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2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.060 - Emergency board of directors: Powers.

The powers of an emergency board of directors shall include, but shall not be limited to, the following:
1. At any meeting to elect such acting directors as it may deem necessary, without regard to the number of directors which would otherwise be required, to serve in any positions on such board which are vacant or in place of any directors or acting directors who are absent from such meeting, but not to elect any director on a permanent basis.
2. To elect such acting officers as it may deem necessary, without regard to the number of officers which would otherwise be required, to serve in any offices which are vacant or in place of any officers or acting officers who fail to appear and assume their duties, to fix the compensation and determine the powers and duties of acting officers and to remove acting officers, but not to remove any officer or fill any vacancy on a permanent basis or to cause the organization to enter into any contract of employment for a term of over 1 year.
3. To cause the organization to change the location of its principal office, pursuant to NRS 693B.030, or any of its places of business, and to authorize such action as it may deem appropriate to acquire space and facilities at the new locations, but not to acquire for use as its principal office property in fee or for a term of over 1 year.
4. To postpone any meeting of the stockholders, policyholders, members or directors of such organization if, in the judgment of the members of such emergency board of directors, it would be impracticable to hold such meeting at the time it would otherwise have been held or conducted.
5. If it appears to an emergency board of directors that a quorum of the board cannot be assembled within a reasonable time, to call a meeting of the stockholders, policyholders or members of the organization to be held as soon as the circumstances may reasonably permit, at a place to be designated by the emergency board of directors within this state or a contiguous state, for the purpose of electing directors to fill vacancies on the board, but for no other purpose, and to propose nominees for such election. Any such meeting of stockholders, policyholders or members shall be held upon notice given in accordance with the charter of the organization and applicable law other than this chapter.
(Added to NRS by 1971, 1820)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.070 - Commissioner required to be notified of meetings of emergency board of directors.

As soon as practicable after each meeting of an emergency board of directors, the person who presided thereat shall notify the Commissioner in writing of the time and place of such meeting, of the manner in which notice thereof was given, of the persons present, and of all actions taken at such meeting.
(Added to NRS by 1971, 1821)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.080 - Acting directors: Qualifications; oaths not required.

No person prohibited by law or by the charter of a domestic organization from serving as a member of its board shall be eligible to serve as an acting director except that no person shall be disqualified to serve as an acting director by reason of not being a stockholder, policyholder or member of such organization, by reason of not being a resident of this state or of a contiguous state, or by reason of the number of the directors or acting directors who are officers, acting officers or employees of the organization. Any person may serve as an acting director of a fund who is a director, acting director, officer or acting officer of an organization which is party to the agreement creating the fund. No oath of acting directors shall be required.
(Added to NRS by 1971, 1821)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.090 - Acting directors: Powers; compensation.

Acting directors elected pursuant to the provisions of NRS 693B.060, or appointed pursuant to the provisions of NRS 693B.110, shall be entitled to notice of and to vote at all meetings of an emergency board of directors equally with directors. Acting directors shall not be entitled to take part in the deliberations or to vote at any meeting of the board which is duly convened in accordance with the applicable provisions of its charter and of law other than this chapter, and at which a quorum is present. Each acting director shall serve until the director or acting director in whose place he or she was elected or appointed attends a meeting of the board or until a director is duly elected to fill the vacancy in which such acting director has been serving, whichever event occurs earlier. An acting director shall be entitled to the compensation, if any, payable to a director.
(Added to NRS by 1971, 1821)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.100 - Acting officers: Powers, duties and compensation.

Acting officers elected pursuant to NRS 693B.060 shall have such powers and duties and receive such compensation as may from time to time be determined by the board or emergency board of directors. Each acting officer shall serve until the officer in whose place he or she was elected appears and assumes his or her duties or until a successor officer or acting officer is elected, whichever event occurs earlier.
(Added to NRS by 1971, 1821)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.110 - Designation of acting directors by Commissioner.

If, at any time during an acute emergency, the number of directors or acting directors of a domestic organization who are capable of acting is less than three, the Commissioner may designate additional acting directors in such number as will bring to three the number of directors and acting directors who are capable of acting.
(Added to NRS by 1971, 1822)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.120 - Commissioner authorized to resolve controversy concerning actions of emergency board of directors.

