2015 Nevada Revised Statutes
Chapter 692C - Holding Companies
NRS 692C.252 - Applicability.

The provisions of this chapter apply to any acquisition in which a change in control of an insurer who is authorized to do business in this state occurs, except:

1. An acquisition that is subject to approval or disapproval by the Commissioner pursuant to NRS 692C.180 to 692C.250, inclusive.

2. A purchase of securities solely for investment purposes if the securities are not used for voting or not otherwise used to cause or attempt to cause a substantial lessening of competition in any insurance market in this state, except that, if a purchase of securities creates a presumption of control of the insurer pursuant to subsection 2 of NRS 692C.050, the purchase is not solely for investment purposes unless the commissioner of insurance of the insurer’s state of domicile:

(a) Accepts a disclaimer of control or affirmatively finds that control does not exist; and

(b) Submits the accepted disclaimer or a statement setting forth the affirmative finding to the Commissioner.

3. An acquisition of a person by another person if:

(a) Each of those persons is not directly or through an affiliate primarily engaged in the business of insurance; and

(b) At least 30 days before the effective date of the acquisition, a notice is filed with the Commissioner in accordance with NRS 692C.254, if required.

4. An acquisition by a person of an affiliate of that person.

5. An acquisition that does not immediately cause:

(a) The combined market share of the involved insurers to exceed 5 percent of the total market;

(b) An increase in any market share; or

(c) For any market:

(1) The combined market share of the involved insurers to exceed 12 percent of the total market; and

(2) The market share to increase by more than 2 percent of the total market.

↪ As § 6. An acquisition for which, solely because of the effect of the acquisition on ocean marine insurance, a notification is required pursuant to this section.

7. An acquisition of an insurer whose domiciliary commissioner of insurance:

(a) Determines that:

(1) The insurer is in a failing condition;

(2) A feasible alternative for improving that condition does not exist; and

(3) The public benefit received from improving that condition through the acquisition of the insurer outweighs the public benefit received from increasing competition; and

(b) Submits a determination by the domiciliary commissioner of insurance made pursuant to paragraph (a) to the Commissioner.

(Added to NRS by 2003, 3318)