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2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.140 - Schedule of fees and charges: Printing; display; copies; changes and amendments; retention; inspection.

1. The schedules provided for in NRS 692A.130 shall:
(a) Be printed in type not smaller than 10-point;
(b) Be dated to show the date they became effective; and
(c) So long as they are effective, be kept at all times readily available to the public and prominently displayed in a public place in each of the offices of the title insurer or title agent in this state, and in each of the offices of any person authorized to issue the policy of title insurance of the insurer, or to perform the service of an insurer or title agent in the particular county to which they relate.
2. On request, copies of the schedules shall be furnished to the public.
3. All or any part of any schedule may be changed or amended at any time or from time to time. Each change or amendment shall be printed and dated to show the effective date of the change or amendment. No change or amendment shall become effective until at least 30 days after it has been filed with the Commissioner and been displayed in the offices mentioned in subsection 1 in the same manner as provided for the display of schedules, and no change or amendment increasing fees or charges applies to policies or services ordered prior to the effective date of the change or amendment.
4. Each title insurer and each title agent shall keep a complete file of its schedules and of all changes and amendments thereto until at least 5 years after they have ceased to be in effect, and the file shall be available for inspection by the Commissioner at any appropriate time.
(Added to NRS by 1977, 980)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.150 - Reserve against unpaid losses and loss expenses.

1. Each domestic title insurer shall establish and at all times maintain a reserve against:
(a) Unpaid losses; and
(b) Loss expenses,
and shall calculate the reserves by making a careful estimate in each case of the loss and loss expense likely to be incurred by reason of each claim presented upon receiving notice from or on behalf of the insured of a title defect in or lien or adverse claim against the title of the insured which may result in a loss or cause expense to be incurred for the proper disposition of the claim.
2. Reserves required by this section may be revised from time to time and shall be redetermined at least once each year.
3. Amounts set aside in reserves in any year shall be deducted in determining the net profit of the year of the insurer.
(Added to NRS by 1977, 981)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.160 - Unearned premium reserve.

1. Each domestic title insurer shall establish and maintain an unearned premium reserve composed of the unearned portions of premiums due or received, which shall be charged as a reserve liability of the insurer in determining its financial condition.
2. The unearned premium reserve shall be retained and held by the title insurer for the protection of holders of policies which have not expired. Except as provided in this section, assets equal in value to the unearned premium reserve are not subject to distribution among depositors or other creditors or stockholders of the insurer until all claims of policyholders or holders of other title insurance contracts have been paid in full, and all liability on the policies or other title insurance has been paid in full and discharged or lawfully reinsured.
3. Income from the unearned premium reserve need not be added to that reserve.
4. Each title insurer shall place in its unearned premium reserve:
(a) The amount held in unearned premium reserve on July 1, 1977; and
(b) A sum equal to 5 percent of title insurance premiums collected in each calendar year.
5. A title insurer shall release from the unearned premium reserve and restore to net profits a sum equal to 5 percent of the amount added to the reserve during a calendar year on July 1 of the year following the year in which the sum was added, and an additional 5 percent shall be released from the reserve on each succeeding July 1 until the entire amount for that year has been restored to net profits.
(Added to NRS by 1977, 981)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.170 - Foreign or alien title insurers required to maintain same reserves required of domestic insurers.

Each foreign or alien title insurer licensed to transact title insurance business in this state shall maintain the same reserves as are required of domestic insurers, unless the laws of the jurisdiction of domicile of the insurer requires a higher amount.
(Added to NRS by 1977, 981)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.180 - Limitation on net retained liability for single risk; waiver of limitation by Commissioner.

1. The net retained liability of any title insurer for a single risk, whether assumed directly or as reinsurance, may not exceed 50 percent of the sum of the capital, surplus, unearned premium reserve and voluntary reserves less the value assigned to its title plants, all as shown in the most recent report of the insurer which is on file in the Office of the Commissioner.
2. The Commissioner may waive the limitation of this section for a particular risk upon application of the insurer and for good cause shown.
(Added to NRS by 1977, 983)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.190 - Circumstances in which premiums and charges from personal and controlled insurance constitute unlawful rebates.