To resolve controversy as to the power of any group of persons purporting to act as an emergency board of directors so to act, the Commissioner may, upon a determination that such action will tend to promote the safe and sound and orderly conduct of the business of any domestic organization, issue orders declaring that any such group shall or shall not have the powers of an emergency board of directors, or confirming, modifying or vacating in whole or in part any action taken or purportedly taken by any such group, or removing any acting director.
(Added to NRS by 1971, 1822)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.130 - Commissioner authorized to declare certain provisions of law operative and inoperative; powers of companies, officers and directors.

1. At any time after an attack, upon determination by the Commissioner that such action will tend to promote certainty as to the powers of organizations or individuals pursuant to this chapter, or that such action is desirable to enable organizations to take preparatory precautions prior to the occurrence of an acute emergency, the Commissioner may declare that any provision of this chapter which the Commissioner may specify shall be operative with respect to any domestic organization or to the Nevada business of any other organization which the Commissioner may designate. Upon such declaration such organization and its directors, officers, acting directors and acting officers shall have all powers conferred by such provisions of this chapter. The failure of the Commissioner so to declare shall not be deemed to limit the powers of any organization or its directors, officers, acting directors or acting officers where an acute emergency exists in fact.
2. At any time after the commencement of an acute emergency or after the Commissioner has declared any provision of this chapter operative pursuant to subsection 1, upon determination by the Commissioner that an organization is able, in whole or in part, to carry on its business in compliance with its charter and the laws other than this chapter, the Commissioner may declare that any provision of this chapter which the Commissioner may specify shall be inoperative with respect to any domestic organization or to the Nevada business of any other organization which the Commissioner may designate. Upon such declaration, such organization shall be governed by its charter and the provisions of law other than this chapter except insofar as other provisions of this chapter remain operative.
(Added to NRS by 1971, 1822)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.140 - Commissioner authorized to take possession of business and property of organizations.

Upon the Commissioner’s determination that, as a result of an acute emergency, the business and affairs of an organization cannot otherwise be conducted in a safe and sound manner, the Commissioner may forthwith take possession of the business and property of the organization within this state or, if a domestic organization, its business and property wherever situated. The provisions of chapter 696B of NRS (conservation, rehabilitation, liquidation) shall be applicable in any case in which the Commissioner takes possession of an organization pursuant to this section as though the organization were an insurer of which the Commissioner had taken possession pursuant to chapter 696B of NRS (conservation, rehabilitation, liquidation), except that no such provision shall be applicable which the Commissioner has declared inapplicable pursuant to this section. The Commissioner shall have power to declare inapplicable any such provision upon determination by the Commissioner that the same is inappropriate or unnecessary to protect the interests of the public or the stockholders or creditors of the organization, in view of the acute emergency and the nature of the organization.
(Added to NRS by 1971, 1823)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.150 - Commissioner authorized to exercise powers only if court not available to make necessary orders; regulations, directives and orders of Commissioner.

1. The powers given the Commissioner by NRS 693B.120 and 693B.140 shall be exercised by the Commissioner only if there is no court of competent jurisdiction available to which an application can be made for an order permitting the Commissioner to exercise such powers with respect to a particular organization, but the powers conferred by NRS 693B.140 shall not be exercised in the case of an organization which is not insolvent within the meaning of NRS 696B.210, unless the Commissioner finds that such organization lacks personnel able to manage its business in the interests of the public, its stockholders and policyholders.
2. The Commissioner may issue general and specific regulations, directives and orders consistent with and in furtherance of the purposes of this chapter.
(Added to NRS by 1971, 1823)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.160 - Presumption of acute emergency; powers of board or emergency board of directors.

