2022 Nevada Revised Statutes
Chapter 693A - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers
NRS 693A.495 - Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of conversion.
1. No director, officer, employee or agent of the converting mutual, or any other person, may receive any fee, commission or other valuable consideration, other than his or her usual regular salary and compensation, for aiding, promoting or assisting in a plan of conversion except as set forth in the plan of conversion approved by the Commissioner.
2. Subsection 1 does not prohibit a management or employee incentive compensation program that is contained in the plan of conversion and approved by the Commissioner to be adopted upon conversion to the new stock insurer or prohibit such a program to be adopted later by the new stock insurer.
3. Subsection 1 does not prohibit the payment of reasonable fees and compensation to attorneys, accountants, actuaries and investment bankers for services performed in the independent practice of their professions if the person is also a member of the board of directors of the converting mutual.
(Added to NRS by 2001, 2238; A 2003, 3330)
