NRS 682A.384
Permissible loans.

An insurer may, without the prior written approval of the Commissioner, make:

1.

Policy loans in accordance with the terms of the policy or contract and NRS 682A.460;

2.

Advances to officers or directors for expenses reasonably expected to be incurred in the ordinary course of the insurer’s business or guarantees associated with credit or charge cards issued, or credit extended, for the purpose of financing these expenses;

3.

Loans secured by the principal residence of an existing or new officer of the insurer made in connection with the officer’s relocation at the insurer’s request, if the loans comply with the requirements of NRS 682A.430 to 682A.436, inclusive, or 682A.540 to 682A.546, inclusive, and the terms and conditions otherwise are the same as those generally available from unaffiliated third parties;

4.

Secured loans to an existing or new officer of the insurer made in connection with the officer’s relocation at the insurer’s request, if the loans:

(a)

Do not have a term exceeding 2 years;

(b)

Are required to finance mortgage loans outstanding at the same time on the prior and new residences of the officer;

(c)

Do not exceed an amount equal to the equity of the officer in the prior residence; and

(d)

Are required to be fully repaid upon the earlier of the end of the 2-year period or the sale of the prior residence; or

5.

Loans and advances to officers or directors made in compliance with state or federal law specifically related to the loans and advances by a regulated noninsurance subsidiary or affiliate of the insurer in the ordinary course of business and on terms not more favorable than available to other customers of the entity.

Source: Section 682A.384 — Permissible loans., https://www.­leg.­state.­nv.­us/NRS/NRS-682A.­html#NRS682ASec384.

Last Updated

Jun. 24, 2021

§ 682A.384’s source at nv​.us