1. In any action or proceeding it shall be presumed that an acute emergency existing within any city or county within the state constitutes an acute emergency affecting every organization doing business within such city or county.
2. During an acute emergency:
(a) The board of a domestic organization which has adopted emergency bylaws, approved by the Commissioner, shall have the powers conferred by such bylaws and, except as provided in subsection 1 of NRS 693B.130, shall, to the extent that such bylaws relate to the subject matter contained in NRS 693B.040 to 693B.100, inclusive, have no other or different powers with respect to such subject matter.
(b) The board of a domestic organization which has not adopted emergency bylaws, approved by the Commissioner, shall have all powers of an emergency board of directors pursuant to NRS 693B.030 to 693B.100, inclusive.
(Added to NRS by 1971, 1823)
2023 Nevada Revised Statutes › Chapter 693B - Continuity of Management During Emergency Resulting From Attack › NRS 693B.170 - Effect of chapter on organization’s power and on foreign and alien companies.

Nothing in this chapter shall be construed to limit the powers of any organization, or to permit or require any organization which is not domiciled in this state, or any branch, office or agency of such organization, or the directors, officers, policyholders or stockholders of any such organization to act, or fail to act, in such a manner as would violate the laws of the jurisdiction wherein such organization has its domicile.
(Added to NRS by 1971, 1824)
2023 Nevada Revised Statutes › Chapter 694A - Trading of Equity Securities by Insiders › NRS 694A.010 - "Equity security" defined.

The term "equity security" when used in this chapter means:
1. Any stock or similar security;
2. Any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security;
3. Any such warrant or right; or
4. Any other security which the Commissioner deems to be of similar nature and considers necessary or appropriate, by such rules and regulations as the Commissioner may prescribe in the public interest or for the protection of investors, to treat as an equity security.
(Added to NRS by 1971, 1824)
2023 Nevada Revised Statutes › Chapter 694A - Trading of Equity Securities by Insiders › NRS 694A.020 - Beneficial owner, director or officer required to file statements concerning equity securities with Commissioner.

Every person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security of a domestic stock insurer, or who is a director or an officer of such insurer, shall:
1. File in the Office of the Commissioner within 10 days after the person becomes such beneficial owner, director or officer, a statement, in such form as the Commissioner may prescribe, of the amount of all equity securities of such insurer of which the person is the beneficial owner; and
2. Within 10 days after the close of each calendar month thereafter, if there has been a change in such ownership during such month, file in the Office of the Commissioner a statement, in such form as the Commissioner may prescribe, indicating the person’s ownership at the close of the calendar month and such changes in the person’s ownership as have occurred during such calendar month.
(Added to NRS by 1971, 1824)
2023 Nevada Revised Statutes › Chapter 694A - Trading of Equity Securities by Insiders › NRS 694A.030 - Profits realized from certain transactions recoverable by insurer; actions, limitations and exceptions.

1. For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason of his or her relationship to such insurer, any profit realized by the beneficial owner, director or officer from any purchase and sale, or any sale and purchase, of any equity security of such insurer within any period of less than 6 months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the insurer, irrespective of any intention on the part of such beneficial owner, director or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding 6 months.
2. Suit to recover such profit may be instituted at law or in equity in any court of competent jurisdiction by the insurer, or by the owner of any security of the insurer in the name and in behalf of the insurer if the insurer fails or refuses to bring such suit within 60 days after request or fails diligently to prosecute the same thereafter; but no such suit shall be brought more than 2 years after the date such profit was realized.
3. This section shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction or transactions which the Commissioner by rules and regulations may exempt as not comprehended within the purpose of this section.
(Added to NRS by 1971, 1825)
2023 Nevada Revised Statutes › Chapter 694A - Trading of Equity Securities by Insiders › NRS 694A.040 - Unlawful sales of equity securities.

It is unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of such insurer if the person selling the security or the principal of the person:
1. Does not own the security sold; or
2. If the owner of the security, does not deliver it against such sale within 20 days thereafter, or does not within 5 days after such sale deposit it in the mails or other usual channels of transportation,
but no person shall be deemed to have violated this section if he or she proves that notwithstanding the exercise of good faith he or she was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense.
(Added to NRS by 1971, 1825)
2023 Nevada Revised Statutes › Chapter 694A - Trading of Equity Securities by Insiders › NRS 694A.050 - Investment accounts and transactions.