1. If the premiums and charges received from any one source through personal or controlled insurance exceed 25 percent of the total premiums and charges received by a title insurer during a calendar year, or if the premiums and charges received from all personal and controlled insurance exceed 50 percent of the total premiums and charges received by the title insurer during the calendar year, the excess of those percentages is an unlawful rebate under NRS 686A.130.
2. "Personal or controlled insurance" means a policy of title insurance under which one of the following is an insured, or the loss is payable to one of the following:
(a) The title insurer who issued the policy or any of the following:
(1) Any person who owns or controls a majority of the voting stock or a controlling interest, directly or indirectly, in the title insurer;
(2) A corporation which is directly or indirectly controlled by a person who also controls the title insurer; or
(3) A corporation which makes consolidated returns for federal income tax purposes with a title insurer or with a corporation which is listed in subparagraph (1) or (2) of this paragraph.
(b) A title insurance agent who is a natural person, a spouse of the title insurance agent, any person related to the title insurance agent within the second degree by blood or marriage, and:
(1) If the employer of the title insurance agent is a natural person, the employer, the employer’s spouse and any person related to the employer within the second degree by blood or marriage;
(2) If the employer of the title insurance agent is a corporation, any person who owns or controls a majority of the voting stock or a controlling interest in the corporation, either directly or indirectly; or
(3) If the employer of the title insurance agent is a partnership or association, any person owning an interest in the partnership or association.
(c) A title insurance agent which is a corporation, and:
(1) Any person who owns or controls, directly or indirectly, a majority of the voting stock or controlling interest in the corporation;
(2) Any corporation which is directly or indirectly controlled by a person who also controls the title insurance agent; or
(3) Any corporation which makes consolidated returns for federal income tax purposes with any corporation described in subparagraph (1) or (2) of this paragraph.
3. Interest which is held by an entity in a fiduciary capacity for the true or beneficial owner of the property need not be included in determinations of which insurance is personal or controlled.
(Added to NRS by 1977, 983)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.200 - Division of rates and charges.

Nothing in this chapter prohibits the division of rates and charges between or among:
1. A title insurer and its agent;
2. Two or more title insurers;
3. One or more title insurers and one or more title agents; or
4. Two or more title agents,
if the division of rates and charges does not constitute an unlawful rebate under the laws of this State.
(Added to NRS by 1977, 984)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.210 - Waiver of right to purchase owner’s title insurance upon issuance of policy to mortgagee; form of notice and waiver.

1. A title insurer or title agent who issues a policy of mortgagee’s title insurance upon a loan which is made simultaneously with the purchase of all or part of the real property which secures the loan, where no owner’s title insurance has been ordered shall, before the disbursement of loan proceeds or the issuance of the mortgagee’s title policy, inform the owner in writing that the title policy is to be issued, that the policy does not protect the owner, and that the owner may obtain title insurance for protection. If the owner elects not to purchase title insurance, the title insurer or title agent shall obtain from the owner a statement in writing that the notice has been received and that the owner waives the right to purchase title insurance. The statement, together with the waiver, if any, shall be retained by the title insurer or title agent for not less than 5 years after its receipt.
2. The form of the written notice and waiver shall be substantially as follows:
NOTICE AND WAIVER
RE:.............................................................................................................................
(Address or Brief Property Description)
Notice is hereby given, as required in NRS 692A.210, that a mortgagee’s title insurance policy is to be issued to your mortgage lender. The policy does not afford title insurance protection to you in the event of a defect or claim of defect in title to the real estate which you are acquiring. An owner’s title insurance policy affording title insurance protection to you in the amount of your purchase price, or for the amount of your purchase price plus the cost of any improvements which you anticipate making, may be purchased by you. NRS 692A.210 requires that you sign the statement printed below if you do not wish to purchase an owner’s title insurance policy.
.......................................................................
Name of Insurer Issuing Policy
We have received the foregoing notice, and waive our right to purchase an owner’s title insurance policy for our protection.
.......................................................................
Mortgagors
(Added to NRS by 1977, 981)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.220 - Search and examination and determination of insurability of title required; retention of records.

1. No policy or contract of title insurance may be completed or executed until the title insurer has or has caused to be:
(a) Conducted a reasonable search and examination of the title; and
(b) Determined the insurability of the title in accordance with its established underwriting practices.
2. Each title insurer shall maintain records and evidence of its search and examination and of its determination of insurability for a period of not less than 5 years after the date of the policy or contract.
(Added to NRS by 1977, 982; A 1989, 585)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.225 - Closing protection letter: Title insurer authorized to provide; indemnification against certain losses; fee; providing indemnification against certain losses by other means prohibited.

