NRS 682A.310
Exemption from requirements for admitted assets.

An insurer may acquire or hold as admitted assets investments that do not otherwise qualify as provided in this chapter if:

1.

The insurer has not acquired them for the purpose of circumventing any limitations contained in this chapter;

2.

The insurer complies with the provisions of NRS 682A.380 and 682A.386 as to the investments; and

3.

The insurer acquires the investments in the following circumstances:

(a)

As payment on account of existing indebtedness or in connection with the refinancing, restructuring or workout of existing indebtedness, if taken to protect the insurer’s interest in that investment;

(b)

As realization on collateral for an obligation;

(c)

In connection with an otherwise qualified investment or investment practice, as interest on, or a dividend or other distribution related to, the investment or investment practice, or in connection with the refinancing of the investment, in each case for no additional or only nominal consideration;

(d)

Under a lawful and bona fide agreement of recapitalization or voluntary or involuntary reorganization in connection with an investment held by the insurer; or

(e)

Under a bulk reinsurance, merger or consolidation transaction approved by the Commissioner if the assets constitute admissible investments for the ceding, merged or consolidated companies.

Source: Section 682A.310 — Exemption from requirements for admitted assets., https://www.­leg.­state.­nv.­us/NRS/NRS-682A.­html#NRS682ASec310.

Last Updated

Jun. 24, 2021

§ 682A.310’s source at nv​.us