1. The provisions of NRS 694A.030 do not apply to any purchase and sale, or sale and purchase, and the provisions of NRS 694A.040 do not apply to any sale, of an equity security of a domestic stock insurer not then or theretofore held by him or her in an investment account, by a dealer in the ordinary course of his or her business and incident to the establishment or maintenance by the dealer of a primary or secondary market (otherwise than on an exchange as defined in the Securities Exchange Act of 1934) for such security.
2. The Commissioner may, by such rules and regulations as the Commissioner deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.
(Added to NRS by 1971, 1826)
2023 Nevada Revised Statutes › Chapter 694A - Trading of Equity Securities by Insiders › NRS 694A.060 - Foreign or domestic arbitrage transactions.

The provisions of NRS 694A.020, 694A.030 and 694A.040 do not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the Commissioner may adopt in order to carry out the purposes of this chapter.
(Added to NRS by 1971, 1826)
2023 Nevada Revised Statutes › Chapter 694A - Trading of Equity Securities by Insiders › NRS 694A.070 - Inapplicability of provisions to stock insurers.

The provisions of NRS 694A.020, 694A.030 and 694A.040 do not apply to equity securities of a domestic stock insurer if:
1. Such securities are registered, or are required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, as amended; or
2. Such domestic stock insurer has not any class of its equity securities held of record by 100 or more persons on the last business day of the year next preceding the year in which equity securities of the insurer would be subject to the provisions of NRS 694A.020, 694A.030 and 694A.040 except for the provisions of this subsection.
(Added to NRS by 1971, 1826)
2023 Nevada Revised Statutes › Chapter 694A - Trading of Equity Securities by Insiders › NRS 694A.080 - Regulations; classification of insurers and securities; acts done or omitted in good faith.

1. The Commissioner shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in the Commissioner by NRS 694A.010 to 694A.070, inclusive, and may for such purpose classify domestic stock insurers, securities and other persons or matters within the jurisdiction of the Commissioner.
2. No provision of NRS 694A.020, 694A.030 and 694A.040 imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the Commissioner, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.
(Added to NRS by 1971, 1826)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.010 - "Reciprocal" insurance defined.

As used in this Code, "reciprocal" insurance is that resulting from an interchange among persons, known as "subscribers," of reciprocal agreements of indemnity, the interchange being effectuated through an attorney-in-fact common to all such persons.
(Added to NRS by 1971, 1827)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.020 - Scope.

1. All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocals.
2. After January 1, 1972, existing authorized reciprocal insurers shall comply with the provisions of this chapter, and shall make such amendments to their subscribers’ agreement, power of attorney, policies and other documents and accounts and perform such other acts as may be required for such compliance.
(Added to NRS by 1971, 1827)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.030 - Powers of reciprocal insurers.

1. A reciprocal insurer may, upon qualifying therefor as provided for by this Code, transact any kind or kinds of insurance defined by this Code other than life or title insurances.
2. Such an insurer may purchase reinsurance upon the risk of any subscriber, and may grant reinsurance as to any kind of insurance it is authorized to transact directly.
(Added to NRS by 1971, 1827)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.035 - Reciprocal insurer authorized to affect title to real property for purposes of insurer.

A reciprocal insurer may purchase, sell, mortgage, encumber, lease or otherwise affect the title to real property for the purposes and objects of the reciprocal insurer. All deeds, notes, mortgages or other documents relating to the real property may be executed in the name of the reciprocal insurer by its attorney.
(Added to NRS by 1993, 649)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.040 - Name; suits.

A reciprocal insurer shall:
1. Have and use a business name. The name shall include the word "reciprocal," or "interinsurer," or "interinsurance," or "exchange," or "underwriters," or "underwriting," or "association."
2. Sue and be sued in its own name.
(Added to NRS by 1971, 1827)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.050 - Attorney.

1. "Attorney," as used in this chapter, refers to the attorney-in-fact of a reciprocal insurer. The attorney may be an individual, firm or corporation.
2. The attorney of a foreign reciprocal insurer, which insurer is duly authorized to transact insurance in this State, shall not, by virtue of the discharge of its duties as such attorney with respect to the insurer’s transactions in this State, be thereby deemed to be doing business in this State within the meaning of any laws of this State applying to foreign persons, firms or corporations.
3. The subscribers and the attorney-in-fact comprise a reciprocal insurer and a single entity for the purposes of chapter 680B of NRS as to all operations under the insurer’s certificate of authority.
(Added to NRS by 1971, 1828)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.060 - Organization of reciprocal insurer.