1. A title insurer may provide a closing protection letter to any person or entity who is a party to a real estate transaction in which a policy of title insurance has been or will be issued by or on behalf of the insurer.
2. A closing protection letter provided by a title insurer pursuant to this section may indemnify a person or entity to whom the letter is provided, under the terms and conditions of the letter as provided by the title insurer, against a loss that is in connection with the transaction for which the letter was provided and which is due to any of the following acts or omissions by a closing or settlement service provider:
(a) Theft or misappropriation of any closing or settlement funds, to the extent that the theft or misappropriation affects the:
(1) Status of the title to the interest in land that is the subject of the transaction; or
(2) Validity, enforceability and priority of the lien of the mortgage on the interest in land that is the subject of the transaction.
(b) Failure to comply with any written closing or settlement instructions, to the extent that the failure affects the:
(1) Status of the title to the interest in land that is the subject of the transaction; or
(2) Validity, enforceability and priority of the lien of the mortgage on the interest in land that is the subject of the transaction.
3. A title insurer shall charge a fee of not less than $25 to each person or entity to which the insurer provides a closing protection letter pursuant to this section.
4. The fee charged pursuant to this section for a closing protection letter:
(a) Must not be included in any agreement requiring a division of fees or premiums collected by or on behalf of the title insurer who provided the letter; and
(b) Shall be deemed earned upon the closing of the transaction for which the letter was provided.
5. A title insurer may not provide or purport to provide indemnification to a person or entity against a loss in connection with acts or omissions by a closing or settlement service provider pursuant to subsection 2 by or through any other product or method than a closing protection letter provided pursuant to this section.
6. As used in this section, "closing or settlement service provider" means a person employed or approved by a title insurer to perform the closing or settlement of a real estate transaction in which a policy of title insurance has been issued by or on behalf of the insurer and may include, without limitation, a title agent or an escrow officer.
(Added to NRS by 2013, 816)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.240 - License as title insurer, title agent, escrow officer, escrow agent or escrow agency required to engage in business of administering escrows.

It is unlawful for any person to engage in or carry on, or hold himself or herself out as engaging in or carrying on, the business of administering escrows without first obtaining a license as a title insurer, title agent or escrow officer issued pursuant to this title or as an escrow agent or escrow agency issued pursuant to chapter 645A of NRS.
(Added to NRS by 1985, 1826)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.250 - Money deposited in escrow: Exemption from execution; designation; permissible depository; regulations defining "commingling" and prescribing business practices.

1. Money deposited in escrow is not subject to execution or attachment on any claim against the title insurer, title agent or escrow officer.
2. A title insurer, title agent or escrow officer shall not knowingly keep or cause to be kept any money in any bank, credit union or other financial institution under any name designating the money as belonging to the clients of the title insurer, title agent or escrow officer or those of another such person unless the money was actually entrusted to the title insurer, title agent or escrow officer for deposit in escrow.
3. All money deposited in escrow to be delivered upon the close of the escrow or upon any other contingency must be kept separate from money belonging to the title insurer, title agent or escrow officer and must be deposited in a financial institution that is federally insured or insured by a private insurer approved pursuant to NRS 672.755 unless another financial institution has been designated in writing in the instructions for the escrow. The money when deposited must be designated as "trust funds" or "escrow accounts" or under some other appropriate name indicating that the money is not the money of the title insurer, title agent or escrow officer.
4. The Commissioner shall adopt regulations defining the term "commingling" for the purposes of this chapter and prescribing acceptable business practices for title agents and escrow officers for handling money deposited in escrow.
(Added to NRS by 1985, 1825; A 1999, 1552)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.255 - Money deposited in escrow: Requirements for disbursement; disbursement on same business day allowed for certain forms of deposit; compliance with federal laws and regulations.

