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2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3509 - Penalties.

1. If an insurer or insurance group fails, without just cause, to timely file a corporate governance annual disclosure as required in NRS 692C.3501 to 692C.3509, inclusive, the insurer or insurance group shall, after receiving notice and a hearing, pay a civil penalty of $1,500 for each day the insurer or insurance group fails to file the corporate governance annual disclosure. 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 into the State General Fund.
2. The maximum civil penalty that may be imposed pursuant to subsection 1 is $100,000. The Commissioner may reduce the amount of the civil penalty if the insurer or insurance group demonstrates to the satisfaction of the Commissioner that the payment of the civil penalty would constitute a financial hardship on the insurer or insurance group.
(Added to NRS by 2017, 68)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.351 - Risk management framework required.

An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material relevant risks. This requirement shall be deemed satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.
(Added to NRS by 2015, 3486)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3512 - Own Risk and Solvency Assessment requirement.

Subject to the provisions of NRS 692C.352 to 692C.353, inclusive, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to that set forth in the
ORSA Guidance Manual
. An ORSA must be conducted not less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.
(Added to NRS by 2015, 3486)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3514 - Filing of ORSA Summary Report.

Upon the request of the Commissioner, and not more than once each year, an insurer shall submit to the Commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the
ORSA Guidance Manual
, applicable to the insurer and the insurance group of which the insurer is a member. Notwithstanding any request from the Commissioner, if the insurer is a member of an insurance group, the insurer shall submit the report required by this section if the Commissioner is the lead state commissioner of the insurance group as determined by the procedures within the
Financial Analysis Handbook
, published by the NAIC.
(Added to NRS by 2015, 3486)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3516 - Required attestation of ORSA Summary Report.

The report required by NRS 692C.3514 must include a signature of the insurer or insurance group’s chief risk officer, or other executive having responsibility for the oversight of the insurer’s enterprise risk management process, attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management processes described in the ORSA Summary Report and that a copy of the Report has been provided to the insurer’s board of directors or the appropriate committee thereof.
(Added to NRS by 2015, 3487)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3518 - Acceptable alternative to ORSA Summary Report.

An insurer may comply with the requirements of NRS 692C.3514 by providing the most recent and substantially similar report provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the
ORSA Guidance Manual
. Any such report in a language other than English must be accompanied by a translation of that report into the English language.
(Added to NRS by 2015, 3487)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.352 - Exemption from risk management and ORSA requirements.

An insurer is exempt from the requirements of NRS 692C.351 to 692C.3548, inclusive, if:
1. The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and the National Flood Insurance Program, of less than $500,000,000; and
2. The insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums but excluding premiums reinsured with the Federal Crop Insurance Corporation and the National Federal Flood Insurance Program, of less than $1 billion.
(Added to NRS by 2015, 3487)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3522 - Filing requirements for exempt member of nonexempt insurance group.

If an insurer qualifies for an exemption pursuant to subsection 1 of NRS 692C.352 and the insurance group of which the insurer is a member does not qualify for an exemption pursuant to subsection 2 of that section, the ORSA Summary Report that may be required under NRS 692C.3514, 692C.3516 and 692C.3518 must include every insurer within the insurance group. This requirement shall be deemed satisfied by the submission of more than one ORSA Summary Report for any combination of insurers, provided that any combination of reports includes every insurer within the insurance group.
(Added to NRS by 2015, 3487)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3524 - Filing requirements for nonexempt member of exempt insurance group.

If an insurer does not qualify for an exemption pursuant to subsection 1 of NRS 692C.352 and the insurance group of which the insurer is a member qualifies for an exemption pursuant to subsection 2 of that section, the ORSA Summary Report that may be required under NRS 692C.3514, 692C.3516 and 692C.3518 is the report applicable to that insurer.
(Added to NRS by 2015, 3487)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3526 - Waiver of requirements: Application by nonexempt insurer; granting.