1. Twenty-five or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the Commissioner for a certificate of authority to transact insurance.
2. The proposed attorney shall fulfill the requirements of and shall execute and file with the Commissioner when applying for a certificate of authority a declaration setting forth:
(a) The name of the insurer;
(b) The location of the insurer’s principal office, which shall be the same as that of the attorney and shall be maintained within this state;
(c) The kinds of insurance proposed to be transacted;
(d) The names and addresses of the original subscribers;
(e) The designation and appointment of the proposed attorney and a copy of the power of attorney;
(f) The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm;
(g) The powers of the subscribers’ advisory committee, and the names and terms of office of the members thereof;
(h) That all moneys paid to the reciprocal shall, after deducting therefrom any sum payable to the attorney, be held in the name of the insurer and for the purposes specified in the subscribers’ agreement;
(i) A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted, and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than 6 months at an adequate rate theretofore filed with and approved by the Commissioner;
(j) A statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by NRS 680A.120 is on hand; and
(k) A copy of each policy, endorsement and application form it then proposes to issue or use.
3. The declaration shall be acknowledged by the attorney in the manner required for the acknowledgment of deeds.
(Added to NRS by 1971, 1828)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.070 - Certificate of authority; disciplinary action for noncompliance.

1. The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer.
2. The Commissioner may refuse, suspend or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to comply with any applicable provision of this Code.
(Added to NRS by 1971, 1829)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.080 - Power of attorney.

1. The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers.
2. The power of attorney must set forth:
(a) The powers of the attorney;
(b) If a domestic insurer, that the attorney is empowered to accept service of process on behalf of the insurer in actions against the insurer upon contracts exchanged;
(c) The general services to be performed by the attorney;
(d) The maximum amount, if any, to be deducted from advance premiums or deposits to be paid to the attorney and the general items of expense, if any, in addition to losses, to be paid by the insurer; and
(e) Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount which amount shall be not less than one nor more than 10 times the premium or premium deposit stated in the policy.
3. The power of attorney may:
(a) Provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder;
(b) Impose such restrictions upon the exercise of the power as are agreed upon by the subscribers;
(c) Provide for the exercise of any right reserved to the subscribers directly or through their advisory committee; and
(d) Contain other lawful provisions deemed advisable.
4. The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement shall be used or be effective in this state until approved by the Commissioner.
(Added to NRS by 1971, 1829)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.090 - Modifications.

Modifications of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers’ advisory committee. No such modification shall be effective retroactively, or as to any insurance contract issued prior thereto.
(Added to NRS by 1971, 1829)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.100 - Attorney’s bond.

1. Concurrently with the filing of the declaration provided for in NRS 694B.060, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of this bond as set forth in subsection 2. The bond shall be executed by the attorney and by an authorized corporate surety, and shall be subject to the Commissioner’s approval.
2. The bond shall be in the penal sum of $25,000, aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into the hands of the attorney, and that the attorney will not withdraw or appropriate to the attorney’s own use from the funds of the insurer any moneys or property to which the attorney is not entitled under the power of attorney.
3. The bond shall provide that it is not subject to cancellation unless 30 days’ advance notice in writing of cancellation is given both the attorney and the Commissioner.
(Added to NRS by 1971, 1829)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.110 - Deposit in lieu of bond.

In lieu of the bond required under NRS 694B.100, the attorney may maintain on deposit through the Commissioner, a like amount in cash or in market value of United States Government bonds, subject to the same conditions as the bond.
(Added to NRS by 1971, 1830)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.120 - Action on bond.

An action on the attorney’s bond or to recover against any such deposit made in lieu thereof may be brought by one or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and become part of the insurer’s funds. The total aggregate liability of the surety shall be limited to the amount of the penalty of such bond.
(Added to NRS by 1971, 1830)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.130 - Service of process; judgment.