1. A title insurer, title agent or escrow officer shall not disburse money from an escrow account unless deposits which are at least equal in value to the proposed disbursements and which relate directly to the transaction for which the money is to be disbursed have been received.
2. A title insurer, title agent or escrow officer shall not disburse money from an escrow account on the same business day as the money is deposited unless the deposit is made in one of the following forms:
(a) Cash;
(b) Interbank electronic transfer such that the money deposited is available for immediate withdrawal without condition and payable in United States currency;
(c) Negotiable order of withdrawal, money order, cashier’s check or certified check which is drawn from a financial institution authorized to do business in this State;
(d) Any depository check, including any cashier’s check or teller’s check, that is governed by the Expedited Funds Availability Act, 12 U.S.C. §§ 4001 et seq.; or
(e) Any other form that permits conversion of the deposit to cash on the same day as the deposit is made.
3. A title insurer, title agent or escrow officer who disburses money from an escrow account pursuant to this section on the next business day after the day on which the money is deposited shall comply with all applicable federal laws or regulations with respect to the disbursement of money accorded next-day availability that is deposited in an escrow account.
(Added to NRS by 2011, 382; A 2013, 1371)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.260 - Records of escrow transactions and financial condition; making and filing of statement of business.

Each title insurer and title agent shall keep at all times in his or her principal place of business or branch office complete and suitable records of all escrow transactions made by him or her, together with books, papers and data clearly reflecting the financial condition of his or her business. Each title insurer and title agent shall, at the times required by the Commissioner, make and file with the Division a correct statement of his or her business in the form and containing the data the Commissioner may require.
(Added to NRS by 1985, 1825; A 1991, 1633; 1993, 1921)
2023 Nevada Revised Statutes › Chapter 692A - Title Insurance › NRS 692A.270 - Applicability of other provisions to title insurers, title agents and escrow officers.

The provisions of NRS 683A.321, 683A.331, 683A.341, 683A.400, 683A.451 to 683A.490, inclusive, and 683A.520 apply to title insurers, title agents and escrow officers.
(Added to NRS by 1985, 1825; A 1991, 1860; 2001, 2228; 2007, 3328; 2023, 1856)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.010 - Scope.

This chapter applies to the formation, after January 1, 1972, of domestic stock and mutual insurers, to the capitalization of domestic stock insurers, and to the financing of domestic insurers of all types and of insurance holding corporations thereof.
(Added to NRS by 1971, 1782)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.020 - Incorporation.

1. The general corporation laws of this state govern the incorporation of domestic stock and mutual insurers formed after January 1, 1972, where not in conflict with the express provisions of this Code. In case of such conflict the express provisions of this Code govern.
2. A domestic insurer must be incorporated by not less than three natural persons. The articles of incorporation must set forth the name and residence address of each of the true incorporators, and dummy incorporators must not be used.
3. The articles of incorporation must also set forth:
(a) The names and addresses of each proposed director or officer who is not an incorporator;
(b) The kind or kinds of insurance proposed to be transacted, in accordance with the definitions thereof contained in NRS 681A.010 to 681A.080, inclusive;
(c) If to be a stock insurer, the amount of authorized capital, the number of shares into which divided, and the par value of each share, which par value must not be less than $1. Shares without nominal or par value must not be authorized. All authorized shares must be of one class, with one vote per outstanding share and equal rights between outstanding shares as to dividends and distributions, and in all other respects; and
(d) If to be a mutual insurer, the contingent liability of policyholders for payment of losses and expenses of the insurer, which liability must not be less than one or more than six times the policyholder’s premium at the annual rate for a term of 1 year, as specified in the articles of incorporation. Such contingent liability may be rendered inoperative pursuant to the provisions of NRS 693A.250.
4. The articles of incorporation of a proposed stock insurer must require that all shares be issued at a price not less than par value, and must not provide for stock options.
(Added to NRS by 1971, 1782; A 1991, 2204)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.030 - Amendment of articles of incorporation: Submission and approval of Commissioner; applicability to existing insurers.

1. An amendment of articles of incorporation of a domestic insurer shall not be filed or accepted for filing with the Secretary of State unless first submitted to and approved by the Commissioner.
2. The insurer shall deliver executed quadruplicate originals of the proposed articles of amendment to the Commissioner. If the Commissioner finds the same to be in accordance with law, the Commissioner shall endorse his or her approval on each set of the articles of amendment and return the same to the insurer. The insurer shall then file the original set with the Secretary of State, one set with the Commissioner, and otherwise as required by law. If the Commissioner does not so find, the Commissioner shall not approve the proposed articles of amendment, but shall return all sets to the insurer together with a written statement of the reasons for nonapproval.
3. After January 1, 1972, no existing domestic stock or mutual insurer shall amend its articles of incorporation in any way which would conflict with the requirements of this Code as to a newly formed similar domestic insurer; but an existing domestic stock insurer with preferred stock already as part of its authorized capital shall have the right to increase or decrease the amount of the same or modify the rights and priorities thereof as otherwise permitted by law.
(Added to NRS by 1971, 1783)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.040 - Solicitation permit required; penalty.