An insurer that does not qualify for an exemption pursuant to NRS 692C.352 may apply to the Commissioner for a waiver from the requirements of NRS 692C.351 to 692C.3548, inclusive, based on unique circumstances. In deciding whether to grant the insurer’s request for a waiver, the Commissioner may consider the type and volume of business written, ownership and organizational structure, and any other factor the Commissioner considers relevant to the insurer or insurance group of which the insurer is a member. If the insurer is part of an insurance group with insurers domiciled in more than one state, the Commissioner shall coordinate with the lead state commissioner and with the other domiciliary commissioners in considering whether to grant the insurer’s request for a waiver.
(Added to NRS by 2015, 3487)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3528 - Authority of Commissioner to impose certain requirements on exempt insurer.

Notwithstanding the provisions of NRS 692C.352 to 692C.3526, inclusive:
1. The Commissioner may require that an insurer maintain a risk management framework, conduct an ORSA and file an ORSA Summary Report based on unique circumstances, including, without limitation, the type and volume of business written, ownership and organizational structure, federal agency requests and international supervisor requests.
2. The Commissioner may require that an insurer maintain a risk management framework, conduct an ORSA and file an ORSA Summary Report if the insurer has risk-based capital for company action level event, as defined in regulations adopted by the Commissioner, meets one or more of the standards of an insurer deemed to be in hazardous financial condition, as defined in NRS 680A.205, or otherwise exhibits qualities of a troubled insurer as determined by the Commissioner.
(Added to NRS by 2015, 3488)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.353 - Requirements for exempt insurer no longer qualified for exemption.

If an insurer that qualifies for an exemption pursuant to NRS 692C.352 subsequently no longer qualifies for that exemption as a result of changes in premium as reflected in the insurer’s most recent annual statement, or in the most recent annual statements of the insurers within the insurance group of which the insurer is a member, the insurer shall have 1 year after the date on which the threshold is exceeded to comply with the requirements of NRS 692C.351 to 692C.3548, inclusive.
(Added to NRS by 2015, 3488)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3532 - Contents of ORSA Summary Report.

An ORSA Summary Report must be prepared consistent with the
ORSA Guidance Manual
, subject to the requirements of this section and NRS 692C.3534. Documentation and supporting information must be maintained and made available upon examination or upon request of the Commissioner.
(Added to NRS by 2015, 3488)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3536 - Confidentiality of information.

1. Except as otherwise provided in this section and NRS 239.0115 and 692C.3516, any documents, materials and other information, including an ORSA Summary Report, in the possession of or control of the Division that are obtained by, created by or disclosed to the Commissioner or any other person in accordance with the provisions of NRS 692C.351 to 692C.3548, inclusive, are proprietary and constitute trade secrets. All such documents, materials or other information are:
(a) Confidential by law and privileged;
(b) Not subject to subpoena; and
(c) Not subject to discovery or admissible in evidence in any private civil action.
2. Notwithstanding any provision of subsection 1 to the contrary, the Commissioner is authorized to use the documents, materials or other information in the furtherance of any regulatory or legal action brought as a part of the Commissioner’s official duties. The Commissioner shall not otherwise make the documents, materials or other information public without the prior written consent of the insurer.
(Added to NRS by 2015, 3488)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3538 - Confidential information: Testimonial prohibition; exception.

Neither the Commissioner, nor any other person who received documents, materials or other information received pursuant to NRS 692C.351 to 692C.3548, inclusive, through examination or otherwise, while acting pursuant to the authority of the Commissioner or with whom such documents, materials and other information are shared in accordance with the provisions of those sections, is allowed or required to testify in any private civil action concerning any such documents, materials and information subject to NRS 692C.3536.
(Added to NRS by 2015, 3489)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3542 - Sharing of information by Commissioner not delegation of regulatory authority or rulemaking.

The sharing of documents, materials and other information by the Commissioner pursuant to NRS 692C.351 to 692C.3548, inclusive, does not constitute a delegation of regulatory authority or rulemaking, and the Commissioner is solely responsible for the administration, execution and enforcement of the provisions of NRS 692C.351 to 692C.3548, inclusive.
(Added to NRS by 2015, 3490)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3544 - Disclosure of information to Commissioner not waiver of privilege of confidentiality.

No waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade secrets materials or other information shall occur as a result of the disclosure of such documents, materials and information to the Commissioner in accordance with the provisions of NRS 692C.3536 to 692C.3546, inclusive, or as a result of sharing as authorized in accordance with the provisions of NRS 692C.351 to 692C.3548, inclusive.
(Added to NRS by 2015, 3490)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3546 - Applicability of confidentiality provisions to NAIC and third parties.

Documents, materials or other information in the possession or control of the NAIC or a third-party consultant in accordance with the provisions of NRS 692C.351 to 692C.3548, inclusive, are:
1. Confidential by law and privileged;
2. Not subject to the provisions of chapter 239 of NRS;
3. Not subject to subpoena; and
4. Not subject to discovery or admissible in evidence in any private civil action.
(Added to NRS by 2015, 3490)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.3548 - Prohibited acts; penalties.

1. The failure to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548, inclusive, within the time specified for the filing is a violation of those sections.
2. Except as otherwise provided in subsection 3, if an insurer or group insurer fails, without just cause, to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548, inclusive, the insurer or group insurer, as applicable, shall, after receiving notice and a hearing, pay a civil penalty of $1,500 for each day the insurer or group insurer fails to file the ORSA Summary Report. 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 $100,000. The Commissioner may reduce the amount of the civil penalty if the insurer or group insurer demonstrates to the satisfaction of the Commissioner that the payment of the civil penalty would impose a financial hardship on the insurer or group insurer, as applicable.
(Added to NRS by 2015, 3490)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.355 - Proposal to acquire or change or continue control of insurer domiciled in State: Notice; action by Commissioner.

An insurer, financial holding company, depositary institution or affiliate of any of them which proposes an acquisition or change or continuation of control of an insurer domiciled in this state shall give notice to the Commissioner of the proposed action no later than 60 days before the proposed action is to become effective. During this period, the Commissioner may collect, review and act upon applications and other documents or reports relating to the proposed action under his or her authority conferred by this title.
(Added to NRS by 2001, 2228)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.359 - Supervisory college: Commissioner may convene or participate; composition; agreements with other regulatory agencies.

1. The Commissioner may, for any registered insurer who is part of an insurance holding company system with international operations, convene a supervisory college or participate in a supervisory college convened by a state, federal or international regulatory agency with authority over any insurer who is part of the insurance holding company system:
(a) To determine whether or not the registered insurer is in compliance with the provisions of this chapter;
(b) To assess the business strategy, financial position, legal and regulatory compliance, risk exposure, risk management and governance procedures of the registered insurer; or
(c) As part of an examination of the registered insurer pursuant to NRS 692C.410.
2. In convening a supervisory college pursuant to subsection 1, the Commissioner may, without limitation:
(a) Establish:
(1) The membership of the supervisory college;
(2) The functions of the supervisory college; and
(3) The role of each regulatory agency participating in the supervisory college;
(b) Designate a regulatory agency as supervisor of the supervisory college; and
(c) Coordinate the activities of the supervisory college, including, without limitation:
(1) Meetings;
(2) Supervisory activities; and
(3) The sharing of information among members of the supervisory college.
3. In convening or participating in a supervisory college pursuant to this section, the Commissioner may enter into agreements with other state, federal or international regulatory agencies concerning the governance of a supervisory college. Such an agreement must meet the confidentiality requirements of NRS 692C.420.
4. The provisions of this section must not be construed to:
(a) Limit the authority of the Commissioner; or
(b) Delegate to any supervisory college the authority of the Commissioner to regulate a registered insurer or any affiliate of a registered insurer pursuant to this title.
5. As used in this section, "supervisory college" means a temporary or permanent forum for communication and cooperation between regulators, including, without limitation, state, federal and international regulatory agencies which are charged with regulating and supervising an insurer.
(Added to NRS by 2013, 3359)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.360 - Transactions with affiliates; regulations.

