in the request for termination, control another person specified in the request.
2. A disclaimer of affiliation or request for a termination of registration specified in subsection 1 may be filed by the authorized insurer or any member of an insurance holding company system. A disclaimer of affiliation or request for a termination of registration filed pursuant to subsection 1 must include:
(a) A statement indicating the number of authorized, issued and outstanding voting securities of the person specified in the disclaimer of affiliation or request for a termination of registration;
(b) A statement indicating the number and percentage of shares of the person specified in the disclaimer of affiliation or request for a termination of registration that are owned or beneficially owned by the person disclaiming control, and the number of those shares for which the person disclaiming control has a direct or indirect right to acquire;
(c) A statement setting forth all material relationships and bases for affiliation between the person specified in the disclaimer of affiliation or request for a termination of registration and the person and any affiliate of the person who is disclaiming control of the person specified in the disclaimer of affiliation or request for a termination of registration; and
(d) An explanation of why the person who is disclaiming control does not control the person specified in the disclaimer of affiliation or request for a termination of registration.
3. A request for a termination of registration filed pursuant to subsection 1 shall be deemed granted upon filing unless the Commissioner, within 30 days after receipt of the request for a termination of registration, notifies the person, authorized insurer or member of an insurance holding company system that the request is denied.
4. A disclaimer of affiliation filed pursuant to subsection 1 shall be deemed granted unless the Commissioner, within 30 days after receipt of a complete disclaimer of affiliation, notifies the filing party that the disclaimer of affiliation is disallowed. In the event of disallowance, the disclaiming party may request an administrative hearing, which shall be granted. The disclaiming party is relieved of its duty to register pursuant to NRS 692C.260 to 692C.350, inclusive, if approval of the disclaimer of affiliation has been granted by the Commissioner, or if the disclaimer of affiliation is deemed approved.
(Added to NRS by 1973, 1046; A 2003, 3326; 2015, 3500)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.340 - Exemptions.

The provisions of NRS 692C.260 to 692C.350, inclusive, shall not apply to any insurer, information or transaction if and to the extent that the Commissioner by rule, regulation or order shall exempt the same from the provisions of NRS 692C.260 to 692C.350, inclusive.
(Added to NRS by 1973, 1046)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.350 - Violations; penalties.

1. The failure to file a registration statement or summary or any amendment thereto, or a report of enterprise risk, required by NRS 692C.260 to 692C.350, inclusive, within the time specified for the filing is a violation of NRS 692C.260 to 692C.350, inclusive.
2. Except as otherwise provided in subsection 3, if an insurer fails, without just cause, to file a registration statement required pursuant to NRS 692C.270 to 692C.350, inclusive, the insurer shall, after receiving notice and a hearing, pay a civil penalty of $100 for each day the insurer fails to file the registration statement. The civil penalty may be recovered in a civil action brought by the Commissioner. Any civil penalty paid pursuant to this subsection must be deposited in the State General Fund.
3. The maximum civil penalty that may be imposed pursuant to subsection 2 is $20,000. The Commissioner may reduce the amount of the civil penalty if the insurer demonstrates to the satisfaction of the Commissioner that the payment of the civil penalty would impose a financial hardship on the insurer.
4. Any officer, director or employee of an insurance holding company system who willfully and knowingly subscribes to or makes or causes to be made any false statement, false report or false filing with the intent to deceive the Commissioner in the performance of his or her duties pursuant to NRS 692C.260 to 692C.350, inclusive, is guilty of a category D felony and shall be punished as provided in NRS 193.130. The officer, director or employee is personally liable for any fine imposed against the officer, director or employee pursuant to that section.
(Added to NRS by 1973, 1046; A 2003, 3327; 2015, 3501)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3501 - "Corporate governance annual disclosure" defined.

As used in NRS 692C.3501 to 692C.3509, inclusive, unless the context otherwise requires, "corporate governance annual disclosure" means a confidential report filed by an insurer or insurance group made in accordance with the requirements of NRS 692C.3501 to 692C.3509, inclusive.
(Added to NRS by 2017, 64)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3503 - Applicability and scope.

1. The requirements of NRS 692C.3501 to 692C.3509, inclusive, apply to all insurers domiciled in this State, including, without limitation:
(a) Insurers, as identified in chapter 680A of NRS;
(b) Hospital, medical or dental service corporations, as identified in chapter 695B of NRS;
(c) Health maintenance organizations, as identified in chapter 695C of NRS;
(d) Plans for dental care, as identified in chapter 695D of NRS;
(e) Prepaid limited health service organizations, as identified in chapter 695F of NRS; and
(f) Risk retention groups and state-chartered risk retention groups, as identified in 15 U.S.C. § 3902, 42 U.S.C. § 9673 and chapters 694C and 695E of NRS.
2. Except as otherwise provided in subsection 3, nothing in NRS 692C.3501 to 692C.3509, inclusive, shall be construed to limit the Commissioner’s authority, or the rights or obligations of third parties, under NRS 679B.230 to 679B.300, inclusive.
3. Nothing in NRS 692C.3501 to 692C.3509, inclusive, shall be construed to prescribe or impose corporate governance standards and internal procedures beyond those which are required by the appropriate provisions of title 7 of NRS.
(Added to NRS by 2017, 63)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3505 - Rules, regulations and orders.

The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations and orders as are necessary to carry out the provisions of NRS 692C.3501 to 692C.3509, inclusive.
(Added to NRS by 2017, 65)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3506 - Contents and preparation; regulations.

1. Except as otherwise provided in subsection 2, an insurer or insurance group may exercise discretion over the responses to inquiries in the corporate governance annual disclosure if the corporate governance annual disclosure contains the material information necessary to allow the Commissioner to gain an understanding of the corporate governance structure, policies and practices of the insurer or insurance group. The Commissioner may request additional information that he or she determines is material and necessary to gain a clear understanding of the corporate governance policies or the reporting, information system or controls implementing the corporate governance policies of the insurer or insurance group.
2. Each insurer or insurance group shall prepare its corporate governance annual disclosure in a manner that is consistent with the instructions adopted by the Commissioner by regulation for the corporate governance annual disclosure. The insurer or insurance group shall maintain documentation and supporting information and make such material available upon examination or request by the Commissioner.
(Added to NRS by 2017, 65)