2011 Nevada Revised Statutes
Chapter 683A - Persons Involved in Sale or Administration of Insurance
NRS 683A.231 - Licensing of bank.

1. For the purposes of this section:

(a) Affiliate means a person that directly, or indirectly through one or more intermediaries, is controlled by, or is under common control with, a bank.

(b) Bank means any institution that accepts deposits that the depositor has a legal right to withdraw on demand.

(c) Financial holding company means a bank holding company as defined in section 4(l)(2) of the Bank Holding Company Act of 1956, 12 U.S.C. 1841(l)(1).

(d) Parent means a person that owns or controls a bank, directly or indirectly, in whole or in part.

(e) Subsidiary means a person owned or controlled by a bank, directly or indirectly, in whole or in part.

2. A bank may be licensed as a producer of insurance in this state:

(a) To the extent permitted by Title V of Public Law 106-102, 15 U.S.C. 6801 et seq.; and

(b) For credit insurance, as defined in NRS 690A.015, and credit property insurance.

3. A bank must not be licensed or admitted as an insurer.

4. The provisions of subsection 3 do not prohibit the licensing by the Commissioner of an affiliate, financial holding company, parent or subsidiary of a bank to sell insurance or be admitted as an insurer.

(Added to NRS by 1971, 1638; A 1987, 2285; 1993, 2281; 1995, 1614; 1997, 782; 2001, 2204)