1. Material transactions by registered insurers with their affiliates are subject to all of the following standards:
(a) The terms must be fair and reasonable.
(b) Charges or fees for services performed must be reasonable.
(c) Expenses incurred and payment received must be allocated to the insurer in conformity with customary accounting practices concerning insurance consistently applied.
(d) The books, accounts and records of each party must be so maintained as to disclose clearly and accurately the precise nature and details of the transactions and must include any accounting information required to support the reasonableness of any charges or fees.
(e) The insurer’s surplus as regards policyholders following any dividends or distributions to shareholder affiliates must be reasonable in relation to the insurer’s outstanding liabilities and adequate to its financial needs.
2. The Commissioner may adopt regulations governing agreements for sharing the cost of services or management between registered insurers and their affiliates.
(Added to NRS by 1973, 1046; A 1995, 1776; 2013, 3367)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.367 - Insurer prohibited from entering into separate transactions with affiliate with intent to avoid review; review of transactions by Commissioner; insurer required to notify Commissioner of large investment in corporation.

1. A domestic insurer may not intentionally enter into transactions which are part of a plan or series of like transactions with affiliates if the purpose of those separate transactions is to avoid the threshold provided in NRS 692C.363 and thus avoid the review that would otherwise occur. If the Commissioner determines that such separate transactions were entered into over any 12-month period for that purpose, the Commissioner may exercise his or her authority pursuant to NRS 692C.410 to 692C.490, inclusive.
2. The Commissioner, in reviewing transactions pursuant to this section and NRS 692C.363, shall consider whether the transactions comply with the standards set forth in NRS 692C.360 and 692C.370 and whether the transactions may adversely affect the interests of policyholders.
3. A domestic insurer shall notify the Commissioner within 30 days after it makes an investment in any corporation if the total investment in that corporation by it and its affiliates exceeds 10 percent of the corporation’s voting securities.
(Added to NRS by 1995, 1774)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.370 - Adequacy of surplus.

For the purposes of this chapter, in determining whether or not an insurer’s surplus as regards policyholders is reasonable in relation to the insurer’s outstanding liabilities and adequate to its financial needs, the following factors among others must be considered:
1. The size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, operating results, insurance in force and other appropriate criteria.
2. The extent to which the insurer’s business is diversified among the several lines of insurance.
3. The number and size of risks insured in each line of business.
4. The extent of the geographical dispersion of the insurer’s insured risks.
5. The nature and extent of the insurer’s reinsurance program.
6. The quality, diversification and liquidity of the insurer’s investment portfolio.
7. The recent past and projected future trend in the size of the insurer’s surplus as regards policyholders.
8. The surplus as regards policyholders maintained by other comparable insurers.
9. The adequacy of the insurer’s reserves.
10. The quality and liquidity of investments in affiliates or subsidiaries made pursuant to NRS 692C.180 to 692C.250, inclusive. The Commissioner may treat any such investment as a disallowed asset for purposes of determining the adequacy of surplus as regards policyholders whenever in the judgment of the Commissioner such investment so warrants.
11. The quality of the insurer’s earnings and the extent to which the reported earnings of the insurer include extraordinary items. As used in this subsection, the term "extraordinary item" means a nonrecurring occurrence or event.
(Added to NRS by 1973, 1046; A 1995, 1777; 2011, 3392)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.372 - Group-wide supervision of internationally active insurance groups: Definitions.

As used in NRS 692C.372 to 692C.378, inclusive, unless the context otherwise requires, the words and terms defined in NRS 692C.374 and 692C.376 have the meanings ascribed to them in those sections.
(Added to NRS by 2017, 68)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.374 - Group-wide supervision of internationally active insurance groups: "Group-wide supervisor" defined.

"Group-wide supervisor" means a regulatory official who is authorized to engage in conducting and coordinating supervision activities across an insurance group and who is determined or acknowledged by the Commissioner pursuant to NRS 692C.378 to have sufficient significant contacts with the internationally active insurance group.
(Added to NRS by 2017, 68)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.376 - Group-wide supervision of internationally active insurance groups: "Internationally active insurance group" defined.

