NRS 693A.270
Impairment of capital, surplus or assets: Curing deficiency

  • failure to cure.

1.

A deficiency referred to in NRS 693A.260 may be made good in whole or in part in cash or in assets eligible under chapter 682A of NRS (investments) for investment of the insurer’s funds, or by amendment of the insurer’s certificate of authority to cover only such kind or kinds of insurance thereafter for which the insurer has sufficient paid-in capital stock and surplus (if a stock insurer) or surplus (if a mutual insurer) under this Code, or, if a stock insurer, by reduction of its capital stock to an amount of authorized and unimpaired paid-in capital stock not below the minimum thereof required for the kinds of insurance thereafter to be transacted.

2.

If the deficiency is not made good and proof thereof filed with the Commissioner within the period required under NRS 693A.260, the insurer shall be deemed insolvent and the Commissioner shall institute delinquency proceedings against it under chapter 696B of NRS.

Source: Section 693A.270 — Impairment of capital, surplus or assets: Curing deficiency; failure to cure., https://www.­leg.­state.­nv.­us/NRS/NRS-693A.­html#NRS693ASec270.

693A.010
Scope. 693A.020
Applicability of statutes relating to corporations. 693A.030
Domestic insurer prohibited from engaging in other business 693A.040
Principal offices. 693A.050
Books, records, documents, accounts and vouchers. 693A.060
Assets to be kept in State 693A.070
Removal or concealment of records or assets. 693A.080
Information to stockholders and regulation of proxies: Scope of provisions. 693A.090
Information to stockholders and regulation of proxies: Information in advance of meetings. 693A.100
Information to stockholders and regulation of proxies: Solicitation and form of proxies. 693A.110
Management and agency contracts 693A.120
Prohibited pecuniary interest of officers 693A.130
Liability of officers and others for paying taxes, licenses and fees. 693A.140
Dividends to stockholders. 693A.150
Participating policies. 693A.160
Dividends to policyholders. 693A.170
Purchase of own shares by stock insurer. 693A.180
Borrowing. 693A.190
Mutual insurers: Additional kinds of insurance. 693A.200
Mutual insurers: Membership. 693A.210
Mutual insurers: Bylaws. 693A.220
Mutual insurers: Contingent liability of members. 693A.230
Mutual insurers: Levy of contingent liability. 693A.240
Mutual insurers: Enforcement of contingent liability. 693A.250
Mutual insurers: Nonassessable policies 693A.260
Impairment of capital, surplus or assets: Notice 693A.270
Impairment of capital, surplus or assets: Curing deficiency 693A.280
Impairment of capital, surplus or assets: Violation of restrictions 693A.290
Mutualization of stock insurer. 693A.300
Conversion to ordinary business corporation. 693A.310
Affiliation of stock insurers. 693A.320
Acquisition of controlling stock. 693A.330
Merger or consolidation of stock insurers. 693A.340
Preservation of old charter in merger or consolidation. 693A.350
Merger or consolidation of mutual insurers. 693A.365
Assumption of reinsurance: Limitations 693A.370
Bulk reinsurance: Limitation 693A.380
Bulk reinsurance: Certificate of fees and commissions 693A.390
Member’s share of assets on liquidation.
Last Updated

Jun. 24, 2021

§ 693A.270’s source at nv​.us