1. A person forming or proposing to form a domestic insurer, or insurance holding corporation thereof, or corporation to be attorney-in-fact for a domestic reciprocal insurer, or proposing to secure funds for the formation or financing of a domestic insurer, or production of insurance business therefor, or for an insurance holding corporation holding or proposing to hold securities of a domestic insurer, or for an attorney-in-fact corporation of a domestic reciprocal insurer, or for the formation or financing of a syndicate, association, firm, partnership or organization for any such purposes, shall not in this state advertise or offer for sale any securities or policies, or solicit or receive any funds, subscriptions, applications, premiums or memberships, except as authorized by a currently effective permit, in this chapter sometimes referred to as a "solicitation permit," issued by the Commissioner.
2. A person who violates the provisions of this section is guilty of a category D felony and shall be punished as provided in NRS 193.130.
(Added to NRS by 1971, 1783; A 1979, 1492; 1995, 1319)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.050 - "Insurance holding corporation" defined; Massachusetts trusts.

1. As used in this Code, an insurance holding corporation is a corporation, whether or not incorporated under the laws of this state, owning or holding, or proposing to own or hold, a controlling stock interest in a domestic stock insurer. Shares owned directly or indirectly by the corporation or by its subsidiary or affiliate corporation, firm or organization, or by its officers, directors or principal stockholders, shall be deemed to be owned or held by the corporation for the purposes of this section.
2. For the purposes of this chapter that type of organization known as a "Massachusetts trust" shall be deemed to be a corporation.
(Added to NRS by 1971, 1784)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.060 - Exemptions.

NRS 692B.040 does not apply to:
1. Sales of securities not involving a public offering, and under a plan filed with and not disapproved by the Commissioner; that is, sales on which no commission or other compensation is payable resulting from offers privately made to not over 20 persons (other than banks, savings associations, investment companies registered as such under the Investment Company Act of 1940, registered securities dealers, investment houses and other financial institutions) within a 12-month period, and where all persons (including such banks, associations, companies, dealers, houses and institutions) so acquiring such securities do so for investment purposes only and not with a view to further distribution. The Commissioner shall disapprove any such plan within 10 days after filing, or within such reasonable additional period as the Commissioner may request within such 10 days, if found by the Commissioner to be:
(a) Unfair to any existing or proposed other holders of securities of the insurer; or
(b) Unlawful.
2. Sales of securities by an insurance holding corporation for purposes which do not include the financing, directly or indirectly, of a domestic insurer.
3. Stock of the insurer or insurance holding corporation to be offered and sold (without payment of commission thereon) exclusively to directors, employees and agents of the insurer or corporation, or any of them, under stock options granted pursuant to a written lawful plan therefor adopted by the board of directors, approved by a majority of the stock of the issuer corporation having voting rights, and filed with and approved by the Commissioner. The Commissioner shall approve such a plan unless found by the Commissioner to be inequitable to other personnel of the insurer or other persons financially interested in the insurer.
4. Securities issued or proposed to be issued pursuant to any merger, consolidation, bulk reinsurance, conversion, mutualization or corporate affiliation approved by the Commissioner pursuant to chapter 693A of NRS.
5. Securities issued in exchange for outstanding securities of the issuer, or partly in exchange for such outstanding securities and partly for cash, in connection with a recapitalization of the issuer or the exercise of conversion or exchange rights under such outstanding securities.
6. Securities issued and distributed to existing holders of securities of the insurer as a dividend paid in securities.
7. Fractional share interests in stock of the issuer offered and sold for the purpose of rounding out to whole shares in connection with any stock dividend or other distribution of shares to existing security holders of the issuer.
(Added to NRS by 1971, 1784)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.080 - Application for permit to solicit qualifying mutual applications.

Written application for any permit required under NRS 692B.040 in connection with the formation of a domestic mutual insurer by the securing of qualifying applications for insurance as provided in NRS 692B.200 shall be filed with the Commissioner. The application shall contain such information and be accompanied by such of the documents and the fees required under NRS 692B.070 as may be applicable, and in addition shall be accompanied by:
1. A copy of each policy for which applications are proposed to be solicited;
2. A copy of the proposed insurance application form, consistent with the requirements of NRS 692B.220 (qualifying applications for insurance); and
3. A schedule of the premiums or premium rates proposed to be charged in connection with such insurance applications.
(Added to NRS by 1971, 1786)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.090 - Investigation; exception.