"Internationally active insurance group" means an insurance holding company system which:
1. Includes an insurer registered under NRS 692C.260; and
2. Meets the following criteria:
(a) Writes premiums in at least three countries;
(b) Writes 10 percent or more of the insurance holding company system’s total gross written premiums outside of the United States; and
(c) Based on a 3-year rolling average, has total assets of $50 billion or more or total gross written premiums of $10 billion or more.
(Added to NRS by 2017, 68)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.380 - Extraordinary distributions to shareholders: Definition.

For purposes of NRS 692C.360 to 692C.400, inclusive, an extraordinary dividend or distribution includes any dividend or distribution of cash or other property, whose fair market value together with that of other dividends or distributions made within the preceding 12 months exceeds the lesser of:
1. Ten percent of the insurer’s surplus as regards policyholders as of December 31 next preceding the dividend or distribution; or
2. The net gain from operations of the insurer, if the insurer is a life insurer, or the net income, not including realized capital gains if the insurer is not a life insurer, for the 12-month period ending December 31 next preceding the dividend or distribution,
but does not include pro rata distributions of any class of the insurer’s own securities.
(Added to NRS by 1973, 1047; A 1995, 1777; 2003, 325; 2015, 3502)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.400 - Extraordinary distributions to shareholders: Conditional declaration.

Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the Commissioner’s approval thereof, and such a declaration shall confer no rights upon shareholders until:
1. The Commissioner has approved the payment of such dividend or distribution; or
2. The Commissioner has not disapproved such payment within the 30-day period referred to in NRS 692C.390.
(Added to NRS by 1973, 1047)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.402 - Sources from which receiver appointed under order for liquidation or rehabilitation of insurer is authorized to recover.

1. If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order may recover on behalf of the insurer:
(a) From any parent corporation or holding company, or person or affiliate who otherwise controlled the insurer, the amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock; or
(b) Any payment in the form of a bonus, settlement on termination, or extraordinary adjustment of salary in a lump sum made by the insurer or a subsidiary to a director, officer or employee,
if the distribution or payment is made at any time during the year preceding the petition for liquidation, conservation or rehabilitation, as the case may be, subject to the limitations of subsection 2 and of NRS 692C.404.
2. Such a distribution is not recoverable if the parent or affiliate shows that, when paid, the distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that the distribution might adversely affect its ability to fulfill its contractual obligations.
(Added to NRS by 1995, 1774)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.404 - Liability of person who controlled insurer or affiliate at time distributions were paid or declared.

1. A person who was a parent corporation or holding company, or a person who otherwise controlled the insurer or affiliate, at the time the distributions were paid is liable up to the amount of distributions or payments the person received. Any person who otherwise controlled the insurer at the time the distributions were declared is liable up to the amount of distributions the person would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they are jointly and severally liable.
2. The maximum amount recoverable under this section and NRS 692C.402 is the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.
3. To the extent that any person liable under this section is insolvent or otherwise fails to pay claims due from it pursuant to this section, its parent corporation or holding company, or person who otherwise controlled it, at the time the distribution was paid is jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation or holding company, or person who otherwise controlled the insurer.
(Added to NRS by 1995, 1774)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.430 - Injunctive relief.

Whenever it appears to the Commissioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of this chapter or of any rule, regulation, or order issued by the Commissioner hereunder, the Commissioner may apply to the district court for the county in which the principal office of the insurer is located or if such insurer has no such office in this state, then to the First Judicial District Court in and for Carson City for an order enjoining such insurer or such director, officer, employee or agent thereof from violating or continuing to violate this chapter or any such rule, regulation or order, and for such other equitable relief as the nature of the case and the interests of the insurer’s policyholders, creditors and shareholders or the public may require.
(Added to NRS by 1973, 1048)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.440 - Prohibited voting of securities.

