1. An alien insurer may use Nevada as a state of entry to transact insurance in the United States of America by making and maintaining in this state a deposit of assets in trust with a bank, credit union or trust company approved by the Commissioner. 2. The deposit, together with other trust deposits of […]
The deposit provided for in NRS 682B.130 shall be for the benefit, security and protection of the policyholders, or policyholders and creditors, of the insurer in the United States of America, and shall be maintained as long as there is outstanding in the United States of America any liability of the insurer arising out of […]
1. The deposit referred to in NRS 682B.130 shall be made and maintained under a written trust agreement between the insurer and the trustee, consistent with the requirements of NRS 682B.130 to 682B.250, inclusive, and shall be authenticated in such form and manner as the Commissioner may designate or approve. 2. The agreement shall not […]
A trust agreement may be amended, but the amendment shall not be effective until filed with and approved in writing by the Commissioner as being in compliance with NRS 682B.130 to 682B.250, inclusive. (Added to NRS by 1971, 1633)
The Commissioner may withdraw approval of any trust agreement or of any amendment thereof if the Commissioner finds upon hearing, after notice thereof to the insurer and the trustee, that the requisites for such approval, as provided in NRS 682B.130 to 682B.250, inclusive, have been found by the Commissioner not to exist or no longer […]
Title to the trusteed assets is vested in the trustee and its successors for the purposes of the trust deposit, and the trust agreement shall so provide. (Added to NRS by 1971, 1634)
The trustee shall keep the trusteed assets separate from other assets and shall maintain a record thereof sufficient to identify trusteed assets at all times. (Added to NRS by 1971, 1634)
1. The trustee of trusteed assets shall from time to time file with the Commissioner statements, in such forms as the Commissioner may designate and request in writing, certifying the character of such assets and the amounts and market value thereof. 2. If the trustee fails to file the statement within a reasonable time after […]
The Commissioner may examine trusteed assets at any time in accordance with the same conditions and procedures as govern examination of insurers in general under this Code. (Added to NRS by 1971, 1634)
1. The trust agreement shall provide, in substance, that no withdrawal of trusteed assets shall be made by the insurer or permitted by the trustee without the written authorization or approval of the Commissioner in advance thereof, except as follows: (a) Any or all income, earnings, dividends or interest accumulations of the trusteed assets may […]
A new trustee or new trustees may be substituted for the original trustee of trusteed assets for any proper cause. Any such substitution shall be subject to the Commissioner’s approval. (Added to NRS by 1971, 1635)
The provisions of NRS 682B.130 to 682B.250, inclusive, applicable to a United States manager shall, in the case of insurers domiciled in Mexico or Canada, be deemed to refer to the president, vice president, secretary, treasurer or other comparable officer of the insurer. (Added to NRS by 1971, 1635)
NRS 682B.070 (appraisal) and 682B.100 (levy upon deposit) shall also apply to trusteed assets of an alien insurer. (Added to NRS by 1971, 1635)