1. Upon completion of the application for a permit under NRS 692B.070 and 692B.080, the Commissioner shall promptly cause an investigation to be made of:
(a) The identity, character, reputation, experience, financial standing and motives of the persons proposing to organize, promote or finance the insurer or organization;
(b) The character, financial responsibility, insurance management experience and business qualifications of the officers, directors and managers of the insurer or organization existing or proposed; and
(c) Such other aspects of the insurer, organization or proposed financing as the Commissioner deems advisable.
2. The Commissioner may, in the Commissioner’s discretion, waive investigation with respect to the further financing of a domestic insurer already duly authorized to transact insurance in this state.
(Added to NRS by 1971, 1786)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.100 - Granting or denial of permit.

1. The Commissioner shall expeditiously examine an application for a solicitation permit and complete the investigation as called for. Subject to subsection 2, if the Commissioner finds on such examination and investigation that:
(a) The application is complete;
(b) The documents therewith filed are proper in form; and
(c) The proposed financing is reasonable and adequate in amount for the purposes intended and the applicant is otherwise entitled to the permit,
the Commissioner shall give notice to the applicant that the Commissioner will issue the permit upon the filing of any bond required by NRS 692B.150 or 692B.210, or deposit in lieu thereof, and the filing of an executed copy of any escrow agreement required in connection therewith. If quadruplicate executed originals of articles of incorporation of a proposed domestic stock or mutual insurer have been filed with the Commissioner as required under paragraph (d) of subsection 1 of NRS 692B.070, the Commissioner shall inscribe the approval of the Commissioner on each copy thereof and return them to the applicant for filing with the Secretary of State and otherwise as required by law.
2. If the Commissioner does not so find, or finds that:
(a) The proposed sale of securities would be or tend to be unfair or inequitable as to present or proposed security holders or investors;
(b) Any of the individuals associated or to be associated in the insurer, corporation, syndicate, association, firm, organization or financing are not of good reputation as to business affairs or financial responsibility;
(c) The proposed insurer would not be able to qualify for a certificate of authority in this state by virtue of the provisions of subsection 2 of NRS 680A.090 (ownership, management);
(d) If an insurance holding corporation, its plan of capitalization or security options, or financing are such as would be prohibited under this Code as to a newly formed domestic stock insurer; or
(e) There is material variance, adverse to the applicant, as between the information furnished by the applicant in connection with the application and that determined by the Commissioner on investigation,
the Commissioner shall give notice to the applicant that a permit will not be granted, stating the particulars of the grounds for such denial, and refund to the applicant all sums deposited in connection with the application other than the fee for the filing of the application.
(Added to NRS by 1971, 1787)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.120 - Effect of granting permit; prohibited use as inducement; provision required to be placed on permit.

1. The granting of a solicitation permit is permissive only and shall not constitute an endorsement by the Commissioner of any person or thing related to any such insurer, corporation, syndicate, association, firm, organization or financing, or constitute evidence of the completeness or accuracy of information presented in any prospectus or other sales literature. The existence of the permit shall not be advertised or used as an inducement in any solicitation.
2. The Commissioner shall place the substance of this section in conspicuous type at the top of each such permit issued.
(Added to NRS by 1971, 1789)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.130 - Prospectus required; contents of prospectus; other literature; filing of certain sales literature and visual sales material with Commissioner.

1. An offering of securities, or of insurance policies (in case of qualifying applications for insurance in the formation of a domestic mutual insurer), shall be made only by a written prospectus as filed with the Commissioner and delivered to the prospective investor or policyholder.
2. The prospectus shall disclose all facts relative to the issuer and the offered security or policy which are reasonably material thereto, and shall not omit a material fact necessary to make the statements made, in the light of the circumstances under which made, not misleading. The Commissioner may make reasonable rules and regulations concerning the form and contents of prospectuses, not inconsistent with the provisions of this Code.
3. The Commissioner may accept, as a compliance with this section, a prospectus or offering circular covering securities to be offered in this state under an existing registration thereof with the Securities and Exchange Commission or under an existing exemption from such registration pursuant to Regulation A of the general rules and regulations of the Securities and Exchange Commission under the Securities Act of 1933, as amended.
4. As to securities covered by a solicitation permit, no sales literature or visual sales material other than the prospectus or offering circular shall be used in solicitations unless a copy thereof has been filed with the Commissioner in advance of such use and not disapproved by the Commissioner in writing mailed or delivered to the filing party within 10 days after the date of such filing. The Commissioner shall disapprove any such literature or material found by the Commissioner to be untrue or misleading. This subsection does not modify or affect any applicable requirement or prohibition under or pursuant to the Securities Act of 1933, as amended.
(Added to NRS by 1971, 1789)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.140 - Modification or revocation of permit.

