The Commissioner may petition for an order directing the Commissioner to conserve the assets of or to rehabilitate a domestic insurer or an alien insurer domiciled in this state on any one or more of the following grounds: 1. On any ground for liquidation of the insurer under NRS 696B.220, if the Commissioner believes conservation […]
The Commissioner may apply to the court for an order appointing the Commissioner as receiver (if his or her appointment as receiver is not then in effect) and directing the Commissioner to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this state, […]
The Commissioner may apply to the court for an order appointing the Commissioner as receiver or ancillary receiver, and directing the Commissioner to conserve the assets within this state, of a foreign or alien insurer: 1. Upon any of the applicable grounds specified in NRS 696B.210 or 696B.220; 2. Upon the ground that the insurer’s […]
The Commissioner may apply to the court for an order appointing the Commissioner as ancillary receiver of and directing the Commissioner to liquidate the business of a foreign or alien insurer having assets, business or claims in this state upon the appointment in the domiciliary sovereignty of such insurer of a receiver, liquidator, conservator, rehabilitator […]
1. The Commissioner shall commence a delinquency proceeding authorized under this chapter, the Attorney General representing the Commissioner, by filing a petition in a court of proper jurisdiction praying for appointment of the Commissioner as receiver of the insurer. 2. Upon the filing of the petition the court shall issue an order directing the insurer […]
1. The Commissioner, as receiver, rehabilitator or liquidator, may appoint one or more special deputies who have all the powers and responsibilities of a receiver, rehabilitator or liquidator, and the Commissioner may employ such counsels, clerks and assistants as the Commissioner considers necessary. The compensation of such special deputies, counsels, clerks and assistants and all […]
A certified copy of any order to show cause issued under NRS 696B.250, and a copy of the petition upon which the order is made, must be served upon the insurer by delivering the same to its president, vice president, secretary, treasurer, director, agent for service of process, or to its managing agent, or attorney-in-fact, […]
1. Upon application by the Commissioner for such an order to show cause, or at any time thereafter, the court may without notice issue an injunction restraining the insurer, its officers, directors, stockholders, members, subscribers, agents and all other persons from the transaction of its business or the waste or disposition of its property until […]
1. This section, NRS 696B.030 to 696B.180, inclusive, (definitions) and NRS 696B.290 to 696B.340, inclusive, comprise the Uniform Insurers Liquidation Act and the Insurer Receivership Model Act. 2. If any provision of the NAIC Acts or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or […]
1. Whenever under this chapter a receiver is to be appointed in delinquency proceedings for an insurer, the court shall appoint the Commissioner as such receiver. The court shall order the Commissioner forthwith to take possession of the assets of the insurer and to administer the assets under the orders of the court. 2. As […]
1. Whenever under this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this State, the court shall appoint the Commissioner as ancillary receiver. The Commissioner shall file a petition requesting the appointment on the grounds set forth in NRS 696B.230 or 696B.240: (a) If the Commissioner […]
1. In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary receiver. All such claims must be filed on or before the last date fixed for the filing of claims […]
1. In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer who reside within this state may file claims either with the ancillary receiver, if any, appointed in this state, or with the domiciliary receiver. All such claims must be filed on or before the last […]
1. All claims against an insurer against which delinquency proceedings have commenced must be filed in the manner and form established by the receiver and set forth in reasonable detail the amount of the claim, or the basis upon which that amount can be ascertained, the facts upon which the claim is based, and the […]
1. Not later than 1 year after the date of entry of an order appointing a receiver in delinquency proceedings for an insurer pursuant to this chapter, and not less frequently than annually thereafter, the receiver shall comply with all requirements for financial reporting for a receivership as specified by the National Association of Insurance […]
1. Not later than 1 year after the date of entry of an order appointing a receiver in delinquency proceedings for an insurer pursuant to this chapter, and at such intervals as may be agreed to between the receiver and a guaranty association but in no event less frequently than annually, each guaranty association which […]
During the pendency of delinquency proceedings in this or any reciprocal state, no action or proceeding in the nature of an attachment, garnishment or execution shall be commenced or maintained in the courts of this state against the delinquent insurer or its assets. Any lien obtained by any such action or proceeding within 4 months […]
1. Except as provided in subsection 2, no order, judgment or decree enjoining, restraining or interfering with the prosecution of the business of any insurer or for the appointment of a temporary or permanent receiver of a domestic insurer shall be made or granted otherwise than upon the petition of the Commissioner represented by the […]
1. Except as otherwise provided in this section: (a) The money collected by the Commissioner in a proceeding under this chapter must be from time to time deposited in one or more state or national banks, savings banks, credit unions or trust companies, and in the case of the insolvency or voluntary or involuntary liquidation […]
The Commissioner shall not be required to pay any fee to any public officer in this state for service of process, or for filing, recording, issuing a transcript or certificate or authenticating any paper or instrument pertaining to the exercise by the Commissioner of any of the powers or duties conferred upon him or her […]
