2013 Nevada Revised Statutes
Chapter 696B - Delinquent Insurers: Conservation, Rehabilitation and Liquidation
NRS 696B.440 - Offsets.
1. Except as provided in subsection 2, in all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be setoff and the balance only shall be allowed or paid.
2. No offset shall be allowed in favor of any such person where:
(a) The obligation of the insurer to such person would not at the date of the entry of any liquidation order or otherwise, as provided in NRS 696B.400, entitle him or her to share as a claimant in the assets of the insurer;
(b) The obligation of the insurer to such person was purchased by or transferred to such person with a view of its being used as an offset; or
(c) The obligation of such person is to pay an assessment levied against the members of a mutual insurer, or against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the capital stock of a stock insurer.
(Added to NRS by 1971, 1899)
Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
