NRS 680A.090
Eligibility for certificate of authority: Ownership

  • management.

1.

No foreign insurer which is directly or indirectly owned or controlled in whole or substantial part by any government or governmental agency shall be authorized to transact insurance in Nevada. Membership in a mutual insurer, or subscribership in a reciprocal insurer, or ownership of stock of an insurer by the Alien Property Custodian or similar officer of the United States of America, or ownership of stock or other security which does not have voting rights with respect to the management of the insurer, or supervision of an insurer by public authority, shall not be deemed to be an ownership or control of the insurer for the purposes of this subsection.

2.

The Commissioner shall not grant or continue authority to transact insurance in this state to any insurer or proposed insurer:

(a)

Of which any director, officer or other individual materially part of the management is found by the Commissioner after investigation or upon reliable information to be incompetent, or dishonest, or untrustworthy, or of unfavorable business repute;

(b)

Of which the managers are so lacking in insurance company managerial experience in operations of the kind proposed in this state as to make such operation, currently or prospectively, hazardous to or contrary to the best interests of the insurance-buying or investing public of this state;

(c)

Which the Commissioner has good reason to believe is affiliated directly or indirectly through ownership, control, management, reinsurance transactions or other business relations with any person or persons of unfavorable business repute; or

(d)

Whose business operations are or have been marked, to the injury of insurers, stockholders, policyholders, creditors or the public, by illegality, or by manipulation of assets, or of accounts, or of reinsurance, or by bad faith.

Source: Section 680A.090 — Eligibility for certificate of authority: Ownership; management., https://www.­leg.­state.­nv.­us/NRS/NRS-680A.­html#NRS680ASec090.

680A.010
Definitions.
680A.020
“Charter” defined.
680A.028
“Multiple employer welfare arrangement” defined.
680A.030
“Mutual” insurer defined.
680A.040
“Reciprocal” insurer defined.
680A.050
“Stock” insurer defined.
680A.058
Applicability of chapter to self-funded multiple employer welfare arrangements.
680A.060
Certificate of authority required
680A.070
Exceptions to requirement of certificate of authority.
680A.080
Eligibility for certificate of authority: General requirements.
680A.082
Eligibility for certificate of authority: Additional requirements for self-funded multiple employer welfare arrangements.
680A.090
Eligibility for certificate of authority: Ownership
680A.095
Certificate of authority required to transact reinsurance
680A.100
Name of insurer.
680A.110
Combinations of insuring powers.
680A.120
Required capital.
680A.130
Combinations of insurance for which additional capital not required.
680A.140
Required deposit
680A.150
Application for certificate of authority.
680A.155
Payment of taxes and penalties by certain applicants.
680A.160
Issuance or refusal of certificate of authority
680A.165
Insurer’s duty to notify Commissioner of all material changes to information provided in application for certificate of authority
680A.170
Amended certificate of authority.
680A.173
Transfer of insurer’s domicile: Foreign insurer may become domestic insurer.
680A.175
Transfer of insurer’s domicile: Termination of status as domestic insurer
680A.177
Transfer of insurer’s domicile: Duties of insurer
680A.180
Continuance, expiration and reinstatement of certificate of authority.
680A.190
Suspension or revocation of certificate of authority: Mandatory grounds.
680A.200
Suspension, limitation or revocation of certificate of authority: Grounds
680A.205
Determination of hazardous financial condition of insurer: Regulations
680A.210
Order and notice of suspension, limitation or revocation of certificate
680A.220
Duration of suspension
680A.230
Applicability of general corporation laws to foreign insurers.
680A.240
Additional titles.
680A.250
Commissioner agent for service of process for certain insurers.
680A.260
Method of serving process
680A.265
Filing of annual financial statement
680A.270
Filing of annual statement and payment of fee by authorized insurers
680A.280
Penalties for late or false statements.
680A.290
Loss prevention reports and programs.
680A.300
Agent required
680A.310
Exceptions to requirements for countersignature by agent.
680A.320
Transaction with parent corporation, financial holding company, depository institution, subsidiary or affiliated person.
680A.330
Retaliatory provision.
Last Updated

Feb. 5, 2021

§ 680A.090’s source at nv​.us