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)
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 […]
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 […]
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 […]
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 […]
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 […]
1. A written application for any permit required under NRS 692B.040 must be filed with the Commissioner. The application must include or be accompanied by: (a) The name, type and purposes of the insurer, corporation, syndicate, association, firm or organization formed or proposed to be formed or financed; (b) On forms furnished by the Commissioner, […]
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 […]
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 […]
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 […]
1. Upon filing any bond (or making the deposit in lieu of bond) required under NRS 692B.150 or 692B.210, and upon filing with the Commissioner an executed copy of any required escrow agreement, the Commissioner shall issue a permit to the applicant if the applicant is entitled thereto under NRS 692B.100. 2. Every such 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
1. No person may in this State solicit subscription to or purchase of any security covered by a solicitation permit issued under this chapter, unless then licensed therefor by the Commissioner. 2. Such a license may be issued only to natural persons, and the Commissioner shall not license any person found by the Commissioner to […]
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 […]