1. Legal process shall be served upon a domestic reciprocal insurer by serving the insurer’s attorney at his or her principal offices or by serving the Commissioner as the insurer’s process agent under NRS 680A.250 and 680A.260.
2. Any judgment based upon legal process so served shall be binding upon each of the insurer’s subscribers as their respective interests may appear, but in an amount not exceeding their respective contingent liabilities, if any, the same as though personal service of process was had upon each such subscriber.
(Added to NRS by 1971, 1830)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.140 - Contributions to insurer.

1. The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms such funds as it may require from time to time in its operations. Sums so advanced shall not be treated as a liability of the insurer, and, except upon liquidation of the insurer, shall not be withdrawn or repaid except out of the insurer’s realized earned surplus in excess of its minimum required surplus. No such withdrawal or repayment shall be made without the advance approval of the Commissioner.
2. This section does not apply to bank loans or to other loans made upon security.
(Added to NRS by 1971, 1830)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.150 - Financial condition: Method of determining.

In determining the financial condition of a reciprocal insurer the Commissioner shall apply the following rules:
1. The Commissioner shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis.
2. The surplus deposits of subscribers shall be allowed as assets, except that any premium deposits delinquent for 90 days shall first be charged against such surplus deposit.
3. The surplus deposits of subscribers shall not be charged as a liability.
4. All premium deposits delinquent less than 90 days shall be allowed as assets.
5. An assessment levied upon subscribers, and not collected, shall not be allowed as an asset.
6. The contingent liability of subscribers shall not be allowed as an asset.
7. The computation of reserves shall be based upon premium deposits other than membership fees and without any deduction for expenses and the compensation of the attorney.
(Added to NRS by 1971, 1831)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.160 - Persons eligible to be subscribers.

1. Individuals, partnerships and corporations of this state may make application, enter into an agreement for and hold policies or contracts in or with and be a subscriber of any domestic, foreign or alien reciprocal insurer. Any corporation organized under the laws of this state before, on or after January 1, 1972, in addition to the rights, powers and franchises specified in its articles of incorporation, has full power and authority as a subscriber to exchange insurance contracts through such a reciprocal insurer. The right to exchange such contracts is hereby declared to be incidental to the purposes for which such corporations are organized and to be as fully granted as the rights and powers expressly conferred upon such corporations.
2. Government or governmental agencies, a state or political subdivisions thereof, boards, associations, estates, trustees or fiduciaries are authorized to exchange nonassessable reciprocal interinsurance contracts with each other and with individuals, partnerships and corporations to the same extent that individuals, partnerships and corporations are authorized in this chapter to exchange reciprocal interinsurance contracts.
3. Any officer, representative, trustee, receiver or legal representative of any such subscriber must be recognized as acting for or on its behalf for the purpose of such a contract but may not be personally liable upon the contract by reason of acting in such a representative capacity.
(Added to NRS by 1971, 1831; A 1997, 1628)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.170 - Subscribers’ advisory committee.

1. The advisory committee of a domestic reciprocal insurer exercising the subscribers’ rights shall be selected under such rules as the subscribers adopt.
2. Not less than two-thirds of such committee shall be subscribers other than the attorney, or any person employed by, representing or having a financial interest in the attorney.
3. The committee shall:
(a) Supervise the finances of the insurer;
(b) Supervise the insurer’s operations to such extent as to assure conformity with the subscribers’ agreement and the power of attorney;
(c) Procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; and
(d) Have such additional powers and functions as may be conferred by the subscribers’ agreement.
(Added to NRS by 1971, 1832)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.180 - Subscribers’ liability.

1. The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several and proportionate liability, and not joint.
2. Except as to a nonassessable policy, each subscriber shall have a contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers’ agreement, for payment of actual losses and expenses incurred while the policy of the subscriber was in force. Such contingent liability may be at the rate of not less than one nor more than 10 times the premium or premium deposit stated in the policy, and the maximum aggregate thereof shall be computed in the manner set forth in NRS 694B.220.
3. Each assessable policy issued by the insurer shall contain a statement of the contingent liability, set in type of the same prominence as the insuring clause.
(Added to NRS by 1971, 1832)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.190 - Subscribers’ liability on judgment.

1. No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days.
2. Any such judgment shall be binding upon each subscriber only in such proportion as the interests of the subscriber may appear and in an amount not exceeding the contingent liability of the subscriber, if any.
(Added to NRS by 1971, 1832)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.200 - Assessments.

1. Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies by:
(a) The attorney upon approval in advance by the subscribers’ advisory committee and the Commissioner; or
(b) The Commissioner in liquidation of the insurer.
2. Each subscriber’s share of a deficiency for which an assessment is made, but not exceeding in any event the aggregate contingent liability of the subscriber as computed in accordance with NRS 694B.220, shall be computed by applying to the premium earned on the subscriber’s policy or policies during the period to be covered by the assessment, the ratio of the total deficiency to the total premiums earned during such period upon all policies subject to the assessment.
3. In computing the earned premiums for the purposes of this section, the gross premium received by the insurer for the policy shall be used as a base, deducting therefrom solely charges not recurring upon the renewal or extension of the policy.
4. No subscriber shall have an offset against any assessment for which the subscriber is liable, on account of any claim for unearned premium or losses payable.
(Added to NRS by 1971, 1832)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.210 - Time limit for assessments.

Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for, and shall pay his or her share of any assessment, as computed and limited in accordance with this chapter, if:
1. While the policy of the subscriber is in force or within 1 year after its termination, the subscriber is notified by either the attorney or the Commissioner of his or her intentions to levy such assessment; or
2. If an order to show cause why a receiver, conservator, rehabilitator or liquidator of the insurer should not be appointed is issued while his or her policy is in force or within 1 year after its termination.
(Added to NRS by 1971, 1833)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.220 - Aggregate liability.

No one policy or subscriber to such policy, shall be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any 1 calendar year, in excess of the amount provided for in the power of attorney or in the subscribers’ agreement, computed solely upon the premium earned on such policy during that year.
(Added to NRS by 1971, 1833)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.230 - Nonassessable policies.

1. If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock and surplus required to be maintained by a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers’ advisory committee the Commissioner shall issue a certificate authorizing the insurer to extinguish the contingent liability of subscribers under its policies then in force in this state, and to omit provisions imposing contingent liability in all policies delivered or issued for delivery in this state for so long as all such surplus remains unimpaired.
2. Upon impairment of such surplus, the Commissioner shall forthwith revoke the certificate. Such revocation shall not render subject to contingent liability any policy then in force and for the remainder of the period for which the premium has theretofore been paid; but after such revocation no policy shall be issued or renewed without providing for contingent assessment liability of the subscriber.
3. The Commissioner shall not authorize a domestic reciprocal insurer so to extinguish the contingent liability of any of its subscribers or in any of its policies to be issued, unless it qualifies to and does extinguish such liability of all its subscribers and in all such policies for all kinds of insurance transacted by it; but if required by the laws of another state in which the insurer is transacting insurance as an authorized insurer, the insurer may issue policies providing for the contingent liability of such of its subscribers as may acquire such policies in such state, and need not extinguish the contingent liability applicable to policies theretofore in force in such state.
(Added to NRS by 1971, 1833)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.240 - Subscribers’ share in assets upon liquidation.

Upon the liquidation of a domestic reciprocal insurer, its assets remaining after the discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus, and the return of any unused premiums, savings or credits then standing on subscribers’ accounts shall be distributed to its subscribers who were such within the 12 months prior to the last termination of its certificate of authority, according to such reasonable formula as the Commissioner may approve.
(Added to NRS by 1971, 1834)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.250 - Merger or conversion.

1. A domestic reciprocal insurer upon the affirmative vote of not less than two-thirds of its subscribers who vote on such merger pursuant to due notice and the approval of the Commissioner of the terms therefor may merge with another reciprocal insurer or be converted to a stock or mutual insurer.
2. Such a stock or mutual insurer shall be subject to the same capital or surplus requirements and shall have the same rights as a like domestic insurer transacting like kinds of insurance.
3. The Commissioner shall not approve any plan for such merger or conversion which is inequitable to subscribers, or which, if for conversion to a stock insurer, does not give each subscriber preferential right to acquire stock of the proposed insurer proportionate to his or her interest in the reciprocal insurer as determined in accordance with NRS 694B.240 and a reasonable length of time within which to exercise such right.
(Added to NRS by 1971, 1834)
2023 Nevada Revised Statutes › Chapter 694B - Reciprocal Insurers › NRS 694B.260 - Impaired reciprocal insurer.