1. No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of the provisions of this chapter or of any rule, regulation or order issued by the Commissioner hereunder may be voted at any shareholders’ meeting, or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding, but no action taken at any such meeting shall be invalidated by the voting of such securities, unless the action would materially affect control of the insurer or unless the courts of this state have so ordered.
2. If an insurer or the Commissioner has reason to believe that any security of the insurer has been or is about to be acquired in contravention of the provisions of this chapter or of any rule, regulation or order issued by the Commissioner hereunder the insurer or the Commissioner may apply to the First Judicial District Court in and for Carson City or to the district court for the county in which the insurer has its principal place of business to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of NRS 692C.180 to 692C.250, inclusive, or any rule, regulation or order issued by the Commissioner thereunder to enjoin the voting of any security so acquired, to void any vote of such security already cast at any meeting of shareholders, and for such other equitable relief as the nature of the case and the interests of the insurer’s policyholders, creditors and shareholders or the public may require.
(Added to NRS by 1973, 1048)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.450 - Sequestration of voting securities.

In any case where a person has acquired or is proposing to acquire any voting securities in violation of this chapter or any rule, regulation or order issued by the Commissioner hereunder, the First Judicial District Court in and for Carson City or the district court of the county in which the insurer has its principal place of business may, on such notice as the court deems appropriate, upon the application of the insurer or the Commissioner seize or sequester any voting securities of the insurer owned directly or indirectly by such person, and issue such orders with respect thereto as may be appropriate to effectuate the provisions of this chapter. Notwithstanding any other provisions of law, for the purposes of this chapter, the situs of the ownership of the securities of domestic insurers shall be deemed to be in this state.
(Added to NRS by 1973, 1049)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.460 - Receivership.

Whenever it appears to the Commissioner that any person has committed a violation of this chapter, which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, the Commissioner may proceed as provided in chapter 696B of NRS to take possession of the property of such domestic insurer and to conduct the business thereof.
(Added to NRS by 1973, 1049)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.470 - Suspension or revocation of or refusal to renew license.

Whenever it appears to the Commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke or refuse to renew such insurer’s license or authority to do business in this state for such period as the Commissioner finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law.
(Added to NRS by 1973, 1049)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.480 - Criminal proceedings and penalties.

1. Whenever it appears to the Commissioner that any insurer or any director, officer, employee or agent thereof has committed a willful violation of this chapter, the Commissioner may cause criminal proceedings to be instituted in the county in which the principal office of the insurer is located or if the insurer does not have such an office in the state then in Carson City against that insurer or the responsible director, officer, employee or agent thereof.
2. An insurer which willfully violates this chapter shall be punished by a fine of not more than $20,000.
3. A natural person who willfully violates this chapter is guilty of a category D felony and shall be punished as provided in NRS 193.130.
(Added to NRS by 1973, 1049; A 1979, 1492; 1995, 1319)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.485 - Penalty for violation of certain provisions by director or officer of insurance holding company system; order of Commissioner to cease and desist; order of Commissioner to rescind certain contracts.

1. A director or officer of an insurance holding company system who knowingly violates, or knowingly participates in or assents to a violation of, NRS 692C.350, 692C.3548, 692C.360, 692C.363 or 692C.390, or who knowingly allows any officer or agent of the insurance holding company to engage in a transaction in violation of NRS 692C.360 or 692C.363 or to pay a dividend or make an extraordinary distribution in violation of NRS 692C.390 shall pay, after receiving notice and a hearing before the Commissioner, a fine of not more than $10,000 for each violation. In determining the amount of the fine, the Commissioner shall consider the appropriateness of the fine in relation to:
(a) The gravity of the violation;
(b) The history of any previous violations committed by the director or officer; and
(c) Any other matters as justice may require.
2. Whenever it appears to the Commissioner that an insurer or any director, officer, employee or agent of the insurer has engaged in a transaction or entered into a contract to which the provisions of NRS 692C.363 apply and for which the insurer has not obtained the Commissioner’s approval, the Commissioner may order the insurer to cease and desist immediately from engaging in any further activity relating to the transaction or contract. In addition to issuing such an order, the Commissioner may order the insurer to rescind the contract and return each party to the contract to the position the party was in before the execution of the contract if the issuing of the order is in the best interest of:
(a) The policyholders or creditors of the insurer; or
(b) The members of the general public.
(Added to NRS by 2003, 3321; A 2015, 3503)
2023 Nevada Revised Statutes › Chapter 692C - Holding Companies › NRS 692C.490 - Judicial review.

