2020 Nevada Revised Statutes
Chapter 696C - Administrative Supervision of Insurers
NRS 696C.110 - Commissioner or designee to serve as administrative supervisor; insurer under administrative supervision prohibited from taking certain actions without approval.

1. During the period an insurer is under administrative supervision pursuant to NRS 696C.100, the Commissioner or an appointee designated by the Commissioner shall serve as the administrative supervisor of the insurer.

2. The Commissioner may identify any one or more actions specified in subsection 3 as actions which the insurer shall not take during the period the insurer remains under administrative supervision pursuant to NRS 696C.100 unless the insurer obtains approval in advance from the administrative supervisor designated pursuant to subsection 1.

3. If identified by the Commissioner pursuant to subsection 2, the insurer shall not, without obtaining approval in advance from the administrative supervisor:

(a) Dispose of, convey or encumber any of its assets or its business in force;

(b) Withdraw money from any of its bank accounts;

(c) Lend any of its money;

(d) Invest any of its money;

(e) Transfer any of its property;

(f) Incur any debt, obligation or liability;

(g) Merge or consolidate with another insurer or any other business entity as defined in NRS 682A.025;

(h) Approve new premiums or renew any policies;

(i) Enter into any new reinsurance contract or treaty;

(j) Terminate, surrender, forfeit, convert or lapse any insurance policy, certificate or contract, except for nonpayment of premiums due;

(k) Release, pay or refund premium deposits, accrued cash or loan values, unearned premiums or other reserves on any insurance policy, certificate or contract;

(l) Make any material change in management; or

(m) Increase any salary or benefit of an officer or director, increase the preferential payment of a bonus or dividend or increase any other payment deemed by the Commissioner to be preferential.

(Added to NRS by 2017, 2329)