1. Subject to the limitation set forth in the power of attorney or policy, if the assets of a domestic reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall forthwith make up the deficiency or levy an assessment upon the subscribers for the amount needed to make up the deficiency.
2. If the attorney fails to make up such deficiency or to make the assessment within 30 days after the Commissioner orders the attorney to do so, or if the deficiency is not fully made up within 60 days after the date the assessment was made, the insurer shall be deemed insolvent and shall be proceeded against as authorized by this Code.
3. If liquidation of such an insurer is ordered, an assessment shall be levied upon the subscribers for such an amount, subject to the limits provided by this chapter, as the Commissioner determines to be necessary to discharge all liabilities of the insurer, exclusive of any funds contributed by the attorney or other persons, but including the reasonable cost of the liquidation.
(Added to NRS by 1971, 1834)
2023 Nevada Revised Statutes › Chapter 694C - Captive Insurers › NRS 694C.010 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 694C.020 to 694C.150, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1999, 3207; A 2005, 2151; 2015, 3508; 2017, 73; 2019, 1709)
2023 Nevada Revised Statutes › Chapter 694C - Captive Insurers › NRS 694C.030 - "Agency captive insurer" defined.

"Agency captive insurer" means a captive insurer that is owned or directly or indirectly controlled by an insurance agency or brokerage and that only insures risks of policies which are placed by or through the agency or brokerage.
(Added to NRS by 1999, 3207; A 2005, 2151)
2023 Nevada Revised Statutes › Chapter 694C - Captive Insurers › NRS 694C.035 - "Alien captive insurer" defined.

"Alien captive insurer" means any insurer that is formed to write insurance business for its parents and affiliates and is licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory standards acceptable to the Commissioner on companies transacting the business of insurance in such jurisdiction.
(Added to NRS by 2005, 2147)
2023 Nevada Revised Statutes › Chapter 694C - Captive Insurers › NRS 694C.050 - "Association captive insurer" defined.

"Association captive insurer" means a captive insurer that only insures risks of the member organizations of an association and the affiliated companies of those members if:
1. The association or the member organizations of the association:
(a) Have complete control over the power to vote all the outstanding voting securities of the association captive insurer, if the association captive insurer is incorporated as a stock insurer; or
(b) Have complete voting control over the captive insurer, if the captive insurer is formed as a mutual insurer; and
2. The member organizations of the association collectively constitute all the subscribers of the captive insurer, if the captive insurer is formed as a reciprocal insurer.
(Added to NRS by 1999, 3207; A 2003, 3331; 2019, 1709)
2023 Nevada Revised Statutes › Chapter 694C - Captive Insurers › NRS 694C.060 - "Captive insurer" defined.

"Captive insurer" means:
1. Any pure captive insurer, association captive insurer, agency captive insurer, rental captive insurer and sponsored captive insurer licensed pursuant to this chapter. The term includes a pure captive insurer who, unless otherwise provided by the Commissioner, is a branch captive insurer with respect to operations in this State.
2. Any state-chartered risk retention group.
(Added to NRS by 1999, 3208; A 2005, 2152; 2019, 1709)
2023 Nevada Revised Statutes › Chapter 694C - Captive Insurers › NRS 694C.075 - "Controlled unaffiliated business" defined.

"Controlled unaffiliated business" means any company:
1. That is not in the corporate system of a parent and affiliated companies;
2. That has an existing contractual relationship with a parent or affiliated company; and
3. Whose risks are managed by a captive insurer pursuant to this chapter.
(Added to NRS by 2005, 2147)
2023 Nevada Revised Statutes › Chapter 694C - Captive Insurers › NRS 694C.110 - "Parent" defined.

"Parent" means a corporation, limited-liability company, partnership, association or other form of business organization that directly or indirectly owns, controls or holds with power to vote more than 50 percent of the outstanding voting securities of:
1. A pure captive insurer organized as a stock corporation; or
2. The membership of a pure captive insurer organized as a nonprofit corporation.
(Added to NRS by 1999, 3208; A 2005, 2152)