1. Any person aggrieved by any act, determination, regulation, order or any other action of the Commissioner pursuant to this chapter may petition for review thereof in the district court in and for Carson City. The court shall conduct its review without a jury and by trial de novo, except that if all parties including the Commissioner so stipulate, the review shall be confined to the record. Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating.
2. The filing of an appeal pursuant to this section shall stay the application of any such regulation, order or other action of the Commissioner to the appealing party unless the court, after giving such party notice and an opportunity to be heard, determines that such a stay would be detrimental to the interests of policyholders, shareholders, creditors or the public.
3. Any person aggrieved by any failure of the Commissioner to act or make a determination required by this chapter, may petition the district court in and for Carson City for a writ of mandamus directing the Commissioner to act or make such determination forthwith.
(Added to NRS by 1973, 1050; A 1977, 100)
2023 Nevada Revised Statutes › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › NRS 693A.010 - Scope.

1. Except as provided in subsection 2, this chapter applies only to domestic stock insurers and domestic mutual insurers.
2. Subsection 3 of NRS 693A.050 also applies to foreign and alien insurers whose principal United States offices are located in this state; and subsection 5 of NRS 693A.250 applies to the issuance of nonassessable policies by foreign mutual insurers.
(Added to NRS by 1971, 1797)
2023 Nevada Revised Statutes › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › NRS 693A.020 - Applicability of statutes relating to corporations.

Domestic stock and mutual insurers shall be governed by the applicable provisions of the general statutes of this state relating to private corporations as such statutes are constituted on January 1, 1972, or may thereafter be constituted, except where such general statutes are in conflict with the express provisions of this Code and the reasonable implications of such provisions, in which case the provisions of this Code shall govern.
(Added to NRS by 1971, 1798)
2023 Nevada Revised Statutes › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › NRS 693A.030 - Domestic insurer prohibited from engaging in other business; exceptions.

1. Except as otherwise provided in subsections 2, 3 and 4, a domestic insurer formed before, on or after January 1, 1972, shall not engage in any business other than the insurance business and in business activities reasonably and necessarily incidental to the insurance business.
2. A title insurer may also engage in business as an escrow agent.
3. Any insurer may also engage in business activities reasonably related to the management, supervision, servicing of and protection of its interests as to its lawful investments, and to the full utilization of its facilities.
4. An insurer may own subsidiaries which may engage in such businesses as are provided for in NRS 682A.430.
(Added to NRS by 1971, 1798; A 1997, 1628; 2015, 3504)
2023 Nevada Revised Statutes › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › NRS 693A.040 - Principal offices.

1. Except as provided in subsection 2, every domestic insurer shall have and maintain its principal office and principal place of business in this state.
2. The Commissioner for good cause shown may permit an insurer to have and maintain such office or place of business in another state if found by the Commissioner to be in the best interests of the insurer and its policyholders and reasonably convenient to the Commissioner in his or her supervision of the insurer, all subject to such reasonable terms and conditions as the Commissioner shall, by order granting such permission, establish.
(Added to NRS by 1971, 1798)
2023 Nevada Revised Statutes › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › NRS 693A.050 - Books, records, documents, accounts and vouchers.

1. Every domestic insurer shall keep at its principal place of business its books, records, documents, accounts and vouchers in such a manner that its financial condition can be ascertained and that its financial statements filed with the Commissioner can readily be verified and its compliance with the law determined.
2. No insurer shall make any disbursement of $25 or more, unless evidenced by a voucher or other document correctly describing the consideration for the payment and supported by a check or receipt endorsed or signed by or on behalf of the person receiving the money. If the disbursement is for services and reimbursement, the voucher or other document, or some other writing referred to therein, shall describe the services and itemize the expenditures. If the disbursement is in connection with any matter pending before any Legislature or public body or before any public officer, the voucher or other document shall also correctly describe the nature of the matter and the nature of the insurer’s interest therein.
3. All such books, records, documents, accounts and vouchers of a domestic insurer, or of any principal United States office of a foreign or alien insurer located in this State, shall be preserved and kept available for the purposes of examination and until authority to destroy or otherwise dispose of such records is secured from the Commissioner.
4. Any director, officer, agent or employee of any insurer who destroys any such books, records or documents without the authority of the Commissioner in violation of this section is guilty of a gross misdemeanor.
(Added to NRS by 1971, 1798)
2023 Nevada Revised Statutes › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › NRS 693A.060 - Assets to be kept in State; exception.