The Commissioner may for cause modify a solicitation permit theretofore issued; and may after a hearing thereon revoke the permit for a violation of law or the terms of the permit, of any proper order of the Commissioner, or for material misrepresentation in the offering or sale of securities or policies under the permit.
(Added to NRS by 1971, 1790)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.150 - Bond; deposit in lieu of bond; waiver or release; exception.

1. Except as otherwise provided in this section, the Commissioner shall not issue a solicitation permit until the applicant has filed with the Commissioner a bond in favor of the State of Nevada, in the penal sum of $50,000 and issued by a surety insurer authorized to transact such insurance in this state.
2. The bond shall be conditioned upon:
(a) The payment of costs incurred by the State of Nevada in the event of any proceeding for liquidation or dissolution of the proposed organization before completion or organization, or, if to be an insurer, a certificate of authority is not granted;
(b) Compliance with terms of the permit and with applicable laws of this state; and
(c) A full accounting for all funds received in transactions under the permit until the proposed insurer has been granted its certificate of authority or until the corporation, syndicate, association, firm or organization or financing has been completed within the terms of the permit.
3. In lieu of filing such a bond the applicant may deposit with the Commissioner cash in the amount of $50,000 or securities of the United States Government or of the State of Nevada in market value of at least $50,000, and the Commissioner shall hold such deposit in trust for the same purposes as apply to a bond under subsection 2. The amount so deposited may, in the Commissioner’s discretion, be credited toward payment of subscriptions to securities by founders, promoters and incorporators if required under subparagraph (1) of paragraph (e) of subsection 2 of NRS 692B.110, (terms of permit) but subject to such diminution of such credit as may result from actual application of the deposit to the purposes for which made.
4. The Commissioner may, in the discretion of the Commissioner, waive the requirement for a bond or deposit in lieu thereof if the securities are to be issued in connection with subsequent financing as provided for in NRS 692B.260.
5. The Commissioner shall release and discharge the bond or deposit or remaining portion thereof held under this section upon settlement of all liabilities, if any, against it.
6. This section does not apply to solicitation of initial qualifying applications for insurance in a proposed domestic mutual insurer pursuant to NRS 692B.200 except as provided in NRS 692B.210.
(Added to NRS by 1971, 1790)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.160 - Filing of articles of incorporation; rights under permit.

Upon issuance to it by the Commissioner of its solicitation permit, a newly formed proposed domestic stock or mutual insurer shall file with the Commissioner a copy of its articles of incorporation as filed with the Secretary of State and proceed to the offer and sale of its securities and insurance policies as provided for in the permit.
(Added to NRS by 1971, 1791)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.170 - Deposit of money in escrow.

1. The holder of the solicitation permit shall promptly deposit all money except as provided in paragraph (a) of subsection 2, received from an offering of securities in this state pursuant to the permit, other than advance premiums for insurance which are subject to NRS 692B.230, in escrow in a bank, credit union or trust company located in this state and under an agreement consistent with this chapter filed with and approved by the Commissioner.
2. No part of the money may be withdrawn from the deposit, except:
(a) For payment of organization, sales and promotion expenses as earned and as authorized by the permit, and money for such purposes, up to the applicable expense limit on money as received, may be withheld from the deposit;
(b) For the purpose of making any deposit with the Commissioner required for the issuance of a certificate of authority to an insurer, or if the organization is not, or is not to be, an insurer, upon completion of payments on securities subscriptions made under the permit and deposit or appropriation of such money to the purposes specified in the permit; or
(c) For the making of refunds as provided in NRS 692B.240.
3. Money while so held in escrow may be invested in certificates of deposit or savings accounts. Interest accruing thereon becomes part of the money released as provided in paragraph (b) of subsection 2, or must be applied toward the cost of making refunds under paragraph (c) of subsection 2, or to supplement the bond or deposit in lieu thereof if the bond or deposit is called on pursuant to NRS 692B.150.
4. When the Commissioner has issued a certificate of authority to a proposed insurer the Commissioner shall release to the insurer any money remaining in escrow for its account.
5. The Commissioner may in the discretion of the Commissioner waive compliance with this section as to money to be received under a subsequent financing permit pursuant to NRS 692B.260, or in other circumstances where the Commissioner deems such an escrow to be unnecessary for the protection of investors or the public.
(Added to NRS by 1971, 1791; A 1999, 1553)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.180 - Subscription contracts.

