2014 Nevada Revised Statutes
Chapter 695A - Fraternal Benefit Societies
NRS 695A.140 - Conversion of fraternal benefit society into mutual life insurer.
Any domestic fraternal benefit society may be converted to and licensed as a mutual life insurer by compliance with all the applicable requirements of chapter 693A of NRS if a plan of conversion is:
1. Prepared by the board of directors of the society in writing setting forth in full the terms and conditions of the conversion;
2. Approved by the affirmative vote of two-thirds of all members of the supreme governing body of the society at a regular or special meeting; and
3. Approved by the Commissioner, who may give such approval if the Commissioner finds that the proposed change is in conformity with the laws of this state and not prejudicial to the certificate holders of the society.
(Added to NRS by 1971, 1840; A 1991, 229)
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.
