NRS 696B.010 – Short title.
This chapter constitutes and may be cited as the Insurers Conservation, Rehabilitation and Liquidation Law. (Added to NRS by 1971, 1883)
NRS 696B.020 – Applicability of chapter.
The applicable provisions of this chapter apply to: 1. All insurers authorized to transact insurance in this state; 2. All insurers having policyholders resident in this state; 3. All insurers against whom a claim under an insurance contract may arise in this state; 4. All persons in the process of organization, or holding themselves out […]
NRS 696B.030 – Definitions.
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 696B.040 to 696B.180, inclusive, shall have the meanings ascribed to them in NRS 696B.040 to 696B.180, inclusive. (Added to NRS by 1971, 1884)
NRS 696B.040 – “Ancillary state” defined.
“Ancillary state” means any state other than a domiciliary state. (Added to NRS by 1971, 1884)
NRS 696B.050 – “Creditor” defined.
“Creditor” means a person having a claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, or absolute, fixed or contingent. (Added to NRS by 1971, 1884)
NRS 696B.060 – “Delinquency proceeding” defined.
“Delinquency proceeding” means: 1. Any proceeding commenced against an insurer pursuant to this chapter for the purpose of conserving, rehabilitating, reorganizing or liquidating the insurer; or 2. The summary proceedings authorized by NRS 696B.500 to 696B.565, inclusive. (Added to NRS by 1971, 1884)
NRS 696B.070 – “Domiciliary state” defined.
“Domiciliary state” means the state in which an insurer is incorporated or organized or, as to an alien insurer, the state in which at the commencement of delinquency proceedings the larger amount of the insurer’s assets are held in trust or on deposit for the benefit of policyholders and creditors in the United States of […]
NRS 696B.080 – “Foreign country” defined.
“Foreign country” means territory not in any state. (Added to NRS by 1971, 1884)
NRS 696B.090 – “General assets” defined.
1. “General assets” means all property, real, personal or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbered for the security or benefit of specified persons or a limited class or classes of persons, and as to such specifically encumbered property the term includes all such property or its proceeds in excess of the amount […]
NRS 696B.100 – “Impairment” defined.
“Impairment” exists as to: 1. A stock insurer when the insurer’s assets do not at least equal the sum of its liabilities, including also its paid-in capital stock account and the minimum surplus required to be maintained under this Code for authority to transact the kinds of insurance transacted. 2. A mutual insurer when the […]
NRS 696B.110 – “Insolvency” defined.
“Insolvency” exists: 1. When the insurer fails to meet its obligations as they mature; 2. When a stock insurer’s assets are less than the sum of its liabilities and its paid-in capital stock account; 3. When a mutual insurer’s assets are less than the sum of its liabilities and the minimum basic surplus required to […]
NRS 696B.120 – “Insurer” defined.
“Insurer,” in addition to persons so defined under NRS 679A.100, includes also persons purporting to be insurers, or organizing or holding themselves out as organizing in this state for the purpose of becoming insurers. (Added to NRS by 1971, 1885)
NRS 696B.130 – “Preferred claim” defined.
“Preferred claim” means any claim accorded priority of payment from the insurer’s general assets under applicable law. (Added to NRS by 1971, 1885)
NRS 696B.140 – “Receiver” defined.
“Receiver” means a receiver, liquidator, rehabilitator or conservator, as the context requires. (Added to NRS by 1971, 1885)
NRS 696B.150 – “Reciprocal state” defined.
“Reciprocal state” means any state other than this state in which in substance and effect the provisions of the Uniform Insurers Liquidation Act or the Insurer Receivership Model Act are in force, including provisions requiring that the commissioner of insurance or the equivalent insurance supervisory officer be the receiver of a delinquent insurer, and in […]
NRS 696B.160 – “Secured claim” defined.
1. “Secured claim” means any claim secured by mortgage, trust deed, pledge, deposit as security, escrow or otherwise, but not including special deposit claims or claims against general assets. 2. “Secured claim” includes claims which have become liens upon specific assets through judicial process and not invalidated. (Added to NRS by 1971, 1886)
NRS 696B.170 – “Special deposit claim” defined.
“Special deposit claim” means any claim secured by a deposit made under a statute for the security or benefit of a limited class or classes of persons, but not including any general assets. (Added to NRS by 1971, 1886)
NRS 696B.180 – “State” defined.
“State” has the meaning ascribed to it in NRS 679A.120. (Added to NRS by 1971, 1886)
NRS 696B.190 – Jurisdiction of delinquency proceedings; venue; exclusiveness of remedy; appeal.
1. The district court has original jurisdiction of delinquency proceedings under NRS 696B.010 to 696B.565, inclusive, and any court with jurisdiction may make all necessary or proper orders to carry out the purposes of those sections. 2. The venue of delinquency proceedings against a domestic insurer must be in the county in this state of […]
NRS 696B.200 – Jurisdiction over related persons and transactions; service of process.
1. A court of this state in which an order of rehabilitation or liquidation has been entered in delinquency proceedings against a domestic insurer or alien insurer domiciled in this state, has jurisdiction also over persons, served as provided in subsection 2, in an action brought by the insurer’s receiver on or arising out of […]