1. Every domestic insurer shall keep its assets within the State of Nevada, except where requisite for the normal transaction of its business.
2. This section does not apply to:
(a) Assets maintained at the insurer’s principal place of business located outside this State with the Commissioner’s permission granted under NRS 693A.040;
(b) Securities on deposit with or through the insurance supervisory officer of another state, province or country as a condition to authority for the transaction of insurance business by the insurer in that state, province or country; and
(c) Negotiable securities held in book entry form through the United States banking system and recorded in the name of the domestic insurer or its nominee by the authorized transfer agency or trustee of the security.
(Added to NRS by 1971, 1799; A 1991, 647)
2023 Nevada Revised Statutes › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › NRS 693A.070 - Removal or concealment of records or assets; penalty.

1. A person shall not remove all or any material part of the records or assets of a domestic insurer from this State except pursuant to a plan of merger, consolidation or bulk reinsurance approved by the Commissioner under this Code, or for such other reasonable purposes and periods of time as may be permissible under NRS 693A.050 and 693A.060, or as may have been approved by the Commissioner in writing in advance of such removal.
2. A person shall not conceal any such records or assets from the Commissioner.
3. A person who unlawfully removes or attempts to remove such records or assets or such material part thereof from the principal place of business of the insurer or place of safekeeping thereof, or who unlawfully conceals or attempts to conceal the same from the Commissioner, is guilty of a category D felony and shall be punished as provided in NRS 193.130.
4. Upon any unlawful removal or attempted removal of such records or assets, or upon retention of such records or assets or material part thereof outside this State in violation of the terms of the applicable consent of the Commissioner, or upon any unlawful concealment of or attempt to conceal records or assets, the Commissioner may, in the discretion of the Commissioner, institute delinquency proceedings against the insurer pursuant to chapter 696B of NRS (conservation, rehabilitation and liquidation).
(Added to NRS by 1971, 1799; A 1995, 1319)
2023 Nevada Revised Statutes › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › NRS 693A.080 - Information to stockholders and regulation of proxies: Scope of provisions; rules and regulations.

1. This section and NRS 693A.090 and 693A.100 apply to all domestic stock insurers except:
(a) A domestic stock insurer having of record less than 100 holders of any class of equity securities; but if 95 percent or more of the insurer’s equity securities are owned or controlled by a parent or an affiliated insurer, this section and NRS 693A.090 and 693A.100 do not apply to such insurer unless its remaining securities are held of record by 500 or more persons; and
(b) Domestic stock insurers which, relative to the voting or other securities involved, file with the Securities and Exchange Commission forms of proxies, consents and authorizations pursuant to the Securities Exchange Act of 1934, as amended.
2. The Commissioner shall have authority to make and promulgate reasonable rules and regulations for the effectuation of this section and NRS 693A.090 and 693A.100, and in so doing shall give due consideration to rules and regulations promulgated for similar purposes by the insurance supervisory officers of other states.
(Added to NRS by 1971, 1800)
2023 Nevada Revised Statutes › Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers › NRS 693A.090 - Information to stockholders and regulation of proxies: Information in advance of meetings.

Every insurer to which this section and NRS 693A.080 and 693A.100 apply shall seasonably furnish to its stockholders, in advance of stockholder meetings, information in writing reasonably adequate to inform them relative to all matters to be presented by the insurer’s management for consideration of stockholders at such meeting.
(Added to NRS by 1971, 1800)