1. No form of subscription contract to sell securities under a solicitation permit shall be used unless the form has been filed with the Commissioner not less than 10 days prior to use and not disapproved by the Commissioner. The Commissioner shall disapprove any such form found by the Commissioner, either within or after such 10-day period, to be:
(a) Prolix or unduly complicated as to terms;
(b) In any material part, printed in such a manner as to be difficult to read;
(c) Unfair to the subscriber in its terms; or
(d) Contrary to law or the terms of the solicitation permit.
2. No such disapproval shall be retroactively effective.
3. Every such contract providing for payment of the subscription price in installments shall:
(a) Require payment in full prior to expiration of the permit; and
(b) Provide for the forfeiture, at the option of the corporation, of all payments theretofore made if the subscriber fails to cure all delinquencies of payments thereunder within 45 days after written notice of such delinquencies and of such forfeiture requirement has been mailed by the permit holder to the subscriber at his or her address last of record with the permit holder.
(Added to NRS by 1971, 1791)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.193 - Payment of child support: Statement by applicant for permit or license; grounds for denial of permit or license; duty of Commissioner. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

1. A natural person who applies for the issuance of a permit or license pursuant to this chapter shall submit to the Commissioner the statement prescribed by the Division of Welfare and Supportive Services of the Department of Health and Human Services pursuant to NRS 425.520. The statement must be completed and signed by the applicant.
2. The Commissioner shall include the statement required pursuant to subsection 1 in:
(a) The application or any other forms that must be submitted for the issuance or renewal of the permit or license; or
(b) A separate form prescribed by the Commissioner.
3. A permit or license may not be issued by the Commissioner pursuant to this chapter if the applicant is a natural person who:
(a) Fails to submit the statement required pursuant to subsection 1; or
(b) Indicates on the statement submitted pursuant to subsection 1 that the applicant is subject to a court order for the support of a child and is not in compliance with the order or a plan approved by the district attorney or other public agency enforcing the order for the repayment of the amount owed pursuant to the order.
4. If an applicant indicates on the statement submitted pursuant to subsection 1 that the applicant is subject to a court order for the support of a child and is not in compliance with the order or a plan approved by the district attorney or other public agency enforcing the order for the repayment of the amount owed pursuant to the order, the Commissioner shall advise the applicant to contact the district attorney or other public agency enforcing the order to determine the actions that the applicant may take to satisfy the arrearage.
(Added to NRS by 1997, 2202)
2023 Nevada Revised Statutes › Chapter 692B - Formation and Capitalization of Domestic Stock and Mutual Insurers; Financing of Insurers and Holding Companies › NRS 692B.197 - Suspension of permit or license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of permit or license. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

1. If the Commissioner receives a copy of a court order issued pursuant to NRS 425.540 that provides for the suspension of all professional, occupational and recreational licenses, certificates and permits issued to a person who is the holder of a permit or license issued pursuant to this chapter, the Commissioner shall deem the permit or license issued to that person to be suspended at the end of the 30th day after the date on which the court order was issued unless the Commissioner receives a letter issued to the holder of the permit or license by the district attorney or other public agency pursuant to NRS 425.550 stating that the holder of the permit or license has complied with the subpoena or warrant or has satisfied the arrearage pursuant to NRS 425.560.
2. The Commissioner shall reinstate a permit or license issued pursuant to this chapter that has been suspended by a district court pursuant to NRS 425.540 if the Commissioner receives a letter issued by the district attorney or other public agency pursuant to NRS 425.550 to the person whose permit or license was suspended stating that the person whose permit or license was suspended has complied with the subpoena or warrant or has satisfied the arrearage pursuant to NRS 425.560.
(Added to NRS by 1997, 2203)