NRS 680A.200
Suspension, limitation or revocation of certificate of authority: Grounds

  • notice.

1.

Except as otherwise provided in NRS 616B.472, the Commissioner may refuse to continue or may suspend, limit or revoke an insurer’s certificate of authority if the Commissioner finds after a hearing thereon, or upon waiver of hearing by the insurer, that the insurer has:

(a)

Violated or failed to comply with any lawful order of the Commissioner;

(b)

Conducted business in an unsuitable manner;

(c)

Willfully violated or willfully failed to comply with any lawful regulation of the Commissioner; or

(d)

Violated any provision of this Code other than one for violation of which suspension or revocation is mandatory.
Ê In lieu of such a suspension or revocation, the Commissioner may levy upon the insurer, and the insurer shall pay forthwith, an administrative fine of not more than $2,000 for each act or violation.

2.

Except as otherwise provided in chapter 696B of NRS, the Commissioner shall suspend or revoke an insurer’s certificate of authority on any of the following grounds if the Commissioner finds after a hearing thereon that the insurer:

(a)

Is in unsound condition, is being fraudulently conducted, or is in such a condition or is using such methods and practices in the conduct of its business as to render its further transaction of insurance in this State currently or prospectively hazardous or injurious to policyholders or to the public.

(b)

With such frequency as to indicate its general business practice in this State:

(1)

Has without just cause failed to pay, or delayed payment of, claims arising under its policies, whether the claims are in favor of an insured or in favor of a third person with respect to the liability of an insured to the third person; or

(2)

Without just cause compels insureds or claimants to accept less than the amount due them or to employ attorneys or to bring suit against the insurer or such an insured to secure full payment or settlement of such claims.

(c)

Refuses to be examined, or its directors, officers, employees or representatives refuse to submit to examination relative to its affairs, or to produce its books, papers, records, contracts, correspondence or other documents for examination by the Commissioner when required, or refuse to perform any legal obligation relative to the examination.

(d)

Except as otherwise provided in NRS 681A.110, has reinsured all its risks in their entirety in another insurer.

(e)

Has failed to pay any final judgment rendered against it in this State upon any policy, bond, recognizance or undertaking as issued or guaranteed by it, within 30 days after the judgment became final or within 30 days after dismissal of an appeal before final determination, whichever date is the later.

3.

The Commissioner may, without advance notice or a hearing thereon, immediately suspend the certificate of authority of any insurer as to which proceedings for receivership, conservatorship, rehabilitation or other delinquency proceedings have been commenced in any state by the public officer who supervises insurance for that state.

4.

No proceeding to suspend, limit or revoke a certificate of authority pursuant to this section may be maintained unless it is commenced by the giving of notice to the insurer within 5 years after the occurrence of the charged act or omission. This limitation does not apply if the Commissioner finds fraudulent or willful evasion of taxes.

Source: Section 680A.200 — Suspension, limitation or revocation of certificate of authority: Grounds; notice., https://www.­leg.­state.­nv.­us/NRS/NRS-680A.­html#NRS680ASec200.

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

Jun. 24, 2021

§ 680A.200’s source at nv​.us